The most popular meme token, Dogecoin, has been working for a long time to switch to a proof-of-stake system (PoS).
The Dogecoin foundation clarified its plans to switch to PoS in early 2022 and announced that they will be working with Ethereum (ETH) co-founder Vitalik Buterin on the new project.
The Dogecoin foundation said in a statement that the popular meme token is a community-driven project managed with the participation and support of many people.
Dogecoin foundation aims to create a new community where all investors, big and small, can try and benefit from the reward system.
There are 3 main projects as part of the PoS system: a new currency called “LibDogecoin”, a variant of the Mem cryptocurrency, and a new PoS wallet, Gigawalle.
The following statements were included in the official statement of the Dogecoin foundation:
“The Libdogecoin and GigaWallet projects will start to take shape in the next few months and we have some early integrators looking to use them in their projects. While these initial projects aim to build a solid foundation, future projects will aim to improve transaction volume and scale.”
Ethereum is considered the pioneering project to migrate from PoW to PoS to solve scalability issues. Because Ethereum’s PoS ETH 2.0 mainnet launch is expected to start in the first or second quarter of 2022, and trials for it have already begun.