Top players in the crypto industry must do everything possible to be one step ahead of their peers at the top of the performance chart. And with many things to handle, the Ethereum community has urged Vitalik Buterin to double his efforts on Ethereum to make it what it is destined to become, rather than on Dogecoin.
The ETH co-founder was reported to have said that Proof-of-Stake (PoS) was why he decided to have a stake in Dogecoin in 2014. And one of the major factors behind his decision is the effect that Proof-of-Work (PoW) has on the environment regarding mining.
However, Buterin states that although most cryptocurrencies are moving their networks to PoS, this failed to stop the rumors of crypto mining and their position from an environmental point of view. According to Buterin, they could not acknowledge that all major digital coins, bar one, are planning to move their mining network to PoS.
He subsequently revealed that those environmentalists concerned about crypto mining would soon be convinced the moment Ethereum switches to PoS because Dogecoin’s plans align with the PoS movement.
Nonetheless, a handful of industry observers were surprised by such a move by Dogecoin, indicating what many had thought about the meme coin vision of adopting an efficient and effective mechanism to boost its operations. Others admit that such a move makes a fundamental difference in how the meme coin operates.
Is Dogecoin Becoming A Proof-of-Stake Cryptocurrency?
As an advisor to the Dogecoin Foundation, Buterin first brought up the idea of Dogecoin moving to PoS in one of his random replies on Twitter in September 2021.
While his action was initially dismissed as wishful thinking without official backing, in December 2021, the matter came up again after releasing the updated Dogecoin plan named “trail map.”
The “community staking” is part of the various schemes of action being taken upon for consideration. By its name, DOGE holders will be rewarded for using their tokens to stake, just like what is going on on the PoS network.
The plan, however, did not indicate that Dogecoin was moving to PoS. Some believe that the design of the Dogecoin community stake is a replica of Ethereum’s model, which combines both the PoW and PoS protocols.
Furthermore, in marketing the new network concept, Buterin states that every major digital coin, except Bitcoin, is transitioning to the Proof-of-Stake protocol. And from the perspective of the environment, the PoS will convince more people about crypto’s eco-friendly mining.
Buterin Should Concentrate On ETH, Said Ethereum Community
Going by the plan to transition the Dogecointo the PoS, the Ethereum community is concerned that Buterin’s contribution to the cause of DOGE is coming at the expense of the ETH. The ongoing move by Buterin is said to have made the Ethereum community opposed to the idea of Buterin sharing his time with Dogecoin; the community wants Buterin to make ETH a priority as the coin is yet to cross the finish line.