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Dogecoin Foundation Joins Ethereum Founder Vitalik Buterin to Build Staking

Dogecoin Foundation Joins Ethereum Founder Vitalik Buterin to Build Staking

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Answer Dogecoin Foundation Joins Ethereum Founder Vitalik Buterin to Build Staking

The Dogecoin Foundation, a non-profit organization working on the development and growth of the cryptocurrency “DOGE”, has joined forces with Ethereum founder Vitalik Buterin to design a staking system.

This comes months after the institution announced at the ESG Bitcoin conference earlier this year that it would move Dogecoin from its existing PoW to PoS.

What is the proposed Dogecoin Foundation?

According For the “Dogecoin” FoundationCommunity stakes are a version of PoS that allows all community members, 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 entire community through charitable causes.

Read:What is a Bitcoin Traded Fund (ETF)?

The foundation is also working with other projects including Gigawallet, to launch a PoS wallet, and Libdogecoin designed the latter as a JavaScript library for Dogecoin.

According to the latest update, the community stake is already in the testing phase.

The Dogecoin Foundation stated in its statement the following:

Over the next few months, the Libdogecoin and GigaWallet projects will begin to take shape, and we have some early adopters interested in using them in their projects.

These early projects are all about laying a solid foundation, while those still to come will aim to improve transaction productivity and volume.

Switching from PoW to PoS:

Dogecoin was originally built as a PoW-based cryptocurrency like Bitcoin.

Recently, there has been a lot of energy efficiency controversy around Proof of Work projects.

For example, Elon Musk’s Tesla stopped accepting bitcoin payments for its products earlier this year, citing environmental concerns.

But Dogecoin is not the only project planning to move to PoS next year.

The transition of Ethereum to PoS has been in the pipeline for a long time now and will play a major role in the Ethereum 2.0 upgrade in 2022.

Read:Find out the amount of money invested in blockchain startups in the second quarter of 2021

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