After coming under intense criticism for being too power-hungry and bad for the environment, the proof-of-work consensus-type blockchain has become the least favored among crypto projects.
The criticism has seen many high-profile crypto projects. The most notable is Ethereum’s ongoing transition from proof-of-work into a proof-of-stake consensus mechanism, which consumes less power and promises greater decentralization.
Dogecoin Goes Proof-of-Stake
Joining the foray, Dogecoin, the original meme coin, made its plans to move to PoS in 2021. The Dogecoin Foundation has now announced that it is working with Vitalik Buterin, Ethereum’s co-founder, in the transition process.
The Doge Foundation announced that its unique Doge proposal would be for a ‘Community Staking’ version of PoS. It adds that its PoS would allow “everyone, not just the big players, to participate in a way that rewards them for their contribution.”
Dogecoin’s model of a proof-of-stake blockchain hopes to increase the involvement of its community and DOGE holders in the governance and management of the Dogecoin network.
Vitalik Buterin is Helping Dogecoin
In a recent interview with UpOnly, Buterin confirmed that he is working with Dogecoin on its PoS journey. In addition, Buterin explains that “every major cryptocurrency except for one has an active plan to switch to Proof-of-Stake.”
Backing up his claim, he adds that “the arguments will be even easier to make once you know Ethereum is Proof-of-Stake and once you know Dogecoin’s plans are further along and Zcash plans further along.”
In 2021, Buterin proposed that an Ethereum-Dogecoin bridge would boost the speed of transactions on the Dogecoin network.
On the Flipside
- Dogecoin (DOGE) has been pushed out of the top 10 largest cryptos by a rallying Polkadot (DOT), which now has a $20.2 billion market cap.
Why You Should Care
Crypto projects are migrating to proof-of-stake as environmental concerns threaten the sustainability of crypto projects adopting proof-of-work.
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