Dogecoin to Proof-of-Stake (PoS)?

[Abiky]

According to CoinDesk, there have been talks about making Dogecoin a Proof-of-Stake cryptocurrency. The foundation laid out a roadmap which hinted the possibility of DOGE "phasing out" Proof-of-Work (PoW) for good. They'll rely on Vitalik Buterin as an advisor to help make this a reality. If materialized, DOGE will face serious centralization issues in the long term. Big exchanges will be able to control most of the Blockchain with their large stake of coins. Knowing that there are billions of DOGE in circulation, this would turn out to be disastrous for the good-old "meme" coin. Most altcoins seem to be following ETH's footsteps, so we might see a future where Bitcoin remains as the only PoW (and decentralized) cryptocurrency in the world.

What do you think will happen if Dogecoin becomes a PoS cryptocurrency? Will it last for long? Do you think it's a good idea for Dogecoin to take this approach? If not, why? Your input will be greatly appreciated. Thank you.

[OcTradism]

Proof of Stake is good but only if developer team can think of ways to require valuable inputs for staking so that outputs as staking rewards will have intrinsic value. It will be different than minting any asset from the air.

Dogecoin can do it but this switch from PoW to PoS or hybrid Pow-PoS won't help Dogecoin price too much. There are many PoS coins on the market and their prices are not all high. So fundamentals of projects are more important than PoW or PoS.

[lobo13hf]

They'll rely on Vitalik Buterin as an advisor to help make this a reality.

WTF is this? They should let vitalik to fix the problem on his ethereum blockchain rather than help them as advisor to make doge coin to be POS coin. Is this a joke? Ethereum scaling solution is still far to be successful. Bunch of complaints appear everyday.

What do you think will happen if Dogecoin becomes a PoS cryptocurrency? Will it last for long? Do you think it's a good idea for Dogecoin to take this approach? If not, why? Your input will be greatly appreciated. Thank you.

Become POS coin means doge coin must have migrated into the new blockchain with POS structure. I thought that it will not possible if doge coin is still using its old chain. that means doge coin must have created a new chain that based on the POS consensus and this is a big home work. The only possible thing to create same solution like L2 ethereum.

[Skinny48]

Dogecoin is a popular altcoin today so it doesn't have to implement PoS algorithm because you can easily stake Dogecoin on popular exchanges today, also if price affection is what the team are working towards they will be disappointed because pow to PoS algorithm won't help price much

[XUR_TIP]

Where did you get this information from? Any official link to the news? If this is true then the team are making the wrong move, coins like doge are meme coins but the proof of work part of it makes it a better coin for miners since past years now but going fully PoS will end up hurting doge coin, grave mistake is about to be made here

[o48o]

So it's basically just a fork. It doesn't make dogecoin pow version dissappear. There just will be 2 different blockchains. I don't understand why vitalic would even needed on this or why is he relevant. Just make a pos chain, and do a coinswap. Nothing new in this really.

[batang_bitcoin]

Dogecoin has already lasted long even without development after its main developer left it for good as a meme coin. Now with working developers that are going to make it as a POS, I think that it will become better as people sees it only as a meme coin. There's now the significance of holding it if it becomes POS. But props to Vitalik, before proceeding on this venture, he should have focused more with ethereum development than any other.

[eaLiTy]

If materialized, DOGE will face serious centralization issues in the long term. Big exchanges will be able to control most of the Blockchain with their large stake of coins. Knowing that there are billions of DOGE in circulation, this would turn out to be disastrous for the good-old "meme" coin. Most altcoins seem to be following ETH's footsteps, so we might see a future where Bitcoin remains as the only PoW (and decentralized) cryptocurrency in the world.

I hope they will not jump to a conclusion that POS is the way to go moving forward, the parody is that they are seeking the help of Vitalik Buterin as an advisor when ETH is yet to solve their scaling issues and people are tired of spending huge fees to make a transaction and the same Vitalik Buterin was mocking the BTCitcoin community when the fees was about $10 back when scaling was a huge issue and now he is just giving out promises about how he is going to change the ETH network and yet everyone is waiting for the result for over a year.

The developers of Doge needs to take the critical decision and hopefully they will not carry on with this proposal.

[dothebeats]

As you said it, dogecoin would surely face heavy centralization issues. Lots of entities hold billions of dogecoins, and exchanges are one of them. If they could somehow think of a way to burn coins as much as they are minted then it could be a good thing, otherwise it will prove devastating for the meme coin as the supply will overflow on the markets for sure. But then, I believe that Vitalik and the rest of the advisers would find a way to make things work. That is their role anyway as advisers.

[Abiky]

So it's basically just a fork. It doesn't make dogecoin pow version dissappear. There just will be 2 different blockchains. I don't understand why vitalic would even needed on this or why is he relevant. Just make a pos chain, and do a coinswap. Nothing new in this really.

That depends. If the community approves the change to PoS, then there won't be any split on the Blockchain. The minority chain will simply fade away into oblivion, as the PoS version (main chain) gains market dominance. But if there's a split, then I'd guess DOGE will have its own PoW and PoS version. I'm guessing the PoW version will be renamed to "Dogecoin Classic" while the "Dogecoin" brand/name will be linked to the PoS chain.

I just hope PoS doesn't come into fruition, as it would do more harm than good to the decentralization of the underlying blockchain network. Just because ETH is doing the switch to PoS, doesn't mean other altcoins should do the same. PoW coins are pretty scarce these days, so I'd be best if Dogecoin stays as is. Otherwise, there will be a future where all altcoins are PoS, while Bitcoin remains as the sole PoW cryptocurrency in the crypto/Blockchain space. The idea of PoS on Dogecoin has only been proposed to the community, so fingers crossed it'll be rejected soon for the good of the project's decentralization. Just my opinion

[aprilnot]

They'll rely on Vitalik Buterin as an advisor to help make this a reality.

WTF is this? They should let vitalik to fix the problem on his ethereum blockchain rather than help them as advisor to make doge coin to be POS coin. Is this a joke? Ethereum scaling solution is still far to be successful. Bunch of complaints appear everyday.

This is very funny. how can he help when he himself is having so many problems. help dogecoin to migrate to POS? come on until now ethereum 2.0 is still in the testing phase and has not actually been released. if this does come true, the ethereum community will be very disappointed to see it. he doesn't seem to take the scaling problem and the high fees on the ethereum network seriously.

[Abiky]

This is very funny. how can he help when he himself is having so many problems. help dogecoin to migrate to POS? come on until now ethereum 2.0 is still in the testing phase and has not actually been released. if this does come true, the ethereum community will be very disappointed to see it. he doesn't seem to take the scaling problem and the high fees on the ethereum network seriously.

I think Vitalik will work on ETH 2.0 first, and then focus on the PoS version of Dogecoin. It's no secret ETH's pragmatic creator is quite fond of the "meme" cryptocurrency. He said many times he loves Dogecoin. While it may seem nice for the Foundation to choose Vitalik as its advisor for the PoS blockchain, this will only mark the beginning of Dogecoin's centralization. PoS enables large stakeholders to gain control over the blockchain network's block validation process, effectively removing the "little guy" (or the average person) from the system. This means big exchanges like Binance and Coinbase will be able to control Dogecoin in its entirety. The situation is worse when there are billions of coins in circulation. For now, PoS is only an idea. But for it to become a reality, the community needs to approve it. Hopefully, the project will split into two, extending the PoW chain's life to "infinity and beyond". Just my thoughts

[o48o]

So it's basically just a fork. It doesn't make dogecoin pow version dissappear. There just will be 2 different blockchains. I don't understand why vitalic would even needed on this or why is he relevant. Just make a pos chain, and do a coinswap. Nothing new in this really.

That depends. If the community approves the change to PoS, then there won't be any split on the Blockchain. The minority chain will simply fade away into oblivion, as the PoS version (main chain) gains market dominance. But if there's a split, then I'd guess DOGE will have its own PoW and PoS version. I'm guessing the PoW version will be renamed to "Dogecoin Classic" while the "Dogecoin" brand/name will be linked to the PoS chain.

I just hope PoS doesn't come into fruition, as it would do more harm than good to the decentralization of the underlying blockchain network. Just because ETH is doing the switch to PoS, doesn't mean other altcoins should do the same. PoW coins are pretty scarce these days, so I'd be best if Dogecoin stays as is. Otherwise, there will be a future where all altcoins are PoS, while Bitcoin remains as the sole PoW cryptocurrency in the crypto/Blockchain space. The idea of PoS on Dogecoin has only been proposed to the community, so fingers crossed it'll be rejected soon for the good of the project's decentralization. Just my opinion

There's no way the whole community would just accept that change, like you yourself hoped that hopefully they won't. And literally anyone with skills could make that change now. Multiple of different approaches actually.

And the old chain would be running like it's running now and people would see as much value in it as now because nothing would change. Dogecoin original chain wouldn't have any development, just like it currenty doesn't. It wouldn't make any sense to keep it but it doesn't make any sense at the moment either.

So there would just be 2 chains, some would cash out the other one, the one that they wouldn't agree with.

[bbc.reporter]

According to CoinDesk, there have been talks about making Dogecoin a Proof-of-Stake cryptocurrency. The foundation laid out a roadmap which hinted the possibility of DOGE "phasing out" Proof-of-Work (PoW) for good. They'll rely on Vitalik Buterin as an advisor to help make this a reality. If materialized, DOGE will face serious centralization issues in the long term. Big exchanges will be able to control most of the Blockchain with their large stake of coins. Knowing that there are billions of DOGE in circulation, this would turn out to be disastrous for the good-old "meme" coin. Most altcoins seem to be following ETH's footsteps, so we might see a future where Bitcoin remains as the only PoW (and decentralized) cryptocurrency in the world.

What do you think will happen if Dogecoin becomes a PoS cryptocurrency? Will it last for long? Do you think it's a good idea for Dogecoin to take this approach? If not, why? Your input will be greatly appreciated. Thank you.

My skeptical speculation on why the dogecoin foundation wants this transition to proof of stake, under the advise of Vitalik is this might be a test for Ethereum’s own transition to proof of stake. They need to use a coin with a real community, with real holders and users to get the data needed to study the unpredictability of the transition. I reckon testing something similar on a small coin with no real users would not produce a similar situation.

If my speculation is correct, this might be because Vitalik does not want another Ethereum Classic situation to occur hehe.

[Abiky]

There's no way the whole community would just accept that change, like you yourself hoped that hopefully they won't. And literally anyone with skills could make that change now. Multiple of different approaches actually.

And the old chain would be running like it's running now and people would see as much value in it as now because nothing would change. Dogecoin original chain wouldn't have any development, just like it currenty doesn't. It wouldn't make any sense to keep it but it doesn't make any sense at the moment either.

So there would just be 2 chains, some would cash out the other one, the one that they wouldn't agree with.

Fingers crossed there will be two separate chains, as the community disagrees on the PoS model. I don't mind about having a Dogecoin Classic, as long as decentralization wins in the long run. This split could be a great opportunity for Dogecoin holders if it comes into fruition within the not-so-distant future. It'll be "free money" just like the days of the Bitcoin Cash and Ethereum Classic forks. As much as I admire Vitalik's contributions to the crypto/Blockchain space, I think he should focus on ETH instead. Getting involved in Dogecoin will only make matters worse.

Ultimately, the power is in the hands of the community. We'll have to see how everything will turn out to be in the future as Dogecoin becomes more popular in the mainstream world. Just my opinion