Dogecoin Foundation Announces Proof-of-Stake Migration Plans

The Dogecoin Foundation, on the advice of Vitalik Buterin, plans to abandon DOGE mining and create a “fair reward system” based on PoS for the holders of the “meme” altcoin.

The Dogecoin Foundation was founded by members of the Dogecoin team in 2014 to provide management and support for the project. The foundation published an updated project roadmap, in which it announced the planned transition of altcoin to staking with a Proof-of-Stake consensus. The developers noted that they are working on a staking mechanism in conjunction with Ethereum co-founder Vitalik Buterin.

Earlier, commenting on the Dogecoin Foundation’s plans to move to PoS, Vitalik Buterin said:

“Personally, I hope Doge can move to PoS, perhaps using the Ethereum code. I also hope they don’t cancel the $ 5 billion annual PoW issue per year, but instead invest it in a kind of DAO that funds global public goods. It will fit well with the healthy spirit of Dogecoin. ”

The Dogecoin Foundation noted that they are planning to create a unique and fair staking system for their community, which would allow all owners of a “meme” altcoin, not just large holders, to receive rewards for ensuring the network is up and running. In mid-August, Buterin joined the updated Dogecoin Foundation advisory board.

Dogecoin is trading at $ 0.188 at the time of publication, according to CoinGecko. During the day, the altcoin, along with the rise of the entire market, rose in price by 7.4%, and its capitalization increased to $ 25.1 billion. Over the month, the “meme” altcoin fell in price by 18%. Dogecoin price has decreased by 75% from the highs of May of this year.