Vitalik Buterin Hopes Dogecoin Advances To Proof-of-Stake
Vitalik Buterin, the co-founder of Ethereum, suggested that dogecoin switch to a proof-of-stake (PoS) algorithm. He hopes the memecoin could use Ethereum code in the transformation. He made the recommendation on Twitter.
Switching to PoS
Buterin recently became an advisor to the re-branded Dogecoin Foundation. He did a random Twitter analysis answering the 268 people he follows with many questions. He wanted to answer questions that are crypto-related or not. He did this to see if there’s any format at all in which Twitter can still be a helpful conversation platform for him.
Both Dogecoin and Ethereum presently utilize proof-of-work protocols to validate new blocks via mining. Ethereum 2.0 will see the Ethereum network transform to proof-of-stake, using Ethereum staking instead.
Raising More Interest
Zhu Su, the founder of Singapore-based crypto fund manager Three Arrows Capital, asked Buterin about the upcoming propositions for ETH/DOGE cooperation.
He further asked what DOGE has that got him interested in the project. Buterin said that he hopes that DOGE can switch to PoS soon, perhaps using ethereum’s code. He also hoped that they wouldn’t cancel the 5b/year annual PoW issuance. He suggested they put it in some DAO that funds global public goods. It would fit nicely with dogecoin’s non-greedy wholesome ethos.
The non-profit Dogecoin Foundation announced a re-launch last month. The advisory board also welcomed significant players such as Ethereum co-founder Vitalik Buterin and billionaire Elon Musk.
Biggest Ethereum Regret
Buterin noted his biggest Ethereum regret is the idea of eight co-founders. He said he was very confident in the network’s speed of advancing to proof-of-stake (PoS), further touching on several crypto-related points.
Vitalik Buterin’s co-founding team includes Amir Chetrit, Mihai Alisie, Anthony Di lorio, Charles Hoskinson, Gavin Wood, Jeffrey Wilke, and Joseph Lubin. Presently Hoskinson works on Cardano (ADA), and Wood is the Founder/Inventor of Polkadot (DOT). Lubin is the CEO and founder of Ethereum-focused major blockchain company ConsenSys.
Buterin said the most brutal lesson he learned through the Ethereum experience is that people cannot coordinate in small groups than expected. He stated that you couldn’t just get everyone to sit around in a circle, see each other’s inherent goodness and get along, especially when substantial incentive conflicts are at play.
Ethereum (ETH) is making a significant transformation in the current market bull run. In the last 24-hours, the ETH is up 8%, advancing to $3,800 levels. ETH has registered a solid 20% gain over the previous week. Santiment, an On-chain data provider, reports that ETH price has moved over $3500 levels for the first time since May.