It is officially confirmed that Dogecoin, the meme-based cryptocoin, will now migrate from POW to the POS model. It is because the POS offers an unmatched advantage over the POW model. It was confirmed by Vitalik Buterin, who said he is helping the Dogecoin Foundation migrate the doge consensus method to PoS. Buterin also pointed out that most major crypto assets are slowly migrating to the POS model.
Ethereum co-founder Vitalik Buterin is the main driving force behind ETH 2.0 update. The major update aims to migrate the second-largest crypto asset in the world from the current proof-of-work (PoW) model to proof of participation (PoS).
— Doge Dillionaire (@DogeDillionaire) February 3, 2022
Other significant crypto assets are also contemplating making the switch. Last year the Dogecoin Foundation, the organization responsible for developing DOGE, had already reported that it was counting on Buterin’s help to make the migration. Buterin, in an interview with UpOnly, confirmed the news that he was involved in this project, saying that virtually all cryptocurrencies will follow the same steps.
Buterin added that all major cryptocurrencies are switching to Proof-of-Stake and Dogecoin’s plans are more advanced, and Zcash’s plans are more advanced.
There is still a lot of ambiguity when it comes to which model is better. On the one hand, we have experts vouching for the benefits of POS; others like Jack Dorsey contend that this new method does not offer as much security to the network as proof of work offers.
Also, the leader in the cryptocurrency segment, BTC, is in no mood to switch from its pres3nt POW model to the POS model. However, as highlighted by the Dogecoin Foundation, PoS can offer rewards to the entire active community that wants to participate in this process, not just large miners, as with BTC.
POS model is better than the PoW, as it needs a much smaller amount of electricity to be realized. Also, there is a considerable debate going on about the environmental impacts of Bitcoin mining and the minting of NFTs on the Ethereum network.
DOGE continues in a strong downtrend despite the changes. Currently, the coin meme is trading at $0.14, 80% below its record price of $0.73. In 2022 the token value fell by 20%, according to CoinGecko.