Piece of money Dogecoin could be a “a cryptocurrency like bitcoin” but Vitalik Buterin hopes it will one day resemble something closer to Ethereum. The Ethereum co-founder opened a Q&A thread on Twitter for accounts he follows on the social media platform, and the discussion topics ran the gamut.
One of his supporters, Zhu Su of 3ac, wanted to hear Buterin’s thoughts on the popular Dogecoin coin project. Buterin is no stranger to Dogecoin. In fact, he was recently appointed advisor on the recently recovered Dogecoin Foundation Board of Directors. So, when asked about the meme-coin project, it’s no surprise that Buterin touched on the theme that should catapult the blockchain he’s architected: Ethereumon another level – the Proof of Stake (PoS) consensus algorithm.
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Ethereum is transitioning from a proof-of-work (PoW) model to a PoS model, which will provide greater scalability and lead to lower fees on the network. Dogecoin is a PoW cryptocurrency that uses electricity to mine new coins.
Energy consumption is a sticking point in the cryptocurrency industry, a topic that came to the forefront after Tesla CEO Elon Musk addressed it. For his part, Musk recently revealed that he is working alongside Dogecoin developers to make the crypto more environmentally friendly.
Buterin’s hope is that “Doge could move to PoS soon”, suggesting that it could even use Ethereum code.
Personally, I hope Doge can move to PoS soon, perhaps using Ethereum code. I also hope they don’t cancel the annual PoW issuance of 5 billion per year, but instead place it in some sort of DAO that funds global public goods. This would fit well with Dogecoin’s healthy, non-greedy philosophy.
– vitalik.eth (@VitalikButerin) September 2, 2021
Wager for rewards
While Ethereum is still migrating to PoS, holders of the Ether token are already staking – or pledging their coins for a specified period of time to strengthen network security in exchange for interest on their holdings. If Dogecoin were to adopt a similar model, demand for the cryptocurrency could potentially increase even further, driving the price higher in the meantime.
Vitalik Buterin would also like to see Dogecoin, known for two-word phrases such as “Much Wow,” use its foundation for more good. He highlighted Dogecoin’s annual inflation of 5 billion coins, saying that instead of canceling it in a PoS world, the project should instead redirect coins to a “DAO that funds global public goods”, emphasizing ” the healthy and non-greedy ethics of the project. .” Now that he’s on the board, it looks like Buterin might have some influence in making that happen.
This article was originally published on FX Empire