Core developers of Dogecoin and Billy Markus, co-founder of the joke-based digital currency, are renewing efforts in order to build an establishment geared towards expanding the development of Dogecoin.
The decision was revealed to the public by Jens Wiechers, who happens to be a data expert and early Dogecoin supporter, in a threat of tweets this Monday.
Markus remarked that Wiechers, who happens to be working to dispute the illegal Dogecoin trademarks, will be leading the next version of the foundation.
Wiechers stated that after the had been approached by Dogecoin core developers Michi Lumin, Ross Nicoll, and some others, a small company was planned to be established between core Dogecoin developers, donors, community members, as well as experts to move forward with the scheme.
He also went on to add in his tweet that while it may be thrilling for Dogecoin supporters that their favorite digital currency is starting to gain much wider recognition, it still has not come out of its challenges.
According to Wiechers, the goal is to set up a Dogecoin Foundation is to help in making the development of the joke digital currency more tenable, advanced, and secure. He is expecting to make more announcements in the next following weeks.
Dogecoin is contingent on the well-known Doge meme. It was released in 2013 by the cofounders as a playful jab at the mania surrounding some of the cryptocurrencies.
The meme digital currency has risen from the depths of obscurity in its initial years to take hold of the mainstream limelight in the current year. This is in large part because of all kinds of support from Tesla Inc. and SpaceX chief Elon Musk.
The digital currency sporting the Shiba Inu scheme is, as of now, the eighth most prominent virtual currency by market capitalization according to data received from CoinMarketCap. The digital coin, however, has gone down 73.2 percent from its peak high of 0.7376 USD that it achieved in May.
The Dogecoin Foundation was established a few years ago in the form of an intermediary to examine charities endorsed by the Doge society. The sudden rise in the popularity of the cryptocurrency this year, however, and the necessity to protect the digital currency’s IP rights has resulted in the renewal of endeavors to initiate a Dogecoin Foundation.