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.
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.”