Dogecoin Foundation says that it is currently working alongside Vitalik Buterin to develop proof-of stake (PoS), capability for Dogecoin. The “uniquely Doge proposal” is aimed at bolstering a “community staking” version of the protocol.
Dogecoin Foundation Discusses the Project’s ‘Trailmap’
On December 23, the Dogecoin Foundation’s official Twitter account tweeted about the digital currency network’s “Trailmap,” a set of initiatives that essentially detail the proposed direction of the Dogecoin blockchain and ecosystem. The Dogecoin Foundation says that a traditional crypto “roadmap” is a rigid summary of a cryptocurrency network’s direction and usually it’s “led by a single company or ‘lead.’”
The foundation behind the Dogecoin blockchain protocol says Dogecoin has always been “community-driven” with “many individual and organisational contributors.” “Dogecoin is a community-driven, consensus-based open-source project and its direction is formed by the many individuals and organisational contributors to the various projects of the Dogecoin blockchain [and] ecosystem,” the Dogecoin Foundation’s blog post notes. Dogecoin Trailmap also adds:
This Trailmap represents a dog-walk the Dogecoin Foundation is committed to exploring and that we believe will contribute to Dogecoin’s success.
It explains a variety of proposals and projects the foundation is currently working on, and shares the Dogecoin Manifesto that the organization released in August. Essentially, the Trailmap’s fundamentals stress that the crypto asset’s utility equates to adoption.
Gigawallet Project, Working with Vitalik to create a PoS Community Staking Version
One of the projects mentioned is the Gigawallet Project, which is “an open-source initiative aimed at filling that gap by providing a node / API solution that can be set up in seconds and allow a developer to add Dogecoin transactions to their platform, as easily as they might with any polished payment provider.” The Dogecoin Foundation believes the Gigawallet Project will “rapidly accelerate” dogecoin (DOGE) adoption.
In addition to the Gigawallet Project, the foundation also claims it’s working with the co-founder of Ethereum, Vitalik Buterin. “The Foundation [is] also working with Vitalik on crafting a uniquely Doge proposal for a ‘Community Staking’ version of PoS that will allow everyone, not just the big players to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes,” the Trailmap details.
The foundation’s PoS proposal follows Buterin’s statements about collaborating with the Dogecoin community back in June. This topic was discussed by the Ethereum co-creator on the Lex Fridman Podcast. “If Doge wants to somehow bridge to Ethereum, and then people can trade doge thousands of times a second inside a loop ring, then that would be amazing,” Buterin said at the time.
In September 2017, Billy Markus, the co-founder and CEO of Dogecoin, suggested an Ethereum bridge, as well as compatible token markets (NFT), to enhance Dogecoin’s network. “Two things I believe would help Dogecoin: [The] completion of DOGE↔ETH bridge, [and]NFT platforms, e.g. Opensea) allowing for the DOGE-ETH token to be used for purchases,” Markus remarked on Twitter. “NFTs purchasing is in high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility.”
What do you think about the Dogecoin Foundation’s Trailmap and the foundation working with Vitalik on some sort of Doge PoS system? Comment below and let us know how you feel about the subject.
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