At the height of the Bitcoin (BTC) ESG discussion earlier this year, Doge coin (DOGE), the Proof-of-Work (PoW) joke currency, 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 a unique community staking proposal based on PoS.
“The Foundation are also working with Vitalik (Founder of the Ethereum blockchain) on crafting a uniquely Doge proposal“
“For a ‘Community Staking’ version of PoS that will allow everyone, not just the big players to participate”
“ in a way that rewards them for their contribution to running the network,“
“and at the same time gives back to the whole community through charitable causes.”
The PoS movement includes three primary projects: a new currency called “Lib Doge coin”. Which, is a liberated version of the meme money, and a new PoS wallet called Gigawalle. Integrators have already agreed to help the developers with early testing. According to the official blog post:
“Over the next few months the “Lib doge coin“ 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.”
To address its scalability concerns, Ethereum is credited. Of course, as the first to make the major switch from PoW to PoS.
The first or second quarter of 2022 is projected to see the introduction of Ethereum’s PoS ETH 2.0 mainnet. Then, trials have already begun.