The Dogecoin Foundation, an organization focused on the development of the cryptocurrency meme, released on Thursday (23) a map of improvements being made to the project and revealed Vitalik Buterin's next relationship in this process.
According to the roadmap, the creator of Ethereum is working on a ' community staking ' proposal based on a Dogecoin Proof of Participation (PoS) version.
According to the foundation, this proposal "will allow everyone, not just the big players, to be rewarded for their contribution in managing the network", while staking becomes a way of giving back to the community as a whole through support for charitable causes.
In practice, the proposal advocates that users can block DOGE from staking in the future to get extra tokens as a reward.
Possible Dogecoin Consensus Exchange
The possibility of Dogecoin abandoning its current consensus mechanism based on proof of work (PoW) and moving to proof of participation (PoS), following the same direction that Ethereum takes in its version 2.0 , is a discussion that wins every time more strength in the community.
PoS has become a very popular engine in the crypto market as it doesn't consume as much energy as traditional mining, while helping to solve scalability issues facing many currencies today.
With Buterin's direct participation in the development of Dogecoin, that fate seems to be getting closer and closer for the meme coin, even if only the proposal is being built so far.
Buterin has publicly championed this idea in the past. “Personally, I hope that doge can switch to PoS soon, maybe using the ethereum code. I also hope they don't cancel the annual PoW issuance of 5 billion tokens per year,” tweeted the developer three months ago.
In the same message, he also said that he would like to see dogecoin create a kind of DAO (decentralized autonomous organization) to fund global public goods, something that in Buterin's view “would fit well with the healthy non-greedy ethos of dogecoin”.
Ross Nicoll, the lead developer of Dogecoin Core, is another big supporter of the proposal. In September, he told Coindesk that “personally, I would love to see PoS being explored at Dogecoin”, but that it would need to convince a lot of people within the Dogecoin Foundation for the transition to materialize.
The foundation that is helping to build the cryptocurrency ecosystem was re-established in August of this year after years of inactivity.
Upon his return, Vitalik Buterin joined the foundation's board of advisors, alongside Jared Birchall, Elon Musk representative, and Billy Markus, the co-founder of the cryptocurrency.
Vitalik Buterin's helping build new staking proposal for Dogecoin first appeared in Bitcoin Portal .