Ethereum’s Buterin Seeks Dogecoin’s Switch to PoS as DOGE Becomes 2nd Largest PoW Coin
Vitalik Buterin, the co-founder of Ethereum, has hinted at his desire to welcome Dogecoin to the PoS community. This divulgence comes as the asset assumes the second position of the largest PoW network following Ethereum’s switch to PoS.
Vitalik hopes Dogecoin and Zcash will switch to PoS soon
Vitalik Buterin revealed the inclination while speaking at the Messari Mainnet Summit 2022 on September 23. Ryan Selkis, founder and CEO of Messari, sought more insight on how the CEO of the Electric Coin Company – the firm behind Zcash – Zooko Wilcox-O’Hearn, and Vitalik Buterin feel about the PoS system.
Selkis asked Buterin if he thinks all crypto-assets should switch to a PoS consensus mechanism. In response, while Buterin highlighted that the transition would be ideal, he pointed out two assets in particular: Dogecoin and Zcash.
According to the Canadian programmer, Dogecoin and Zcash are two assets he hopes would switch to Proof-of-Stake soon. “I hope Zcash moves over, and I am hopeful Dogecoin moves to PoS soon,” he said.
Additionally, Buterin noted that he sees a future where PoS becomes more acceptable within the broader crypto community as further development is put into the system.
The DOGE team noted that they were working with Buterin on a PoS implementation
Vitalik Buterin’s comments came when Dogecoin positioned itself as the second largest PoW asset by market capitalization following Ethereum’s transition to PoS. With a market cap of $8.43B as of press time, Dogecoin towers over some notable PoW assets such as Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH).
The feat underscores Dogecoin’s significant position in the global cryptocurrency scene despite being regarded as a meme coin. The asset has seen massive growth since its inception in 2013, partly due to the relentless PR sessions it has enjoyed from notable personalities such as billionaire Elon Musk.
This would not be the first time Buterin mentions Dogecoin and PoS in the same breath. Sometime late-2021, he hinted that the canine-themed meme coin could be transitioning to PoS. Buterin’s hints were confirmed by the Dogecoin Foundation, which released a roadmap dubbed “the Dogecoin Trailmap” in December last year.
Per information from the Trailmap, the Dogecoin team was working with Vitalik Buterin on enforcing a community-based staking implementation of the PoS mechanism.
Meanwhile, Dogecoin has been caught up in the crossfire between the bears and the bulls, as it is down by over 91% from its all-time high of $0.73. The asset is changing hands at $0.063 at the time of reporting, up 4% in the past 24 hours.