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

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.”

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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 to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.