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Dogecoin founder Billy Markus, known as Shibetoshi Nakamoto on X, took to the platform to discuss the recent debate about the meme coin’s algorithmic consensus. The discourse in the community centers on transitioning Dogecoin (DOGE) from a proof-of-work (PoW) consensus to a proof-of-stake (PoS) one.
Dogecoin not moving to PoS chain
In his post, Markus said his view is that the debate is annoying. According to the DOGE founder, transitioning into PoS would fracture the community. He added that a PoS consensus would cause a fork, resulting in multiple Dogecoins.
The people pushing for PoS argue it addresses the limitations of PoW, while enhancing the potential of Dogecoin for global use. These arguments are substantiated by the success of Ethereum's PoS and broader industry trends toward energy-efficient blockchains.
Responding to Markus, Dogecoin Foundation Director Timothy Stebbing said his advocacy is to assess all proposals on their technical merit, for the benefit of the currency.
He emphasized that they even built Dogebox for the community to deploy different ideas and nodes to make educated choices for the future of DOGE.
Stebbing concluded that the debate is like a peeing contest, so he is conceding that at this point. He said there is little value in continuing to invest engineering time in trying to speed up the network via a serious consensus change.
"The Dogecoin community seems happy with 40 transactions a second, and imagining that will move the needle as a global currency," says Stebbing.
Dogecoin whales increase activity
Meanwhile, the Dogecoin community has witnessed increased whale activity over the past few days.
As U.Today reported, a new whale pulled out 52.9 million DOGE, valued at about $12 million, from Binance. Historically, such movements are seen as whales holding on to their stash, rather than trading their assets.
In an earlier transaction, a mysterious whale sent 500,000,000 DOGE, worth over $106 million, to Binance. This transaction quickly sparked sell-off concerns on the market as the meme coin traded in the lower region.
Nevertheless, DOGE is currently on an uptrend, with the price increasing by 2.6% over the past 24 hours. DOGE trading volume also jumped 14.4% to $2.4 billion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team