THE DAILY ENCRYPT

[date-today format='F j, Y']

Could Zcash and Dogecoin Move to Proof-of-stake? Vitalik Buterin Thinks So

Vitalik Buterin anticipates Dogecoin, Zcash and proof-of-stake to move to consensus in the near future. Both projects currently use proof-of-work mining for processing blocks....
Photo by GuerrillaBuzz Crypto PR

Vitalik Buterin anticipates Dogecoin, Zcash and proof-of-stake to move to consensus in the near future. Both projects currently use proof-of-work mining for processing blocks.

Vitalik Buterin, co-founder of Ethereum, expects that two other proof-of work blockchains, Zcash, and Dogecoin will transition to proof-of stake consensus in the future.

Zcash, and Dogecoin are likely to follow Ethereum’s lead and eventually transition into proof of stake once the consensus model matures, Buterin stated at this year’s Mainnet blockchain event.

“I would say should… I expect PoS to grow in legitimacy as it matures.” “I hope Zcash leaves, and I’m hopeful Dogecoin will move to PoS soon,” Buterin stated Friday.

Related Articles:  BOE Doesn't Think DeFi Can Help Financial Risks

The Ethereum merge reduced its energy usage by 99.9%

After years of development and research, The Merge was completed on September 15. It marked the culmination of years of hard work and anticipation. The Ethereum Foundation claims that the proof-of–stake transition led to a 99.9% drop in energy use, which will dramatically reduce the blockchain’s carbon footprint.

According to Buterin’s expectations the Zcash and Dogecoin teams have expressed interest in moving towards proof of stake in separate announcements.

Electric Coin Company, the developer behind Zcash wrote a blogpost in mid-2021 detailing their approach and next steps towards implementing PoS. Dogecoin also has a similar idea. A blockchain consensus switch is difficult to achieve and requires nuanced discussions among members of the community about how it may affect a network.

Related Articles:  Recent Filing Shows FTX Owes Over $3 billion to 50 of its Top Creditors

According to CoinGecko data, Zcash and Dogecoin rank among the top 10 cryptocurrency market capitalizations that use the proof-of work mode. Zcash is privacy-focused, while Dogecoin is a me coin. However, Zcash is a cryptocurrency that is more meme-like. Zcash is a mining hardware that is very powerful and requires a lot of power to create new blocks.

Proof-of-stake consensus, on the other hand uses validators who stake assets to confirm their honesty in verifying blocks. This reduces the need for hardware and electricity.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES