Proof-of-stake is becoming increasingly adopted among major cryptocurrencies, with more and more are actively transitioning to it.
In a recent interview with UpOnly, Ethereum founder Vitalik Buterin revealed that he believes most major cryptocurrencies will soon transition to Proof-of-Stake consensus protocols.
The Ethereum founder said:
“Every major cryptocurrency except for one has an active plan to switch to Proof-of-Stake. I guess the arguments will be even easier to make once you know Ethereum is Proof-of-Stake and once you know Dogecoin’s plans are further along and Zcash plans further along.”
Buterin also cited the DOGE proposal, which outlines a strategy to execute a ‘Community Staking’ version of PoS, which would let more individuals participate in managing the Dogecoin network.
“They recently released something, the Dogecoin Foundation in collaboration with Vitalik Buterin to create community staking, it got published last year at Christmas.”
Proposal for PoS
At the time of the announcement, the Dogecoin Foundation stated that it was working with Vitalik on crafting a proposal that would:
“Allow everyone, not just the big players, to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes.”
Vitalik Buterin recently said that he hoped Dogecoin would move to a PoS consensus method with the aid of Ethereum’s technology as soon as possible.
He also suggested an ETH-DOGE bridge, which he believes would accelerate transaction speeds on the Dogecoin blockchain.
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