The Dogecoin Foundation, a non-profit organization dedicated to the growth of popular meme-inspired cryptocurrency Dogecoin (DOGE), has joined forces with the founder of Ethereum, Vitalik Buterin. The idea is to design a “Community Staking” system based on the Proof-of-Stake (PoS) consensus mechanism. This comes months after the foundation announced at the Bitcoin ESG conference held earlier this year that it is moving Dogecoin from Proof-of-Work to Proof-of-Stake. What is Community Staking? According to the Dogecoin Trailmap, community staking is a version of PoS that allows all community members, and not just whales, to earn rewards for their participation and contribution to the Dogecoin ecosystem. Additionally, users will be able to give back to the whole community
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The Dogecoin Foundation, a non-profit organization dedicated to the growth of popular meme-inspired cryptocurrency Dogecoin (DOGE), has joined forces with the founder of Ethereum, Vitalik Buterin. The idea is to design a “Community Staking” system based on the Proof-of-Stake (PoS) consensus mechanism.
This comes months after the foundation announced at the Bitcoin ESG conference held earlier this year that it is moving Dogecoin from Proof-of-Work to Proof-of-Stake.
What is Community Staking?
According to the Dogecoin Trailmap, community staking is a version of PoS that allows all community members, and not just whales, to earn rewards for their participation and contribution to the Dogecoin ecosystem. Additionally, users will be able to give back to the whole community through charitable causes.
The foundation is also working with other projects including Gigawallet, a PoS wallet project, and Libdogecoin, a javascript library for Dogecoin.
As per the recent update, the community staking is already in its testing phase with support from integrators who showed interest.
“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. These early projects are about laying a solid foundation, while projects still to come will target improving transaction throughput and scale,” the foundation wrote.
Shifting from PoW to PoS
Dogecoin was originally built as a PoW cryptocurrency like Bitcoin. However, in recent times, there have been lots of energy efficiency arguments about PoW projects. Recall that even Elon Musk’s Tesla stopped accepting BTC payments for its products earlier this year, citing environmental concerns.
But Dogecoin is not the only project planning to move to PoS next year. Ethereum’s move to PoS has been in the pipeline for a long time now and it will play a major role in the Ethereum 2.0 upgrade in 2022.
In October, CryptoPotato reported that the first network upgrade on the Ethereum PoW dubbed Altair was implemented successfully.