At the height of the Bitcoin (BTC) ESG discussion earlier this year, the Proof-of-Work (PoW) meme coin Dogecoin (DOGE) announced its ambitions to switch to Proof-of-Stake (PoS). The Dogecoin Foundation has now revealed that they are collaborating with Vitalik Buterin, the founder of Ethereum, to build an innovative community staking proposal based on PoS.
The goal of this move is to allow everyone, not just the large players, to engage in a way that both rewards them for their contributions to the network’s operation while also giving back to the community through charitable causes.
The PoS movement includes three primary projects: a new currency called LibDogecoin, a liberated version of the meme token, and a new PoS wallet called Gigawalle. Integrators have already agreed to help the developers with early testing.
The official blog post stated that, “Over the next few months, the Libdogecoin and GigaWallet projects will begin to take shape, and we have some early integrators who are interested in putting them to use in their projects. It further adds, “these early projects are about laying a solid foundation, while projects still to come will target improving transaction throughput and scale.”
Vitalik Buterin last year talked about the advantages of PoS over PoW, and ETH is making a major shift to address its scalability issue.
The first or second quarter of 2022 is projected to see the introduction of Ethereum’s PoS ETH 2.0 mainnet, and trials have already started.
The mining consensus dispute has polarised the crypto world, with Bitcoin proponents seeing PoW as the absolute and only solution to decentralization.
Dogecoin on the way to becoming people’s crypto
As Dogefather and Tesla CEO Elon Musk calls it people’s crypto, the foundation in August signed the Dogecoin Manifesto with an aim to make it a currency for daily transactions:
“The Manifesto was our attempt at capturing everything the community wanted from the Dogecoin project: a ‘Currency of the people, for the people and by the people’, something humanity could really use, to buy a coffee or pay the rent.”