Dogecoin will migrate to PoS, says Ethereum founder Vitalik Buterin

Dogecoin News: Vitalik Buterin confirmed in a recent interview that he was helping the Dogecoin Foundation migrate the Dogecoin consensus method to PoS. Ethereum co-founder Vitalik Buterin is the main engine behind ETH 2.0. This is an important update that aims, among other things, to move the network of the second largest cryptocurrency in the world from the current proof-of-work (PoW) model to the proof of participation (PoS) model.

However, it is not only in ETH that the developer intends to make this change. At the end of last year, the Dogecoin Foundation, the organization responsible for the development of DOGE, had already reported that it was counting on Buterin’s help to carry out the migration. In a recent interview with UpOnly, he confirmed that he is involved in this project, saying that virtually all cryptocurrencies will follow the same steps.

“All but one major cryptocurrency have an active plan to move to Proof-of-Stake. I think the arguments will be even easier to make when you know that Ethereum is Proof-of-Stake and when you know that Dogecoin’s plans are more advanced and Zcash’s are more advanced. “

Advantages of PoS

There is still no consensus in the cryptocurrency community that the PoS model is better than the PoW. Some users and well-known names in the market, such as Jack Dorsey, point out that this new method does not offer the network the same security that proof of work offers.

Furthermore, there is no sign that Bitcoin (BTC), the strongest and most reliable cryptocurrency on the market, will migrate to this system. However, as highlighted by the Dogecoin Foundation, PoS can offer rewards to any active community that wants to participate in this process, not just the big miners, as with BTC.

“It allows everyone, not just large users, to participate in a way that repays them for their contribution to managing the network and at the same time gives back to the entire community through charitable causes.”

The proof of participation model is even more sustainable than the PoW, as it needs much less electricity to be built. It is worth noting that the environmental impact caused by Bitcoin mining and NFT minting on the Ethereum network has been one of the main criticisms made on the cryptocurrency world today.

More news from Dogecoin

The migration to the PoS will not be the only novelty that Dogecoin intends to present to its community this year. As revealed in the roadmap, the cryptocurrency ecosystem will expand. Among the main projects are an environment full of educational content, its own wallet that can be used on payment platforms and the inclusion of DOGE in play-to-earn games.

The Dogecoin Foundation still plans to launch a new cryptocurrency, Libdogecoin, once the migration to the PoS is complete. Despite the changes, DOGE continues in a strong downward trend. Currently, the meme coin is trading at $ 0.14, 80% below its record price of $ 0.73. In 2022 alone, the token devalued by about 20%, according to CoinGecko.