The future of Dogecoin, the meme-inspired cryptocurrency, hangs in the balance as its community voices divided opinions on the potential shift from its current Proof-of-Work (PoW) system to a Proof-of-Stake (PoS) model.
The debate, which has been brewing since 2021, has been reignited by the coin’s lead developer, Mishaboar, who recently shared his apprehensions about the PoS model on social media.
A recent poll conducted by FBBT Holdings co-founder Marshall Hayner revealed that 60% of participants would not consider staking DOGE even if the feature became available. Such data highlights the community’s palpable reservations about the PoS transition.
If Dogecoin was stakeable, would you stake it? $DOGE 🐕
— Marshall Hayner (@MarshallHayner) August 20, 2023
“If this refers to a remote possibility of Doge ever switching to PoS, after what I have seen over the past 2 years, I would probably then move to another PoW crypto and customize the logo in my wallet to have a dog in it,” said Mishaboar, suggesting his potential exit from Dogecoin if it ever adopts the PoS model.
The large portion of DOGE held within exchanges poses an additional challenge, as per Mishaboar. The possibility of a PoS transition might result in clashes with regulators and concerns over the equal distribution of the coin.
Crypto X weighs in
As the discourse intensified, voices in the cryptocurrency community took to the X platform (formerly Twitter), echoing Mishaboar’s concerns. Some opined that PoS would favor the whales, turning them into the de facto rulers of the coin. In contrast, others emphasized the significance of PoW in allowing the community to secure the network, thus solidifying the coin’s potential as a global currency.
However, it’s worth noting that not everyone is against a potential PoS shift. Some believe transitioning to PoS would pave the way for scalability, improved energy usage, and a more eco-friendly Dogecoin. Ethereum founder Vitalik Buterin expressed optimism at the Mainnet Conference in 2022, stating,
“As proof of stake matures, I expect it to increase in legitimacy more and more over time… I am also very hopeful that Dogecoin will evolve to proof of stake soon.”
Dogecoin stable but Dogelon Mars soars
Dogecoin, the underlying crypto asset of the Dogecoin network, currently boasts a price of $0.0627, marking a subtle increase of 0.01% over the last 24 hours as of writing. With a 24-hour trading volume of around $15 million, the cryptocurrency is the eighth largest digital asset by market capitalization, with a value of approximately $9 billion.
In related news, Dogelon Mars (ELON) has experienced a remarkable 14% growth to $0.0000001439 in the past few days, surpassing the recent performance of meme-based cryptocurrencies like Shiba Inu (SHIB) and Dogecoin. A playful fusion of Dogecoin and Elon Musk’s name, Dogelon Mars capitalizes on the popularity of the billionaire entrepreneur, an advocate of Dogecoin, and the prevailing meme coin trend in the market.
While the debate rages on, Dogecoin’s eventual path remains uncertain. Whether it clings to its PoW roots or embraces the PoS evolution, what’s clear is that the community will play a pivotal role in shaping the meme coin’s destiny. With such strong sentiments on both sides, the journey ahead promises to be eventful.