Key Takeaways:
- Vitalik Buterin confirms the intentions of Dogecoin to shift to PoS.
- The proposal published last year has three main projects included.
- The uprising against PoW influenced various blockchain the decision to shift to PoS.
The first “meme coin”,, Dogecoin is finally operating on its plan to switch to Proof-of-Stake with community staking. Buterin confirmed this in a recent interview with UpOnly. He referred to the proposal published last Christmas, which had detailed plans of introducing Doge as PoS to allow the participation of more people in operating the network.
The three main objectives of this PoS movement are introducing a new currency named LibDogecoin, a new liberated form of Dogecoin, and the launch of a new PoS wallet called Gigawalle.
Dogecoin Foundation said in a blog post that it is working with its advisor Buterin for “crafting a uniquely Doge proposal for a ‘Community Staking’ version of PoS that will allow everyone, not just the big players 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.”
However, there are controversies and doubts related to the effectiveness of this PoS plan. A group of the crypto community, including former Twitter CEO Jack Dorsey, is centralised and therefore unsafe compared to PoW, which is viewed as the outright and best way to decentralise. Bitcoin, Ethereum, and various other blockchains are currently utilising PoW.
However, the mining protocol of PoW has a lot higher energy consumption rates as each miner on the network attempts to mine the next block. A colossal commotion arose because of this reason in May, and at that moment, several blockchains, including Doge and Shib, disclosed their plans of shifting to PoS.
