Ethereum Co-founder Will Develop a Staking Algorithm for DOGE
Ccnull.de/Marco Verch
Main page News, Ethereum, Blockchain, Cryptocurrency
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Dec. 24, 2021
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The Dogecoin Foundation has plans to create together with Vitalik Buterin a proof-of-stake algorithm for the meme crypto Dogecoin (DOGE), the organization has reported on its Twitter profile.

According to the description of the initiative, the innovation in the form of the proof-of-stake algorithm will allow all members of the DOGE network to receive rewards for their contribution to the management of the network. However, the Dogecoin network itself currently operates on the proof-of-work consensus algorithm.

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Ethereum Co-founder Will Develop a Staking Algorithm for DOGE
DOGE ecosystem development scenario. Source: foundation.dogecoin.com

In addition, the Dogecoin Foundation plans to develop a set of tools for interacting with the network called the Dogecoin Keyring App & SDK. Along with this, devs will submit technical documentation on the blockchain and create an open-source DOGE wallet project called GigaWallet. So far, the plans, as reported by the foundation, are rudimentary. The developers will share additional details in 2022.

Buterin proposed earlier this year to transfer Dogecoin to a PoS algorithm. The main difference between PoS and PoW lies in the fact that miners who generate computing power are not needed to maintain the PoS network. The health of the blockchain is ensured by the holders of the crypto and they are rewarded for this; the process is called staking.

Buterin has pointed out that during the transition, the altcoin can use the Ethereum source code. Buterin joined the updated advisory staff of the Dogecoin Foundation in mid-August, which announced its reactivation after a period of suspension. The organization was founded in 2014, but then ceased operations. Elon Musk representative Jared Birchall, Dogecoin co-founder Billy Markus and developer Max Keller also became advisors to the organization.

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