In a recent interview, Vitalik Buterin confirmed that he is helping the Dogecoin Foundation migrate the DOGE token consensus method to Proof of Stake (PoS).
Ethereum co-founder Vitalik Buterin is the main architect of the new version of the network, initially named ETH 2.0. This is a major update that aims, among other things, to transition the second largest cryptocurrency network from its current proof-of-work (PoW) system to the proof-of-stake (PoS) model.
However, the developer does not intend to make this change only within Ethereum. At the end of last year, the Dogecoin Foundation, the organization responsible for the development of the DOGE crypto, had already indicated that it was counting on Buterin’s help to carry out this same migration.
In a recent interview with UpOnly, Vitalik Buterin confirmed that he was involved in this project, saying that virtually all cryptocurrencies will follow the same steps:
“All major cryptocurrencies, except one, have an active transition plan. Proof-of-Stake [preuve d’enjeu]. I think arguments will be even easier to make when you know Ethereum works in Proof-of-Stake and when you know Dogecoin’s plans are more advanced, like Zcash’s.”
Benefits of Proof of Stake (PoS)
There is still no real unanimity within the crypto community that the proof-of-stake model, or Proof of Stake in English, is better than proof of work, or Proof of Work. Some users as well as known names in the market, such as Jack Dorsey, point out for example that this new method does not offer as much security for the network as proof of work.
Moreover, there is no indication that Bitcoin (BTC), the strongest and most reliable cryptocurrency on the market, will migrate to this system in this turn. However, as the Dogecoin Foundation points out, PoS can offer gains to the entire asset community that wants to participate in this process, not just big miners, as is the case with BTC.
“This allows everyone, not just heavy users, to participate in a way that allows them to be rewarded for their contribution to the operation of the network, while giving back to the wider community through causes. charities.”
The proof-of-stake model remains more durable than the proof-of-work model because it requires much less electricity to operate. It should be noted that the environmental impact caused by the mining of Bitcoin and the minting of NFTs on the Ethereum network is currently one of the main criticisms leveled against the world of cryptocurrencies.
More Dogecoin news
Migration to PoS will not be the only novelty that Dogecoin plans to present to its community this year. According to the roadmap disclosed by his team, the “meme” cryptocurrency ecosystem will develop in several areas.
Among its main projects are an environment rich in educational content, a proprietary wallet that can be used on payment platforms, and the integration of the DOGE token in play-to-earn games.
The Dogecoin Foundation also still intends to launch a new cryptocurrency, Libdogecoin, once its migration to PoS is complete.
Despite these changes, the price of DOGE remains in a strong downward trend. Currently, memecoin is trading at $0.14, down 80% from its all-time high of $0.73. In 2022 alone, according to CoinGecko, the token depreciated by around 20%.
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