Advertisement
AD

Main navigation

Advertisement

DOGE Core Developer Refutes Rumors About Transition of Dogecoin to POS

Advertisement
Thu, 29/12/2022 - 12:09
DOGE Core Developer Refutes Rumors About Transition of Dogecoin to POS
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Dogecoin core developer Michi Lumin has taken to Twitter to dispel rumors about the possible move of Dogecoin to proof of stake. The sentiment was probably fueled by Ethereum creator Vitalik Buterin's remarks. Shortly after the Ethereum Merge was completed, Vitalik Buterin expressed hopes that other blockchains like Dogecoin and Zcash would follow suit.

Advertisement

The "proof of stake" (POS) consensus mechanism relies on staking, while the "proof of work" (POW) mechanism that Dogecoin utilizes relies on mining. Dogecoin now ranks as the second largest POW chain after Bitcoin.

According to the DOGE Core developer, influencers, notwithstanding the huge following they might seem to have, may not have the inside scoop on what is going on with Dogecoin.

Advertisement

She adds that it might be pertinent to understand how changes work on a blockchain like Dogecoin, which is closer to older Bitcoin technology than modern ERC20 tokens.

According to Lumin, Dogecoin operates on "consensus," so moving Dogecoin to proof of stake was not possible, nor could an individual or entity plan to do so. "A sudden and forced 'move' to PoS is not possible for Dogecoin," she wrote.

The best that could be done is for the party to outline it in a proposal or even code it, with the community and validators deciding whether or not to take it up.

She refutes plans to move Dogecoin to proof of stake, saying, "No, there is not a 'plan' to 'move' Dogecoin to PoS."

Instead, she hinted at a plan to give to the community for its review — a proposal in this regard.

Given the community's current disposition toward this, Lumin anticipates that such a plan would be met with hostility. She noted that such a proposal might differ from traditional POS in many ways.

The Dogecoin developer concluded that such plans would only exist as a proposal until they received broad approval to move forward.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD