The Dogecoin Foundation is exploring a potential DOGE transition towards the Proof-of-Stake mining model, but when will Dogecoin transition to proof-of-stake?
Now that the Ethereum merge date is inching closer, users are anticipating whether Doge will also follow the same trajectory?
Proof-of-Work and Dogecoin have been heavily criticized due to their extensive energy requirements. Dogecoin mining requires miners to verify transactions by solving complex algorithms that collectively use a significant amount of energy. Proof-of-Stake, meanwhile, is less energy-consuming
Dogecoin, which currently employs a proof of work mining model, announced last year a collaboration with Ethereum co-founder Vitalik Buterin to work on a potential PoS transition. Here's what we know so far.
Dogecoin Proof-Of-Stake Release Date
According to the Dogecoin Foundation trail map timeline first released in December, the Dogecoin Foundation will partner with Ethereum co-founder Vitalik Buterin to work on a Proof-of-Stake proposal.
The trail map also underlines that the new PoW to PoS transition may soon be unveiled in 2022. However, an official date is yet to be announced by the foundation.
The platform has been working on scaling its service portfolio and has recently launched Libdogecoin, which is dubbed as a "complete implementation of the Dogecoin Protocols, as a C library (and series of bindings to popular languages) which will allow anyone to build a Dogecoin compliant product, without needing to worry about the deeper specifics of the crypto functions."
We'll keep this page updated when any more information comes out about a potential release date.
What Is Proof-of-Stake
The Proof-of-Stake mining model is a protocol that supports cryptocurrency mining in a more energy-efficient manner.
One of the key elements of Proof-of-Stake mining consensus is its ability to let users stake their crypto to become a validator on the network. This contributes towards validating new blocks.
As this is based on staking held coins, rather than sheer computational power, the protocol does not rely on energy-intensive activity, rendering it more environmentally friendly in the eyes of some. Ethereum 2.0 is currently undergoing its transition to PoS, for example.
Several ETH community members were hoping that the Ethereum PoS shift will lower the prices of ETH gas and will further affect its transaction speed.
But recently, the Ethereum foundation has issued a blog debunking the ETH myths further adding that Ethereum's PoS shift will not impact Ethereum gas fee prices after the merge and will have no serious effect on Ethereum's transaction speed.