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Dogecoin Foundation director Timothy Stebbing has addressed recent speculation in the Dogecoin community.
Recent weeks signaled growing risks for major proof-of-work blockchains following Qubic's 51% attack on privacy token Monero. Subsequently, Qubic chose Dogecoin as its next focus, prompting reactions from the Dogecoin community, including Dogecoin Foundation director Timothy Stebbing.
Stebbing revealed in an X post at the time his personal work on Project Sakura, a Dogecoin community proof-of-stake mechanism.
Stebbing clarified that his work on the project Sakura doesn't imply it is a mandated solution, but "with the reluctant acceptance that upgrading the Dogecoin protocol would one day be inevitable" and that this might inspire better ideas in the long run.
Dogecoin director reveals thought experiment
In a recent tweet, Stebbing addressed speculation regarding his previous posts on proof-of-work/proof-of-stake mechanisms.
Stebbing reiterated decentralization as a key tenet for Dogecoin, adding that they "believe in the adversarial consensus mechanism of 'vote with our feet' above all else, and respect the debate of ideas, knowing that collectively that leads to best outcomes for humanity."
Stebbing revealed his thought experiment concerning the Dogecoin protocol: "Fast forward to now, and I'm several years into a thought experiment about the Dogecoin protocol. The notion that with the right mix of features, we could create a system that reflects the changing objectives of Dogecoin (a global means of exchange) vs Bitcoin (store of value), and aligns with the 'do only good everyday' ethos that our community has been built on. To '1000x' the speed of Dogecoin so we compete with tradfi payment rails."
Amid criticism from some members of the community on Project Sakura, the vision for Dogebox was born, a platform with a decentralized marketplace of software built on Dogecoin Core, which would allow evaluation of ideas from the community, with work on it currently ongoing.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team