Proof-of-Stake (PoS) consensus algorithm is becoming famous in the crypto ecosystem as Ethereum, the largest smart contracts platform, prepares its move away from the energy-consuming proof-of-work (PoS) consensus protocol.
According to Ethereum co-founder, Vitalik Buterin, in a recent interview with UpOnly, almost every major cryptocurrency is planning a transition to PoS protocol. He also revealed that Dogecoin (DOGE) is currently planning to move its network to PoS with community staking.
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Vitalik Buterin noted:
“Every major cryptocurrency except for one has an active plan to switch to Proof-of-Stake. I guess the arguments will be even easier to make once you know Ethereum is Proof-of-Stake and once you know Dogecoin’s plans are further along and Zcash plans further along.”
During the interview, Ethereum co-founder referred to a proposal published in late December 2021, where a strategy to execute the Dogecoin proposal for a Community Staking Version of PoS is outlined.
The strategy is expected to let more individuals participate in Dogecoin network management.
“They recently released something, the Dogecoin Foundation in collaboration with Vitalik Buterin to create community staking, it got published last year at Christmas,” Buterin added.
Also, in the prologue, Dogecoin Foundation speaks about working with Ethereum’s Vitalik Buterin on crafting a proposal for a Community Staking version of PoS:
“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, 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.”
In September 2021, Buterin suggested a PoS transition for Dogecoin with the help of Ethereum technology. He also hoped for an Ethereum-Dogecoin bridge, believing this would boost the speed of transactions on the Dogecoin network.
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Vitalik Buterin wrote, “Personally, I hope that doge can switch to PoS soon, perhaps using ethereum code. I also hope they don’t cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with dogecoin’s non-greedy wholesome ethos.”
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