Dogecoin Foundations reveals transition plans to a unique POS model
Dogecoin Foundations reveals transition plans to a unique POS model
- The blockchain consensus mechanism proof-of-work (POW) has been criticized in the last few days due to its energy-intensive character
- Although many support Dogecoin to Proof-of-Stake (POS) mechanism, the Ethereum community believes that butterin deals too much with Dogecoin
The latest proposal by the European Securities and Market Authority (ESMA) to prohibit proof-of-work-based mining in Europe is only one of many demands to destroy the mechanism. For some time now, several individuals and institutions have been criticizing in the crypto sector cryptocurrencies that use Pow because of the high energy consumption of mechanism.
Dogecoin says goodbye to Pow
Dogecoin, one of the networks currently uses Pow, is the latest name that reveals plans for the transition to POS. The Dogecoin Foundation revealed that it works with a butin to enable a smooth migration to a unique version of POS, which participate in the community supported.
like "a significantly lower energy profile."
The co-founder of Ethereum, who has been committed to POS since 2014, will report on the Meme-inspired project in an advisory role. Ethereum is in a transition phase in which the developers involved claim that it would be completely migrated from Pow to POS by the end of the year.
The proposed POS model will essentially enable Doge-Hanners to contribute to governance and management of the network.
"The foundation also works with Vitalik (founder of Ethereum blockchain) in the production of a unique doge proposal for a" community staking "version of POS, which everyone will allow [...] to take part in a way that will reward them for their contribution to the operation of the network and at the same time return something through the entire community", A section of the article of the Dogecoin Foundation read.
Buterin is concerned about the public's point of view on crypto
Buterin confirmed that he would work with the Dogecoin team to achieve this goal shortly Interview with uponly. Er stellte fest, dass alle großen Kryptowährungen den Übergang zu PoS anstreben, mit Ausnahme von Bitcoin.
He also noticed that although more and more crypto projects begin to consider the energy-efficient POS, the public still sees cryptocurrencies as bad for the environment.
"Even now you can go out and say: 'Hey guys, is clear to you that every big cryptocurrency, except for one, has an active plan to switch to proof-of-stake?' For you it doesn't matter for you," he said during the interview.
He believes, however, that the public view of cryptocurrencies will change as soon as Ethereum has completed its conversion and transition plans for Dogecoin and Zcash.
The Ethereum community is not satisfied with its participation
While it is a step forward towards sustainability, the Ethereum Community es less pleased about Butinin's role in it. The community expressed its disapproval on social media, while it was his decision to be a dogecoin consultant, but Ethereum is faced with several problems, including high gas fees.
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Source: Coinlist.me
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