Dogecoin Foundation is a non-profit organization that promotes the popular meme-inspired cryptocurrency Dogecoin. The goal is to create a “Community Staking” system that uses the Proof-of-Stake consensus mechanism.
This announcement comes months after the foundation declared at the Bitcoin ESG conference earlier this year, that Dogecoin is being converted from Proof-of Work to Proof-of Stake.
What is Community Staking?
The Dogecoin Trailmap explains that community staking allows any member of the community to earn rewards for their contribution to the Dogecoin ecosystem. Users will also be able give back to the community by supporting charitable causes.
According to the latest update, community stakes are in testing phase. This is thanks to the support of integrators who expressed interest.
“Over the next few weeks the Libdogecoin, GigaWallet projects are expected to begin to take shape. We have some early integrators interested in putting them into their projects. These projects are intended to build a foundation while future projects will improve transaction throughput and scale.” The foundation stated.
PoW to PoS: The shift from PoW
Dogecoin was initially created as a PoW cryptocurrency similar to Bitcoin. In recent years, however, PoW projects have come under fire for their energy efficiency. Remember that Tesla, owned by Elon Musk, stopped accepting BTC payments earlier this year for its products due to environmental concerns.
Dogecoin isn’t the only project that plans to move to PoS in 2019. The move of Ethereum to PoS is something that has been planned for some time. It will be a key part in the Ethereum 2.0 upgrade in 2022.
CryptoPotato reported in October that Altair, the first upgrade to the Ethereum PoW network, was successfully implemented.
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