Dogecoin developer announces no plan to move to proof-of-stake, DOGE slips 12% in a week
- Dogecoin core developer Michi Lumin reveals the meme coin has no plans to move to the proof-of-stake consensus mechanism.
- The plan is to share a proposal with the DOGE community, to move to a chain different from a traditional proof-of-stake.
- DOGE price plummeted 12% in the past week as the developer assures holders that there will be deliberation on the upcoming proposal.
Dogecoin, a dog-themed meme coin has no plans to change its consensus mechanism to proof-of-stake. DOGE core developer announces that the community will be presented with a proposal for a consensus mechanism, different from traditional proof-of-stake. DOGE continues to bleed through crypto winter.
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Dogecoin developer says DOGE is not moving to proof-of-stake
Dogecoin, the largest meme coin in the crypto ecosystem, is not moving to the proof-of-stake ecosystem. Post Ethereum’s Merge, influencers on crypto Twitter told the DOGE community that the meme coin is prepared to switch its consensus mechanism.
Ethereum’s successful Merge, according to these experts, paved the way for Dogecoin’s transition to proof-of-stake. Michi Lumin, a core Dogecoin developer, told the community that decisions are made by the DOGE community. No influencer can take charge and change the consensus mechanism of Shiba Inu’s competitor.
The developer assured DOGE holders that a proposal will be shared with the community. The technical expert proposes that Dogecoin should adopt a consensus mechanism, with few similarities to traditional proof-of-stake.
Lumin reminded the DOGE community that Dogecoin blockchain is similar to old Bitcoin technology, not ERC-20 tokens. Therefore no individual or organization can move the chain to proof-of-stake.
Dogecoin’s new consensus mechanism will focus on community participation
Dogecoin’s primary guiding factor for the new proposal for consensus mechanism change is the ability of community members to participate. This would prevent large organizations from taking control of the DOGE network.
The proposal will need approval from the community to move forward with the consensus mechanism change. If and when the proposal is put forward, Lumin believes there will be community deliberation before a shift in consensus.
Dogecoin plummeted nearly 12% over the past week. Meme coins like DOGE and SHIB are struggling to wipe out losses
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
