Dogecoin (DOGE) Foundation Is Working with Buterin in Order to Transition to Proof of Stake

The Dogecoin Foundation has announced that it is working with Vitalik Buterin – the co-founder of Ethereum

In May this year, Dogecoin (DOGE) announced the possible transition from the Proof of Work (PoW) mining consensus to the more energy efficient Proof of Stake (PoS) consensus model. 

In a bid to aid the transition, the Dogecoin Foundation has announced that it is working directly with Vitalik Buterin, the co-founder of Ethereum, to set up “community staking” on the Dogecoin network.

Dogecoin to Attempt a Unique Take on Community Staking

The Dogecoin Foundation disclosed that rather than transition into a traditional staking model where only the major players are prioritized, it is aiming to create a unique staking model that will allow each and every user on the network to earn rewards for their contributions.

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As part of the transition, the Dogecoin Foundation revealed that it will be launching a new liberated Dogecoin currency, ‘LibDogecoin,’ and ‘Gigawallet,’ a new PoS wallet for the Doge ecosystem.

According to Dogecoin;

“These early projects are about laying a solid foundation, while projects still to come will target improving transaction throughput and scale.”

To keep its ecosystem unified, the foundation has proposed the launch of a Dogecoin Standard. This will ensure that the multiple implementations of Dogecoin operate together under a unified umbrella.

On the Flipside

  • Dogecoin (DOGE) has lost more than 75% of its value since peaking at $0.7376 on May 8th, 2021.

Why You Should Care

Dogecoin’s latest development further affirm its updated objectives to become more useful and generate more use cases as it seeks to obtain greater adoption. In the future, Dogecoin wants to be recognized as a “serious universal currency for people everywhere.”

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia