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Dogecoin and Bitcoin Are Now Biggest Proof-of-Work Blockchains

Fri, 09/16/2022 - 20:09
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Alex Dovbnya
Dogecoin, Bitcoin and Ethereum Classic are the top three proof-of-work cryptocryptocurrencies
Dogecoin and Bitcoin Are Now Biggest Proof-of-Work Blockchains
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Following Ethereum’s transition to proof-of-stake, Dogecoin is now the second-largest proof-of-work blockchain by market capitalization. The meme coin is currently valued at $7.8 billion.

Bitcoin, of course, is the leading proof-of-work blockchain with a market capitalization of roughly $375 billion.

Ethereum Classic, the most prominent hard fork of Ethereum, comes in third place.

Litecoin and Monero are in fourth and fifth places, respectively.     

It might not last long

Last September, Ethereum co-founder Vitalik Buterin urged the Dogecoin community to switch to proof-of-stake. The suggestion sparked heated discussions within the community.      

In December, the Dogecoin Foundation included proof-of-stake on its roadmap. Users would be able to start staking their DOGE tokens.     

Buterin joined the foundation’s advisory board last August.

Privacy coin Zcash also announced its plan to transition away from proof-of-work last year.

Bitcoin’s energy problem

The proof-of-work consensus algorithm is often criticized for consuming too much energy, thus harming the environment. Bitcoin alone consumes more electricity than a country like Argentina.

In March, Ripple co-founder Chris Larsen and Greenpeace launched a campaign in order to encourage the Bitcoin community to switch to proof-of-stake.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.