Dogecoin has formally announced that it will switch from the POW to the POS model. Because the POS model has a distinct advantage over the PoW approach. Vitalik Buterin verified it, saying he is assisting the Dogecoin Foundation in migrating the doge consensus mechanism to PoS. Most significant crypto assets are gradually shifting to the POS model, according to Buterin. Dogecoin is a meme-based cryptocurrency.
Vitalik Buterin, co-founder of Ethereum, is the key driver behind the ETH 2.0 release. The big update intends to switch the world’s second-largest crypto currency from proof-of-work (PoW) towards proof-of-participation.
Other major crypto assets are considering making the changeover as well. Last year, the Dogecoin Foundation, which is responsible for the development of DOGE, stated that it was banking on Buterin’s assistance in making the transition.
The PoS model may pay benefits to the whole active group that wants to engage inside this process, not just major miners as in the case of Bitcoin. This was pointed out by the Dogecoin Foundation.
The POS model is superior to the PoW approach since it requires significantly less power to operate. In addition, there is a heated discussion concerning the environmental consequences of Bitcoin mining and the creation of NFTs on the Ethereum system.
There are experts who praise the advantages of POS, while others, such as Jack Dorsey, argue that this new technology does not provide the same level of network security as proof of work (PoW).