The Ethereum co-founder Vitalik Buterin has proposed changing the altcoin's consensus algorithm to the proof-of-stake (PoS). The altcoin currently uses the proof-of-work (PoW) algorithm.
The main difference between PoS and PoW is that miners generating computing power are not needed to maintain PoS-based networks. The health of the blockchain is ensured by the crypto owners and they are rewarded for this, a process referred to as staking.
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Buterin has pointed out the altcoin can use Ethereum's source code for the transition. Buterin joined the advisory staff of the Dogecoin Foundation in mid-August, which recently announced its renewal.
The organization was founded back in 2014, but later ceased operations. Elon Musk representative Jared Birchall, Dogecoin co-founder Billy Markus and developer Max Keller are also advisors to the organization.
Ethereum is currently undergoing a gradual transition to PoS as part of its upgrade to version 2.0.