The Dogecoin Foundation is exploring a transition to Proof-Of-Stake following in the footsteps of Ethereum. DOGE Miners have previously criticized model of mining, as Proof-of-Stake is less energy consuming.
Currently, DOGE operates in a Proof-of-Work model. With PoW, miners have to solve complex algorithms to verify transactions. Correspondingly, these algorithms use plenty of energy.
DOGE announced a partnership with Ethereum co-founder Vitalik Buterin to begin a PoS transition. Here is when Dogecoin will like transition to Proof-of-Stake.
Dogecoin Proof of Stake Expected Release Date
In December 2021, Dogecoin released a timeline, paving a trail of new additions to the platform in 2022. One of these was the PoW to PoS transition, however, an official date has still yet to be announced.
DOGE is currently working on expanding it’s service portfolio. It recently launched Libdogecoin, which enables lightweight direct integration of Dogecoin into a variety of platforms. With that and other projects on the horizon, we still await a release date for a PoS transition from Dogecoin.
What is the Difference Between Proof of Stake [PoS] and Proof of Work [PoW]?
The PoS mining model is a much more energy efficient one than PoW. A key difference is PoS letting users stake their crypto to become a validator on the network. This contributes towards validating new blocks on the chain.
Additionally, since PoS is based on staking coins, it doesn’t rely on just computational power. This therefore makes PoS mining take up less energy than PoW. Dogecoin PoS can be seen as much more enviormentally friendly, which is becoming more crucial in a world becoming more reliant and focused on energy for tech.
As mentioned before, Ethereum announced a merge to PoS coming in Q3, likely in mid- September. The change has been supported by cryptocurrency exchange service Binance, as well as other coins.