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Dogecoin Is Transitioning to a Proof of Stake Blockchain, and Vitalik Buterin Is Helping -Breaking

by Mike Robinson

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Dogecoin Transitions to Proof of Stake Blockchain. Vitalik Buterin is Helping

The Proof of Work consensus algorithm has fallen out of favor with crypto projects after being heavily criticised for its energy consumption and environmental impact.

The criticism has seen many notable crypto projects make changed, the most high profile of which has been Ethereum’s ongoing transition from Proof of Work to Proof of Stake, which consumes less power and promises greater decentralization.

This is Proof of the Stake

Dogecoin joined the fray by announcing its plans to make PoS in 2021. Dogecoin Foundation announced today that Vitalik Buterin (co-founder) is helping with the transition.

The Doge Foundation announced that its unique Doge proposal would be for a ‘community staking’ version of PoS. It adds that its PoS would allow “everyone, not just the big players, to participate in a way that rewards them for their contribution.”

Dogecoin’s model of a Proof of Stake blockchain promises increased involvement for its community and DOGE holders in the governance and management of the Dogecoin network.

Vitalik Buterin Is Helping Dogecoin

Buterin, in a recent interview with UpOnly confirmed that Dogecoin was part of his PoS journey. Furthermore, Buterin explains that “every major cryptocurrency except for one has an active plan to switch to Proof of Stake.”

Backing up his claim, he adds that “the arguments will be even easier to make once you know that Ethereum is Proof of Stake, and once you know Dogecoin’s plans are further along, and Zcash plans [are] further along.”

Buterin suggested that in 2021 an Ethereum-Dogecoin Bridge would increase the speed of Dogecoin transactions.

Flipside

  • Dogecoin has been (DOGE). Pushed out of the Top 10 Largest CryptosBy a rallying, (DOT), now holding a market capital of $20.2 billion.

Why you should care

Crypto projects are moving to Proof of Stake amid concerns about the environment. This could threaten their sustainability if they choose to adopt Proof of Work.

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