dogecoin developer Michi Lumin has responded to claims that the meme coin will switch to proof-of-stake (PoS). Luman gave a definitive answer to the questions triggered by Vitalik Buterin’s call. Here are the details.
As Koinfinans.com reported, Ethereum founder Vitalik Buterin invited blockchains like Dogecoin and ZCash to proof-of-stake. As it will be remembered, ETH has switched to proof-of-stake with the “The Merge” update in the past months.
Proof-of-stake consensus ensures the security and functioning of the network based on staking. Proof of work (PoW), on the other hand, is used by blockchains such as Bitcoin and Dogecoin. This consensus cryptocurrency It represents the well-known “mining” mechanism in the world.
Developer Michi LuminAccording to , the information circulating on social media is completely fabricated. Although influencers and different developers frequently raise this issue, the developer denied the allegations.
Lumin highlighted the importance of getting information on how to make transitions in older technologies such as Dogecoin. Tokens like Ethereum’s legacy system, ERC-20, are much more innovative compared to legacy technologies like BTC and DOGE.
…If and when a proposal exists, there will be MUCH community deliberation before next moves. Sorry for being so long winded on this but it seems I have to say it several different ways for people to understand. A sudden and forced “move” to PoS is not possible for #dogcoin…
NEWS CONTINUES BELOW— Michi Lumin (@michilumin) December 29, 2022
Lumin stated that Dogecoin is based on a “consensus”, as a result it is not possible to move it to a different system such as proof of stake. If the current system is requested to be changed, the process will be much more complex.
First of all, the request should come from the community, then all the details should be planned. After this stage, the community and validators must accept the new fully coded mechanism.
As a matter of fact, the developer flatly denied that there are any plans in this direction. If there is such a demand, the community should really offer it. As a matter of fact, given the functioning of the system, such a proposal would receive a major rejection.