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Vitalik Buterin Suggests PoS Algorithm for Dogecoin

Popular meme token, Dogecoin is likely to have caught the fancy of Ethereum creator, Vitalik Buterin. In his Thursday’s Twitter comment, the crypto billionaire suggested a Proof-of-Stake (PoS) consensus for Dogecoin’s network, possibly with Ethereum code. Back in July, Vitalik Buterin had indicated his willingness to work with Dogecoin devs and the number-one promoter of the token, Elon Musk on improving the token’s network.

Alongside Vitalik, Cardano founder Charles Hoskinson showed keen interest as well. However, it seems that the Ethereum creator is more committed to his newfangled interest in the meme token in light of his recent suggestion. Perhaps his suggestion might have been informed by the transition to a PoS network for Ethereum, scheduled for the second quarter of 2022.

Vitalik Wants Suggests 5 Billion Mined Doge Be Kept in DAO 

A portion of Vitalik’s tweet also stated that the 5 billion additional tokens which are mined every year should be kept in a decentralized autonomous organization briefly known as DAO. According to him, the tokens should be used to fund global causes, which brings to mind a recent donation he made to India COVID-19. 

Buterin reportedly donated over $1 billion in Shiba Inu tokens, another meme cryptocurrency that derives from Dogecoin. Dogecoin’s DAO is constituted by the team of devs, community members and crypto investors who have the right to vote and take relevant decisions on the project. Dogecoin has a large and growing community. 

Interestingly, an integral part of Dogecoin’s network is tied to Litecoin’s. Notwithstanding, transactions executed on Dogecoin’s network take about a minute to get added to blocks while for Litecoin, it takes almost 3 minutes. However, if Dogecoin devs have to try out Vitalik’s PoS suggestion, they are likely to split Dogecoin’s network given that it’s a fork of the former. As warned by experts, especially at the height of calls for a major upgrade by Elon Musk, this is likely to undermine the network’s security exposing it to malicious attacks.

Nonetheless, an upgrade was pulled off on the token’s network last month, with a focus on gas fee reduction, eliminating bugs and a host of other issues.

An Ethereum Partnership To Take Dogecoin to $1?

If Dogecoin devs adopt Buterin’s suggestion, there could be a major collaboration in the offing between Ethereum and Dogecoin. Given that Ethereum is the largest altcoin by market cap, a potential collaboration will confer more value on the latter, and make it generate more hype than it has ever. 

Although the previous traction gained by the meme token is yet to simmer, a catalyst that will tip the token’s price to $1 or beyond is much expected. Dogecoin has only attained an ATH of $0.74 back in May, capitalizing on the attention and promotion given to it by Elon Musk

Meanwhile, a recent Dogecoin spin-off is raising concerns over the confusion and potential losses that investors are likely to suffer. Titled Dogecoin 2.0 (DOGE2.0), the devs behind the project are fronting more attractive perks for DOGE2.0 compared to the original token.

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