The architect of Ethereum confirms active support for Dogecoin

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The founder of Ethereum, Vitalik Buterin, has confirmed his support for Dogecoin's transition to the Proof-of-Stake (PoS) process.

The Proof-of-Stake (PoS) consensus mechanism is becoming prominent in the cryptocurrency ecosystem at large, especially in Ethereum, the world's largest smart contract platform, which is also gearing up for PoS, expected to reduce energy consumption by 99%.

Due to its high energy consumption, Proof-of-Work (PoW) is currently facing severe criticism for its mining activities. Initially considered as the foundational consensus mechanism for blockchain, PoW requires miners to utilize specialized equipment to validate transaction blocks and receive rewards in the form of newly minted coins or tokens.

On the contrary, Proof-of-Stake (PoS) allows network validators to stake their own funds to ensure the validity of the next block, thereby reducing the need for energy consumption.

Therefore, in a recent interview with UpOnly, Vitalik Buterin revealed that most major projects are planning to transition to PoS. Additionally, he also disclosed that Dogecoin (DOGE) is harboring similar ambitions.

'You know, all the well-known projects aspire to advance to PoS, including Ethereum. For example, Dogecoin and Zcash have both outlined significant strides for the future.'

The founder of Ethereum referenced a proposal released in DOGE's 2022 roadmap in late December 2021. Particularly notable is the unique concept for a PoS version, enabling all DOGE investors to participate in staking to operate the network and contribute collectively through charitable activities.

Additionally, the Dogecoin Foundation also mentioned collaboration with Vitalik Buterin to develop the proposal. Back in August 2021, Buterin became a key member of the Dogecoin Foundation advisory board alongside representatives of billionaire Elon Musk, following the organization's revitalization after a 6-year dormancy.

In September 2021, he proposed transitioning Dogecoin to PoS with the assistance of Ethereum technology. Hence, his support for DOGE is not entirely surprising. Furthermore, the founder of Ethereum is hopeful about a DOGE-ETH bridge, believing it will accelerate transaction speeds on the Dogecoin network.

(Source: Coin68)

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Frequently Asked Questions

What is Vitalik Buterin's stance on Dogecoin’s transition to Proof-of-Stake?

Vitalik Buterin supports Dogecoin's transition to Proof-of-Stake (PoS), as mentioned in an interview. He believes that PoS will help reduce energy consumption and improve the network's efficiency.

How will Dogecoin benefit from transitioning to Proof-of-Stake?

Dogecoin’s move to Proof-of-Stake will lower its energy consumption and allow investors to participate in staking, enhancing security while contributing to charitable activities within the network.

Why is Proof-of-Stake favored over Proof-of-Work?

Proof-of-Stake is favored because it reduces energy consumption compared to Proof-of-Work, which requires high-powered equipment for mining. PoS relies on validators staking their funds to secure the network.

Has Vitalik Buterin previously worked with the Dogecoin Foundation?

Yes, Vitalik Buterin joined the Dogecoin Foundation’s advisory board in 2021 and proposed transitioning Dogecoin to Proof-of-Stake using Ethereum technology to improve the network’s sustainability.