Main navigation

Is Dogecoin Next? Ethereum's Vitalik Buterin Says Meme Coin Should Move to Proof-of-Stake

Fri, 09/23/2022 - 20:07
article image
Alex Dovbnya
The co-founder of the Ethereum blockchain believes that all chains should switch to proof-of-stake in the future
Is Dogecoin Next? Ethereum's Vitalik Buterin Says Meme Coin Should Move to Proof-of-Stake
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Ethereum co-founder Vitalik Buterin said that meme coin Dogecoin should switch to proof-of-stake during his virtual appearance at Mainnet 2022, a cryptocurrency summit hosted by cryptocurrency analytics firm Messari.

Buterin believes that privacy coin Zcash should also transition away from proof-of-work.   
As reported by U.Today, Ethereum switched to proof-of-stake on Sept. 15 after going through the Merge event. The upgrade has made it possible to dramatically reduce the blockchain’s carbon footprint.  

Dogecoin became the second-largest proof-of-work cryptocurrency (behind only Bitcoin). However, the Dogecoin Foundation confirmed that transitioning to proof-of-stake would be part of the meme coin’s roadmap. Earlier this year, Buterin confirmed that he was helping Dogecoin to switch to proof-of-stake.    

As for Zcash, the leading privacy coin is also on track to ditch the energy-guzzling proof-of-work consensus algorithm.    

Scaling and privacy

During the summit, Buterin noted that the transition had gone better than expected. The community of Ethereum developers will now be focused on making the second-largest blockchain more scalable. The Canadian programmer defined scalability as the most important issue for the following 18 months, adding that this is something that the ecosystem has to “deliver on.”

Related
Pentagon Launches Review of Crypto to Crack Down on Illegal Uses

Buterin also said that Ethereum developers were working on improving censorship resistance and privacy.

article image
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.