Ross Nicoll, a founding member of the Dogecoin Foundation, has announced that he is withdrawing from the meme cryptocurrency project but will remain an advisor, citing “overwhelming” stress and a potential conflict of interest as reasons.
Notably, the Dogecoin Foundation is a non-profit organization dedicated to the meme coin’s development. The company has released its first-ever road plan, which details a number of new initiatives.
Nicoll reportedly works as a full-time employee of another company whose identity is still unknown, in addition to being the developer of the Dogecoin Foundation.
Nicoll stated that his departure is not final and that there is “additional difficulty” because his firm is involved in the blockchain field, which could create a conflict of interest if he continues to serve on the Dogecoin Foundation’s board of directors.
“I’m giving the Dogecoin Foundation everything I have.” In order to facilitate the transition, I will continue to serve as an advisor to the Foundation,” he stated in a blog post.
Ross Nicol Steps Down
Nicoll talked on the numerous threats that the Dogecoin Foundation was still facing. Some parties registered trademarks for Dogecoin in 2021, ostensibly to claim “they” were Dogecoin. “Weirdos we’d never heard of were able to have articles published referring to them as Dogecoin developers.”
“There was a prospective lawsuit against the developers in the summer of 2021 from someone who claimed we were accountable for their finances,” Nicoll said, adding that he is not in the appropriate frame of mind to lead Dogecoin into the next phase.
Billy Markus, the co-founder of Dogecoin, had previously urged supporters to “remain cool” as the cryptocurrency has struggled to gain traction since January 2022. Markus took to Twitter to warn the meme coin community from becoming “wild.”
Dogecoin was created in 2013 as a “fun” alternative to Bitcoin by software programmers Billy Markus and Jackson Palmer. It was created as a spoof on the numerous fraudulent crypto coins that existed at the time, and it derives its name and emblem from the Shiba Inu meme coin that became popular few years ago.