The Future of Dogecoin: Core Developer's Stance on Proof-of-Stake - COINTURK NEWS
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The Future of Dogecoin: Core Developer’s Stance on Proof-of-Stake

1:14 pm (37 days ago)
August 21, 2023

Dogecoin core developer Mishaboar has made it clear that he is absolutely against any potential move towards the Proof-of-Stake (PoS) consensus mechanism amid rumors and speculations surrounding DOGE development. The debate arose after Metallicus CEO and FBBT Holdings Co-founder Marshall Hayner initiated a survey to explore the community’s stance on staking DOGE.

How Will Dogecoin Shape Its Future?

Hayner, who wanted to express his opinion on the matter, tweeted:

If Dogecoin could be staked, would you stake it? The survey results reveal a clear divide in the DOGE community, with 60.1% against staking and 39.9% in favor. However, the core developer’s feelings have sparked intense debates within the DOGE community.

Mishaboar expressed his doubts about Proof-of-Stake and stated:

If this implies a distant possibility of Doge transitioning to PoS, based on what I’ve seen in the past two years, I would probably move to another PoW crypto and customize the logo in my wallet to include a dog.

Furthermore, he provided detailed information about the potential implications, stating that such a change could result in a fork of the Dogecoin blockchain, thus preserving the old PoW-based DOGE.

His concerns seem to stem from observations he has made in the crypto space over the past few years. He criticized PoS chains for being excessively centralized and managed by wealthy developers holding large wallets, citing examples of their dismal failures.

In particular, he elaborated on his concerns about the compatibility of PoS in the context of Dogecoin:

Considering that a significant portion of the supply is held on exchanges, I fail to see how PoS could be a sensible approach. Not to mention the potential issues with regulators.

Dogecoin Price

Historically, discussions about Dogecoin’s potential transition from its original Proof-of-Work (PoW) mechanism to PoS started in 2021. Ethereum co-founder Vitalik Buterin jokingly introduced this idea, and subsequent debates provided hints about Dogecoin’s roadmap towards PoS. However, almost two years later, the implementation of PoS remains more of a topic for discussion than a concrete reality.

Marshall Hayner clarified the context of his survey and responded to Mishaboar:

Thank you for your thoughtful response; I was referring to staking in the context of PoS consensus and block validation.

The possible consequences of Mishaboar’s criticism and departure from the project are quite profound, especially considering his influential role in the Dogecoin ecosystem. Alongside ongoing debates about the best consensus mechanism for the meme-inspired cryptocurrency, the future appears filled with uncertainties. At the time of writing, the Dogecoin price was at $0.06382.

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