The meme-based cryptocurrency DOGE is experiencing ups and downs in 2022 in charts and as well as in the core foundation. Recently, Ross Nicoll, the core developer and Co-Founder of the Dogecoin Foundation has decided to step down from both positions. Ross was serving the foundation as director and was also working as a full-time software developer at Alphabet In.
On February 16th, 2022, Nicoll stated that he is ‘overwhelmed’ with stress from work and facing a conflict of interests at the workplace. However, Nicoll will remain as an advisor for Dogecoin Foundation till all his exit formalities are completed. This might take another four to eight weeks.
Moreover, the post reveals about the swift transition of foundation towards new blockchain mechanism has led to the rise towards conflict of interest with his employers. Also, in 2021, many parties were registering trademarks for Dogecoin, claiming the authenticity of the cryptocurrency. They also managed to get a few articles published referring to themselves as original Dogecoin Developers. Nicole has requested the Dogecoin Community to extend their support for the foundation as things are significantly becoming more complex for the company.
It is quite a fact that despite such hard work, Nicoll is not drawing his salary since July 2021. He mentions in the blog post that his last payout was in the form of a 1.14.0-3 tip jar payout in July 2021.
As the company is starting its transition for a proof-of-stake model with the help of Ethereum founder Vitalik Buterin, there will be some conflict of interest. The employers will feel challenged in deciding working alone will not going to be easy.
Also, read – Why Dogecoin is migrating to PoS?
For new readers who don’t know ‘what is Dogecoin Foundation’?
The Dogecoin Foundation works in the best interest of the Dogecoin community and promotes the growth of DOGE coin, a meme-based cryptocurrency. In 2013, it started with memes and jokes but it gained popularity in the crypto market. As per CoinMarketCap, the DOGE coin is the 11th largest and most valuable cryptocurrency in the market.
In 2021, the foundation released its fresh manifesto for the community and roadmap to work along. The members of the original core team came with fresh faces and new advisors to grow the organization for the next decade ahead.
The Foundation aims to protect the original creators against any actions causing judicial proceedings, trademark disputes, or other threats. In addition, the foundation also serves as the central point of contact for the DOGE community.
At press time, Dogecoin is trading at $0.142 with a complete market capitalization of $18.5 billion.