Dogecoin not migrating to PoS

dog coin It has seen its value drop by about 10% over the past seven days after one of the core developers, Mitchie Lumin, revealed that there are no definite plans for the network to move to Proof of Stake.

lumin Tweeted on Dec 29 that although influencers may have millions of followers and speak with authority, that doesn’t mean they’re familiar with the inside scoop of Dogecoin. “Just because someone says a verification method is changing doesn’t mean it is,” he said.

Dogecoin is not going to PoS

This disclaimer comes amid speculation that DOGE plans to migrate to the Proof of Stake network.

since Ethereum got infected For PoS in September, Vitalik Buterin Said hopes dogecoin to see more zcash Transition to POS. But it was also due to an announcement from the Dogecoin Foundation that it is working with Buterin on a key concept for the popular Memecoin.

Many took this to mean a transition to PoS for Doge. Lumin clarified that this was not the plan of the network. He added that just because someone is famous and influential doesn’t mean they have more insight into the network.

Memecoin Core Developer Explains Dogecoin Network Is More Like Bitcoin In terms of its technological age compared to modern networks such as Ethereum. “It is not possible, nor is it planned, for any person, organization or entity to “move” or “change” or “convert” #dogecoin to PoS,” he said.

This means that the Dogecoin Foundation will have to seek approval from the network. node before the validator is switched.

Lumin said that there is currently a proposal regarding network switching for proof of stake. But the approach may be different from traditional POS.

Foundation creates development fund

Meanwhile, Dogecoin saw its value increase by 3% in the last 24 hours after the Dogecoin Foundation announced It is setting up a Dogecoin Core Development Fund and has dedicated 5 million DOGE to the fund.

purse There are currently 4,999,999.90 DOGE tokens worth approximately $342,000. It is a multi-signature wallet managed by core developers, including Mixi Lunin.

Memecoin currently trades at $0.0701 and is down 60% on year-to-date metrics.

dogecoin price performance
source: coinmarket cap

disclaimer

BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.


#Dogecoin #migrating #PoS

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