Dogecoin prepares to abandon the network protocol Proof of Work (PoW) to embrace the Proof of Stake (PoS), thanks to which the shiba dog cryptocurrency can become one of the least polluting digital currencies on the market. This was reported by sources of the Doge Foundation, the non-profit organization that deals with the development of the crypto-meme Blockchain, formalizing the start of the collaboration with an authoritative personality in the crypto world: Vitalik Buterinthe Russian-Canadian developer and creator of Ethereum.
Lately, many cryptocurrencies have been considering abandoning the PoW protocol, due to thehuge energy expenditure related to it and the repercussions on the environment. The most eco-sustainable digital currencies often end up being preferred by investors and for this, the transition to the Proof of Stake protocol it could support long-term growth by Dogecoin.
Dogecoin will migrate towards an eco-sustainable protocol
The Dogecoin community and Vitalik Buterin are working to promote the migration of the crypto-meme towards the protocol Proof of Stake in the shortest possible time. Already in December 2021 the Doge Foundation had envisaged the adoption of the PoS, and the possibility for the holders of digital tokens to take part in the governance and management of the network.
In a recent interview, Buterin announced that the major cryptocurrencies in the market already have plans to abandon the Proof of Work in favor of greener alternatives.
“All but one major cryptocurrency have an active plan to move to Proof of Stake. I imagine the arguments will be even easier to put forward, once we know that Ethereum is Proof of Stake, and once we know that Dogecoin’s plans and Z-cash I’m ahead “.
Although the creator of Ethereum has not specified which is the only cryptocurrency without a plan to transit to the PoS, many have thought it may be Bitcoin.
PoS: what effects on Dogecooin prices?
The news of the transition to the protocol Proof of Stake it was positively received by many cryptocurrency traders and enthusiasts, as the market and institutional investors are giving a lot of weight to environmental choices of miners and communities running cryptographic projects.
In light of this, it cannot be ruled out that Dogecoin’s prices may undergo a new rise in the coming months. However, the price of the crypto-meme has historically shown itself to be susceptible to multiple factors and it is not easy to predict its future trend.
Since the beginning of the year, Dogecoin has lost 8% of its value and for a few weeks has no longer been among the top ten cryptocurrencies with the highest market capitalization: at the time of writing, the market cap of the shiba’s digital currency does not exceed i $ 21 billion.
