Vitalik Buterin has acknowledged that Dogecoin is committed to Proof-of-Stake transition, and is taking his help to create a unique ‘community staking’ version of the PoS consensus mechanism.
The co-founder of Ethereum (ETH), Vitalik Buterin, recently reiterated and reconfirmed in a podcast interview with ‘UpOnly’ that Dogecoin (DOGE) is planning to switch to Proof-of-Stake consensus mechanism. He went on to emphasize that almost every crypto in the world is contemplating a transition to the PoS system, sooner or later.
Speaking to the hosts Cobie & Ledger of UpOnly, a crypto and blockchain centric podcast, Vitalik referred to the ‘Dogecoin Trailmap,’ which was published on the meme coin’s official website around Christmas time last year. (We reported that story and you can read it here)
The trailmap spoke about Dogecoin Foundation’s plan of working alongside Vitalik to develop a uniquely Doge proposal that will facilitate a community staking version of the popular Proof of Staking (PoS) consensus mechanism. The community staking version of the protocol will enable all Dogecoin holders, and not just the biggest ones, to participate in the coin’s governance. In return, they’ll benefit from staking rewards as well as charitable causes.
Why does this news matter?
This news confirms that Dogecoin is indeed headed in that direction and is being actively helped by Vitalik in that regard. Therefore, we may soon see visible developments happening in that direction. While talking to Su Zhu, the co-founder of Singapore-based Three Arrows Capital, last year, Vitalik had expressed his hopes of seeing Dogecoin switching to the PoS model soon, perhaps with the help of Ethereum code. Apparently, his wish has been fulfilled, sooner than he expected. He spoke about a possible ETH-DOGE bridge too which could expedite transactions on the Dogecoin blockchain.
Interestingly, Vitalik Buterin is also an integral part of the Dogecoin Foundation, as an advisor, alongside Jared Birchall (on behalf of Elon Musk) and Dogecoin’s co-creator Billy Markus.
As of writing, DOGE was trading at $0.143, higher than its 7-day low of $0.1228.