DOGE DEBATE: Dogecoin Considers Shift to PoS

Dogecoin (DOGE) is contemplating a transformation in its consensus mechanism.

The importance of integrating with online retailers is emphasized by the Dogecoin Foundation.

This initiative, known as 'Community Staking,' allows Dogecoin holders to earn rewards by staking their memecoin.

Despite the commitment to decentralization, the exact launch date for this feature remains unspecified.

Seeking community input on Dogecoin staking, core developer Marshall Hayner conducted a poll on X (formerly Twitter).

Initially, the poll leaned towards a "Yes" vote, reaching 69%.

However, the final outcome surprised many: over 60% of the Dogecoin community expressed their disinterest in staking DOGE.

In response, Mischa Boar, a chair member of the Dogecoin Foundation, raised concerns about the shift to PoS.

While PoS is praised for its environmental friendliness, being about 99% greener than Proof of Work (PoW), other complexities such as centralisation arise.

Centralisation in Dogecoin?

The risk of centralisation emerges if a single entity or major corporation amasses nearly 50% of the stake, potentially leading to blockchain manipulation.

According to the Crypto Carbon Ratings Institute, Ethereum's energy consumption plunged by 99.99% after adopting PoS.

However, these gains are shadowed by concerns over-centralisation, market manipulation, and regulatory uncertainties.

Source: https://www.coinlive.com/news-detail/180612