Vitalik Buterin is helping Dogecoin to Migrate PoS - the coin leaks

Vitalik Buterin is helping Dogecoin to Migrate PoS

News: Vitalik Buterin said in a recent interview, that he was helping Dogecoin Foundation move the doge consensus method from PoS.

Vitalik Buterin, Ethereum founder, is the driving force behind ETH 2.0. This major update aims to change the model of the second-largest cryptocurrency network from proof-of-work (PoW), to proof of participation (PoS).

The developer plans to make the change in ETH, but not just in ETH. The Dogecoin Foundation was responsible for DOGE’s development and had reported at the end of 2017 that it was counting on Buterin to help with the migration.

He confirmed his involvement in the project during an interview with UpOnly. He also stated that almost all cryptocurrencies will follow these steps.

PoS Benefits

The consensus within the crypto community is that PoS is better than PoW. Some users, including Jack Dorsey and other well-known names on the market, have pointed out that the new method doesn’t offer the same security to a network as proof of work.

There is also no indication that Bitcoin, the most reliable and solid cryptocurrency, will move to this system. The Dogecoin Foundation has highlighted that PoS can reward any active community who wants to take part in this process. This is not only for large miners like with BTC.

Because it requires a smaller amount of electricity, the proof of participation model is more sustainable than PoW. Not to be overlooked, the negative environmental effects of Bitcoin mining and NFTs being created on the Ethereum network are some of the most common criticisms of the crypto world.

Dogecoin has more news

Dogecoin will present other novelty to its community this year, including the migration to PoS. The roadmap reveals that the cryptocurrency ecosystem will grow.

The main projects include an environment that is rich in educational content, its own portfolio that can be used on payment platforms, and the inclusion of DOGE into play to-earn gaming.

After the PoS migration is complete, The Dogecoin Foundation will still launch a new cryptocurrency.

Despite these changes, DOGE is still in a strong downward trend. The current price of the coin meme is $0.14. This is 80% lower than its record price $0.73. According to CoinGecko, the token will lose 20% in 2022.

You May Also Like

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on tumblr
Tumblr

Leave a Comment

Your email address will not be published.

Subscribe to our Newsletter and don’t miss any update or leaks of Crypto World