Dogecoin Foundation is a non-profit organization responsible for creating a meme currency called Dogecoin. The motivation behind the creation of this token was to generate a satirical representation of the original flagship cryptocurrency, Bitcoin. However, recently the token started to fade away from the market due to the criticism of not offering any real utility.
To counter the issue, the Dogecoin Foundation has decided to revamp and remodel. For this purpose, the meme coin network has invited Ethereum co-founder Vitalik Buterin. A few months ago, Buterin suggested that the Dogecoin project could benefit from shifting to the stake-of-proof consensus model.
Ethereum co-founder Vitalik Buterin is currently working with the Dogecoin founder Billy Markus. Last week, the Dogecoin foundation shared its roadmap for the first time since its inception. The roadmap whitepaper is titled Dogecoin Trialmap. One of the projects that Buterin is collaborating on with the Dogecoin project is creating a staking mechanism.
The new staking mechanism will be available to the community without any discrimination towards the high bidders. At the time, the Ethereum network is also working towards a PoS transition. With the new staking protocols in place, new $DOGE staking positions could be created on the platform with an added incentive of generating rewards yields for the Dogecoin holders.
There has been a considerable amount of criticism revolving around meme coins. Dogecoin is the main meme currency that started the meme coin fever that lasted throughout the year, inspiring other similar projects. During the last 6 years, Dogecoin did not perform any media coverage or mentions.
In August last year, Dogecoin Foundation gathered the influential figures in the cryptocurrency circles to reorganize. The main focus of the Dogecoin Foundation is to increase investor interest. Dogecoin evangelist Elon Musk recently told Times Magazine that the currency is deflationary for the long term making it a better investment than Bitcoin.