The founder of Cardano, Charles Hoskinsonhas issued a proposal that should arouse the interest of the Dogecoin community: indeed, Hoskison believes that Dogecoin should become a sidechain on Cardano and says that he is ready to perform the migration for free.
The CEO ofInput Output made the statement after speculating on the high likelihood of a merger between Twitter and Dogecoin following the recent takeover of the social media platform by Elon Muska die-hard supporter of Dogecoin.
“Now that Twitter is in the hands of Elon Musk, I see a real possibility that Dogecoin will somehow merge with the platform,” Hoskinson said.
Asked if the meme currency consensus mechanism should move to proof-of-stake (PoS) or useful proof-of-work (PoUW), an alternative approach to proof-of-work (PoW) that aims to replace excessive use of hash functions with tasks that provide additional value, Hoskinson replied:
“(Dogecoin) should become a Cardano sidechain. I would do the migration for free. I would even add smart contracts,” he replied.
The idea of adding other blockchains as a sidechain to Cardano is not entirely new. In a recent live stream, the founder noted that Cardano could evolve into a blockchain network with multiple sidechains connecting to it.
Dogecoin at the center of the cryptosphere’s attention following the takeover of Twitter by Elon Musk
The market’s leading meme cryptocurrency is once again in the spotlight after Tesla CEO Elon Musk took control of the social media platform on October 27 after acquiring it for $44 billion.
On October 27, in a letter to advertisers, Musk said he acquired Twitter to “help humanity.” “It is important, he said, for the future of civilization that humanity has a common digital public place”.
Elon Musk is one of the strongest supporters of Dogecoin. The billionaire has consistently promoted the cryptocurrency meme on Twitter and is held largely responsible for its rise. He even made it a means of payment for some specific Tesla merchandise.
Before completing the Twitter takeover, Musk hinted that Dogecoin would somehow become an integral part of the social media platform once he took control of it. However, he has not yet presented any concrete plans for this cryptocurrency.
Meanwhile, Dogecoin price has seen a significant rise over the past couple of days on generally positive sentiment. According to data from CoinGecko, Dogecoin is trading at $0.1252, up around 16% in the last 24 hours.
Furthermore, the token has risen 111% over the past week, defying bear market expectations. However, it is still down more than 80% from its all-time high of $0.731578 recorded in early May 2021.
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