Ross Nicoll, a lead developer at the Dogecoin Foundation, announced that he is stepping down from the meme cryptocurrency project and will remain an advisor, citing “overwhelming” stress and potential conflict of interest. For the uninitiated, the Dogecoin Foundation is a non-profit organization that aims to support the development of the coin and has launched its first-ever roadmap detailing a number of new projects.
It should be noted that Nicoll, also works as a full-time employee for another company, whose name is currently unknown. According to Nicoll, his departure is not absolute and there is “an additional complication” as his employer moves into the blockchain space, which could fuel the risk of a conflict of interest if he were to remain director of the Foundation. Dogecoin. “I give everything I can to the Dogecoin Foundation. I will remain as an advisor to the Foundation, to enable the transition,” he wrote in a blog post.
The lead developer also wrote about the number of threats that Dogecoin Foundation continues to face. In 2021, a number of parties were registering trademarks for Dogecoin, presumably to claim that “they” were Dogecoin. “External parties that we had never heard of successfully had articles published calling them developers of Dogecoin. In the summer of 2021, there was a potential lawsuit against the developers from someone who claimed we were responsible for their funds,” Nicoll said, adding that he was not in the right frame of mind to take Dogecoin to the next phase.
Just a few weeks ago, Billy Markus, the co-founder of Dogecoin, urged his followers to “stay cool” amid the cryptocurrency that has failed to gain traction since January 2022. In a Tweeting, Markus warned members of the meme-corner community against getting “crazy, toxic, attacking, spammy”, and said it could devalue the brand.
Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” alternative to Bitcoin. It began as a satire on the many fraudulent crypto coins that had cropped up at the time, and took its name and logo from a Shiba Inu meme that went viral several years ago.
“Doge” also has a strong following from Tesla CEO Elon Musk, whose tweets have frequently added to the digital token mania. Musk once changed his Twitter bio to “Former CEO of Dogecoin”. Other celebrities, including rapper Snoop Dogg and rock musician Gene Simmons, have also been promoting it on social media.