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COIN STAKING SOON WITH DOGECOIN? ETH FOUNDER VITALIK BUTERIN SUPPORTS FOUNDATION!

 


Will Coin Staking with Dogecoin be possible soon? The Foundation is now working with the founder of the Ethereum platform, Vitalik Buterin. The aim is to pursue the long-known goal of enabling proof of stake for the cryptocurrency Dogecoin. 

The Dogecoin crypto project is currently running on proof-of-work, which is referred to as a very cumbersome but secure consensus mechanism. The oldest and most famous blockchain project, Bitcoin, runs on this proven method. Ethereum first aroused the idea of ​​a new consensus mechanism that should focus entirely on proof of stake.

The special thing about it: Proof-of-Work only secures the network and gives the respective network validator a reward. With coin staking, every user who "secures" coins receives a reward. In practice, you can think of this as a share with a dividend. If you hold a certain amount of shares in your portfolio, you will receive further dividends in a fixed cycle.

Vitalik Buterin helps Ethereum

Since coin staking is not yet very widespread and a great deal of programming effort is required on most blockchain platforms, many projects are getting help. Now the Dogecoin Foundation has asked the founder of Ethereum to help with the integration of Proof-of-Stake at Dogecoin. Buterin has a very high level of expertise and contacts in the area, which could bring new momentum to the idea of ​​Dogecoin.

Coin staking through scaling

In contrast to the traditional proof-of-work mechanism, coin staking is much more complex. Since every blockchain project has its own peculiarities, the switch from proof-of-work to stake is even more complicated. Therefore, Buterin is now helping the Dogecoin Foundation. In advance, the focus is on scaling. Because a more complex structure usually results in a more sluggish process. As soon as the scaling of Dogecoin has been improved, nothing stands in the way of coin staking.

The Dogecoin Foundation stated:

Over the next few months, the Libdogecoin and GigaWallet projects will take shape and we have some early integrators interested in using them in their projects. These early projects are about building a solid foundation, while the projects to come will aim to improve transaction throughput and scale. 

In the past, too, Buterin has often spoken out about Dogecoin. He once corrected  Tesla CEO Elon Musk's statement about transaction fees at Dogecoin

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