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Dogecoin Foundation develops community staking version of PoS


 

Dogecoin aims to strengthen its ecosystem by introducing community staking to build on its popularity this year.

Ethereum co-founder Vitalik Buterin will be working with the Dogecoin Foundation on a staking mechanism for DOGE, the nonprofit behind Elon Musk-backed Memecoin, announced earlier this week.

The trail map published by the foundation states that Buterin is working with experts in the crypto industry on a “unique Doge proposal” for a “community staking” version of the Proof-of-Stake (PoS).

To clarify the vision behind the staking project, the foundation stated that community staking will allow users to stake DOGE and earn additional tokens for supporting the network.

"[The PoS version] will allow everyone, not just the big players, to participate in a way that rewards them for their contribution to running the network while giving back to the entire community through charitable causes," says in the document.

The Dogecoin Trailmap or "dog-walk" is a document that aims to explore the path that the Foundation believes will lead to the success of DOGE. Appreciating utility over technical brilliance is the foundation's core manifesto as it believes that Doge's utility can lead to further adoption.

After almost 6 years of inactivity, the Dogecoin Foundation was re-established in August 2021. The new team of consultants includes Buterin, Dogecoin co-founder Billy Markus and Dogecoin core developer Max Keller. Jared Birchall, CEO of Neuralink, is reportedly representing Elon Musk, one of the main proponents of the cryptocurrency.

In its latest post, the foundation said it has only just started working on its goals.

“As you can imagine, starting an adventure like this is not an easy task and we are still at the beginning. We already have some influential friends by our side and a growing group of people preparing to put development time into these open source projects. "

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