The Dogecoin Foundation has announced its return to the cryptocurrency scene after a six-year hiatus.
In a press release, the not-for-profit organisation said it would work to support the Dogecoin development team, defend the Dogecoin trademark, and create projects to increase the global adoption of Dogecoin at a grassroots level.
The Dogecoin Foundation lists Ethereum founder Vitalik Buterin and Dogecoin founder Billy Markus as members of its advisory board. This also includes Jared Birchall - a legal and financial advisor representing Elon Musk.
Dogecoin Foundation Returns
The foundation assured holders that "it is not here to 'take control'" of the Dogecoin Core Wallet. Instead, it will help to accelerate development through acquiring sponsorship.
It noted that Dogecoin, which currently has a market cap of $38.6 billion, has "grown in size beyond many organisations with thousands of employees." Despite this, Dogecoin still has a small development team, many of whom are volunteers.
"Many of the people who have been working non-stop to make Dogecoin what it is today whilst holding down full-time day jobs have been burning out and struggling to deal with the flood of attention (good and bad) that Dogecoin has been receiving," the foundation said.
It hopes to secure a three-year budget to take on Dogecoin development staff full-time, and fund the Dogecoin Foundation's projects.
The Dogecoin Foundation also stated it plans to protect the Dogecoin branding.
"In recent times, numerous attempts have been made to co-opt the ‘Dogecoin’ brand in various jurisdictions, in ways that would prevent the community and the project itself using them," the foundation said.
"The Foundation holds the Dogecoin mark and the Dogecoin Logo and will maintain them for the community."
A technical and project roadmap for the Dogecoin Foundation is currently being drafted, according to the website.
Aside from the advisors, the Dogecoin Foundation board features various Dogecoin Core blockchain developers and Dogecoin veterans. This includes Ross Nicoll, Michi Lumin and Jens Wiechers.
In its previous form, the Dogecoin Foundation helped create some of Dogecoin's largest charitable ventures. The foundation raised funds for the Jamaican Bobsled Team and launched the Doge4Water campaign, for example.