- The Proof-of-Work (PoW) blockchain consensus mechanism has come under heavy criticism in recent days due to its energy-intensive nature.
- Although many are in favor of Dogecoin moving to the Proof-of-Stake (PoS) mechanism, the Ethereum community feels that Buterin is meddling too much with Dogecoin.
The recent proposal by the European Securities and Markets Authority (ESMA) to ban proof-of-work-based mining in Europe is just one of many calls to ban this mechanism. For some time, several people and institutions in the crypto sector have criticized cryptocurrencies using PoW because of the high energy consumption of the mechanism.
Dogecoin says goodbye to PoW
Dogecoin, one of the networks currently using PoW, is the latest name to announce plans to move to PoS. The Dogecoin Foundation announced that it is working with Buterin to enable a smooth migration to a unique version of PoS that supports community participation.
As noted by ESMA’s Deputy Chair just over two weeks ago, the latter mechanism “has a significantly lower energy profile “.
The Ethereum co-founder, who has championed PoS since 2014, will reportedly help the meme-inspired project make the transition in an advisory capacity. Ethereum itself is in a transition phase, with the developers involved asserting that it will have fully migrated from PoW to PoS by the end of the year.
The proposed PoS model will essentially allow DOGE holders to contribute to the governance and management of the network.
“ The foundation is also working with Vitalik (founder of the Ethereum blockchain) to develop a unique Doge proposal for a ‘community staking’ version of PoS that will allow anyone […] to participate in a way that which rewards him for his contribution to running the network while giving back to the wider community through charitable causes, ” reads a section of the Dogecoin Foundation’s post.
Buterin is concerned about the public image of crypto
In an interview with UpOnly, Buterin confirmed that he will work with the Dogecoin team to achieve this goal. He noted that all major cryptocurrencies are targeting the PoS transition, with one exception – Bitcoin.
He also noted that although more and more crypto projects are starting to consider the energy-efficient PoS, the public still sees cryptocurrencies as bad for the environment.
” Even now, you can say, ‘Hey guys, did you know that all but one of the major cryptocurrencies have an active plan to go proof-of-stake?’ It doesn’t matter to them,” he said in the interview.
However, he believes that once Ethereum completes its transition and Dogecoin and Zcash transition plans get underway, public opinion about cryptocurrencies will change.
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Ethereum community is not happy about his involvement
Although it is a step towards sustainability, the Ethereum community is not very happy about Buterin’s role in the process. The community expressed their disapproval on social media while questioning his decision to be Dogecoin advisor, despite Ethereum facing several issues including high gas fees.