Buterin wants to really improve dogecoin

in #crypto2 months ago

**Speculation that Dogecoin would switch from Proof of Work to Proof of Stake caused the cryptocurrency to plummet. The Shina inu who created the meme is likewise losing ground. A proposal will be put up for a switch to Proof of Stake, according to the Dogecoin road map released by the coin foundation in December 2021. This choice will be determined by the community, not the foundation, according to a recent clarification from one of Dogecoin's developers. Although it seems odd, it is more likely than not that the switch to Proof of Stake is what caused Dogecoin to crash.

This is due to Dogecoin's 40% supply being highly concentrated in the top 10 wallets. Also, the entities will essentially control the blockchain. A switch to PoW could cause significant harm to Litecoin miners and weaken the security of its blockchain given that Dogecoin is integrated into the Litecoin LTC network, energy costs are rising due to the depreciation of cryptocurrencies, and countries are beginning to impose restrictions on mining. Due to the fact that Litecoin has historically served as a sort of testnet for Bitcoin, this will be negative news for the cryptocurrency market. As Litecoin was used for the majority of the Bitcoin update, I anticipate that the next Dogecoin version will have a privacy focus. A privacy sidechain was just introduced by Litecoin.


Dogecoin should serve as an additional testnet for upcoming Ethereum updates, particularly those pertaining to governance, according to the influential members of the community. Dogecoin advisor Vitalik Buterin has been advocating for the shift to PoS. Due to its high maintenance costs and decreased usage, Ropsten, Ethereum's longest-running testnet, has just started to be shorted down by the Ethereum foundation. For the same reasons, Ethereum developers intend to short the Rinkeby testnet later this year. It only makes sense to use Dogecoin as an Ethereum day factor testnet and Litcoin as a day factor test. Also, it will benefit Dogecoin and maintain its longevity, although it may cause centralization problems.


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