JJ Cryptocurrency

  • BTC Dominance: %

JJ Cryptocurrency

Dogecoin set to adopt a unique Proof of Stake model with Vitalik Buterin’s help

The Proof-of-Work (PoW) blockchain consensus mechanism has come under heavy criticism in recent days owing to its energy-intensive nature
Though many are in favour of Dogecoin switching to Proof-of-Stake (PoS) mechanism, the Ethereum community feels that Buterin is becoming too involved with Dogecoin

The recent European Securities and Markets Authority’s (ESMA) proposal to outlaw Proof of Work-based mining in Europe is only but one of the many calls to bin the mechanism. For a while now, several individuals and institutions in the crypto sector have censured cryptocurrencies using PoW because of the mechanism’s high energy consumption.

Dogecoin is ditching PoW

Dogecoin, one of the networks currently using PoW, is the latest name to reveal plans to transition to PoS. The Dogecoin foundation disclosed that it is collaborating with Buterin for a smooth migration to a unique version of PoS that supports community involvement.

As noted by the ESMA vice-chairperson a little over two weeks ago, the latter mechanism has “a significantly lower energy profile.” 

Ethereum co-founder, who has championed PoS since 2014, will reportedly help the meme-inspired project with the switch in an advisory role. Ethereum is itself in a transition phase with developers involved asserting it would have fully migrated from PoW in favour of PoS by the end of the year.

The proposed PoS model will essentially allow DOGE holders to contribute to the governance and management of the network.

“The Foundation are also working with Vitalik (Founder of the Ethereum blockchain) on crafting a uniquely Doge proposal for a ‘Community Staking’ version of PoS that will allow everyone […] to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes,” a section of the Dogecoin Foundation post read.

Buterin is concerned about the public’s view of crypto

Buterin acknowledged that he would work together with the Dogecoin team to achieve this goal in an interview with UpOnly. He observed that all the major cryptocurrencies are looking to transition to PoS, except for one – Bitcoin.

He also noted that even though more and more crypto projects are starting to consider the energy-efficient PoS, the public still views cryptocurrencies as bad for the environment.

“Even now, you can go out and say, ‘Hey guys, you do realise that every major cryptocurrency, except for one, has an active plan to switch to Proof-of-Stake?’ To them, it doesn’t matter,” he said during the interview.

He, however, believes the public view of cryptocurrencies will change once Ethereum completes its switch and transition plans for Dogecoin and Zcash get underway.


Ethereum community is not happy with his involvement

While it is a forward step in the direction of sustainability, the Ethereum community is less than pleased about Buterin’s role in the same. The community expressed their disapproval on social media while questioning his decision to be a Dogecoin advisor, yet several issues including high gas fees face Ethereum.

The post Dogecoin set to adopt a unique Proof of Stake model with Vitalik Buterin’s help appeared first on The Home of Altcoins: All About Crypto, Bitcoin & Altcoins | Cointext.com.