After several years of inactivity, the Dogecoin Foundation is being re-established with Ethereum co-founder Vitalik Buterin as the organization’s “blockchain and crypto advisor”, according to an announcement posted on the foundation’s website on Tuesday.
- The non-profit organization, originally founded in 2014, has set itself the goal of supporting the Dogecoin ecosystem and the community with a special focus on increasing the acceptance of the cryptocurrency at the grassroots level. The foundation announced it would announce new projects in the coming weeks that would complement its core wallet to enable faster integration and simpler APIs (Application Programming Interfaces) for financial, social and charitable projects that want to use Dogecoin.
- Another goal is to prevent the Dogecoin brand from being co-opted for individual benefit, which would limit the community’s ability to use the logo and brand. In 2014, for example, a member attempted to restrict the unauthorized use of the Dogecoin logo by placing his trademark office under the name of the foundation. In this way, the foundation retains legal rights to the branding of Dogecoin, but can still grant fair use to projects that are considered valid within the community.
- Other prominent board members are Dogecoin co-founder Billy Markus and core developer Max Keller. Jared Birchall, CEO of Neuralink, sits on the board as representative of Tesla CEO Elon Musk, who is perhaps the most prominent and vocal Dogecoin supporter in the world. The foundation said its initial goal was to secure funding for the first three years to keep a minimum of full-time staff on board.
- That news comes as global blockchain tech company Bots Inc. announced that it would allow its users to buy used Tesla cars with Dogecoin. Bots Inc. works with individual Tesla used dealers so that they can accept Dogecoin directly from customers. Tesla had accepted bitcoin for new car models for a while before Musk withdrew that option, citing environmental concerns, triggering a bitcoin sell-off that contributed to a crypto market crash.
- At the Bitcoin virtual event “The ₿ Word”, Musk said that Tesla would “most likely” accept Bitcoin again as soon as BTC mining becomes greener, once crypto mining uses at least 50% renewable sources worldwide.
- From its humble beginnings in 2013 as a Bitcoin-based joke, Dogecoin was named after the “Doge” meme, popular at the time. The price of Dogecoin has moved very little up until this year, when the price fell over 800% in a month to an all-time high of $ 0.6848 on the 11th. but still remains the seventh largest cryptocurrency in the world. Doge is trading at $ 0.2996 at the time of publication.
- Dogecoin’s success as “Memecoin” has spawned dozens of copycat cryptocurrencies, such as Shiba Inu Coin, named after the breed of dog on which DOGE is based. Floki Coin and Baby Doge continue to expand the meme and have also recently emerged and have enjoyed Musk’s support on social media.