After coming under intense criticism for consuming too much energy and being bad for the environment, the Proof of Work blockchain consensus mechanism has lost favor among crypto projects.
The criticism has seen many notable crypto projects make changed, the most high profile of which has been Ethereum’s ongoing transition from Proof of Work to Proof of Stake, which consumes less power and promises greater decentralization.
Dogecoin Goes Proof of Stake
Joining the fray, Dogecoin, the original meme coin, made known its intentions to move to PoS in 2021. The Dogecoin Foundation has now announced that it is working with Vitalik Buterin, Ethereum co-founder, in the transition process.
The Doge Foundation announced that its unique Doge proposal would be for a ‘community staking’ version of PoS. It adds that its PoS would allow “everyone, not just the big players, to participate in a way that rewards them for their contribution.”
Dogecoin’s model of a Proof of Stake blockchain promises increased involvement for its community and DOGE holders in the governance and management of the Dogecoin network.
Vitalik Buterin Is Helping Dogecoin
In a recent interview with UpOnly, Buterin confirmed that he is working with Dogecoin on its PoS journey. Furthermore, Buterin explains that “every major cryptocurrency except for one has an active plan to switch to Proof of Stake.”
Backing up his claim, he adds that “the arguments will be even easier to make once you know that Ethereum is Proof of Stake, and once you know Dogecoin’s plans are further along, and Zcash plans [are] further along.”
In 2021, Buterin proposed that an Ethereum-Dogecoin bridge would boost the speed of transactions on the Dogecoin network.
On the Flipside
- Dogecoin (DOGE) has been pushed out of the top 10 largest cryptos by a rallying Polkadot (DOT), which now holds a market cap of $20.2 billion.
Why You Should Care
The migration of crypto projects to Proof of Stake comes amid environmental concerns that threaten the sustainability of crypto projects choosing to adopt Proof of Work.