Dogecoin will Migrate to PoS, says Ethereum Founder Vitalik Buterin

2 mins
4 February 2022, 02:45 GMT+0000
Updated by Kyle Baird
4 February 2022, 06:03 GMT+0000
In Brief
  • Dogecoin plans a migration from PoW to PoS
  • Although not yet a consensus, PoS offers several advantages over the PoW model.
  • Buterin also pointed out that virtually all major cryptocurrencies will migrate to this model.
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Dogecoin News: Vitalik Buterin confirmed in a recent interview that he was helping the Dogecoin Foundation migrate the doge consensus method to PoS.

Ethereum co-founder Vitalik Buterin is the main driver behind ETH 2.0. It is a major update that aims, among other things, to make the network of the world’s second largest cryptocurrency move from the current proof-of-work (PoW) model to proof of participation (PoS).

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 make the migration.

In a recent interview with UpOnly, he confirmed that he was involved in this project, saying that virtually all cryptocurrencies will follow the same steps.

“All major cryptocurrencies except one have an active plan to switch 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 plans are more advanced.”

PoS Benefits

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

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

“It allows everyone, not just the big users, to participate in a way that repays them for their contribution to running the network while giving back to the whole community through charitable causes.”

The proof of participation model is still more sustainable than the PoW, as it needs a much smaller amount of electricity to be realized. It is worth noting that the environmental impact caused by Bitcoin mining and minting of NFTs on the Ethereum network has been one of the main criticisms made about the crypto world today.

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The migration to PoS will not be the only novelty that Dogecoin intends to present to its community this year. As the roadmap disclosed, the cryptocurrency ecosystem will expand.

Among the main projects are an environment full of educational content, its own portfolio that can be used on payment platforms and the insertion of DOGE in play-to-earn games.

The Dogecoin Foundation still intends to launch a new cryptocurrency, Libdogecoin, once the migration to PoS is completed.

Despite the changes, DOGE continues in a strong downtrend. Currently, the coin meme is trading at $0.14, 80% below its record price of $0.73. In 2022 alone, the token devalued about 20%, according to CoinGecko.

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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.