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.
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.
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.