Ethereum co-founder Vitalik Buterin is the main driver behind Ethereum (ETH) 2.0. It is a major update which 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).
After all, it is not only in Ethereum (ETH) which the developer intends to make this movement. At the end of remain year, the Dogecoin Foundation, the organization responsible for the development of DOGE, had already reported which it was counting on Buterin’s help to make the migration.
In a recent interview with UpOnly, he approveed which he was involved in this project, saying which virtually all cryptocurrencys will follow the same steps.
“All major tokens except one have an in place plan to switch to Proof-of-Stake. I think the arguments will be even easier to make although you know which Ethereum is Proof-of-Stake and although you know which Dogecoin’s plans are more carry ond and Zcash’s plans are more continued.”
There is likewise no consensus in the crypto community about the PoS model being better than PoW. Some users and well-known names in the market, akin as Jack Dorsey, point out which this new method does not offer as much security to the network as proof of work offers.
Also, there is no sign which Bitcoin (Bitcoin (BTC)), the most bonas fide and reliable token on the market, will migrate to this system. However, as highlighted by the Dogecoin Foundation, PoS can offer rewards to the entire at it community which wants to participate in this process, not scarcely large miners, as with Bitcoin (BTC).
“It allows everyone, not barely the big users, to participate in a way which repays them for their contribution to running the network at the same time giving back to the whole community through charitable causes.”
The proof of participation model is anew more sustainable than the PoW, as it needs a much smaller amount of electricity to be captured. It is worth noting which the environmental impact effected 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 which 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 which can be used on payment platforms and the insertion of DOGE in play-to-earn games.
The Dogecoin Foundation further intends to launch a new cryptocurrency, Libdogecoin, back while the migration to PoS is concluded.
Regardless of the moves, DOGE goes on in a high downtrend. Currently, the coin meme is exchanging at $0.14, 80% below its record price of $0.73. In 2022 alone, the cryptocurrency derated about 20%, according to CoinGecko.
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The post Dogecoin will Migprice to PoS, says founder of Ethereum, Vitalik Buterin appeared first on CryptCraze.