Dogecoin (DOGE) would like to change its foundations by embracing proof of participation (PoS). In doing so, it would join the list of projects that want to ditch the shovels of mining, for a consensus mechanism that is supposed to be more virtuous on paper.
From dogecoin staking: what are Vitalik Buterin and Elon Musk trying to prove?
On December 23, 2021, the Dogecoin Foundation released its roadmap, which mentions a collaboration with Ethereum (ETH) co-founder Vitalik Buterin to develop a “community staking” version of proof of participation that would be unique to DOGE.
This would allow DOGE holders to stage their holdings and obtain dogecoin earnings. According to the Foundation, this opportunity would not be reserved only for “big players”, but for all users who contribute “to the functioning of the network”.
The Dogecoin Foundation is embarking on a complex project after about six years of inactivity. It went dormant right after dogecoin founders Billy Markus and Jackson Palmer left the project. The foundation’s advisory board includes Buterin and Neuralink CEO Jared Birchall. The latter would represent the interests of Elon Musk, who is a big fan of dogecoin.
Migration to SOP: real issues or just a fad?
What would a switch from dogecoin to proof of participation bring? The network currently uses proof-of-work, and like all blockchains using this consensus mechanism, dogecoin could come under increasing attack over time for the energy-intensive nature of its mining. Musk had in fact called bitcoin mining polluting, and had indirectly participated in May 2021 in a stall of the queen of cryptocurrencies.
Other projects like Ethereum are switching to proof of participation, believing that this change will allow the network to solve its scalability problems – gas costs, congestion, etc. Should we really expect an explosion of activity on dogecoin, such that we need to make such a change today?
Will dogecoin conquer new territories in 2022? Its roadmap is ambitious, worthy of a serious crypto project. Elon Musk continues to support it even opening Tesla’s official store to dogecoin. His detractors like Ripple (XRP) CEO Brad Garlinghouse may have to wait a while longer before they can bury DOGE.