Dogecoin (DOGE) Foundation is working with Buterin to pass the DailyCoin participation test
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In May this year, (DOGE) announced a possible transition from the Proof of Work (PoW) mining consensus to a more energy-efficient Proof of Stake (PoS) consensus model.
To help with the transition, the Dogecoin Foundation has announced that it is working directly with Vitalik Buterin, co-founder, to establish “community participation” in the Dogecoin network.
Dogecoin seeks a unique position for community participation
The Dogecoin Foundation has announced that, instead of switching to a traditional participation model in which only the main players are given priority, each network user aims to create a single participation model that will allow them to win prizes for their contributions.
As part of the transition, the Dogecoin Foundation announced that it will launch a new released Dogecoin currency, ‘LibDogecoin’, and ‘Gigawallet’, a new PoS portfolio for the Doge ecosystem.
According to Dogecoin;
“These initial projects are about laying a solid foundation, while future projects will aim to improve the performance and scale of transactions.”
To maintain its unified ecosystem, the foundation has proposed the launch of a Dogecoin Standard. This will ensure that multiple implementations of Dogecoin will work together under one unified umbrella.
Conversely
- Dogecoin (DOGE) has lost more than 75% of its value since it reached $ 0.7376 on May 8, 2021.
Why You Should Care
The latest development of Dogecoin reaffirms its updated goals to make it more useful and to create more use cases as it seeks greater acceptance. In the future, Dogecoin wants to be recognized as a “serious universal currency for people everywhere.”
MAGAZINE WOMAN
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