According to the Dogecoin Foundation, the organization is working with Vitalik Buterin on developing Proof-of-Stake (PoS) capabilities for the Dogecoin network. The “Doge Unique Proposal” aims to support a “community staking” version of the protocol.
Dogecoin Foundation discusses the “trail map” of the project
On December 23, the Dogecoin Foundation’s official Twitter account tweeted about the digital currency network’s “trailmap,” a series of initiatives that essentially detailed the proposed direction of the Dogecoin blockchain and ecosystem. The Dogecoin Foundation says that a traditional crypto “roadmap” is a rigid summary of the direction of a cryptocurrency network and is usually “led” by a single company or “lead.”
The foundation behind the Dogecoin blockchain protocol says that Dogecoin has always been “community driven”, with “many individual and organizational contributors”. “Dogecoin is a community-run, consensus-based open source project and its leadership is formed by the many individuals and organizations involved in the various Dogecoin blockchain projects [and] Ecosystem ”, it says in the blog post of the Dogecoin Foundation. The Dogecoin trailmap adds:
This trail map represents a dog walk that the Dogecoin Foundation wants to research and that we believe will add to the success of Dogecoin.
The trailmap explains a number of projects and proposals the foundation is working on and shared the organization’s recently released Dogecoin manifesto, which was released in August. In essence, the basics of the trailmap emphasize that the utility of the crypto asset equals acceptance.
Gigawallet project and collaboration with Vitalik on a community staking version of PoS
One of the projects mentioned is the Gigawallet project, which is “an open source initiative that aims to fill this gap by providing a node / API solution that can be set up in seconds and let a developer do it allows adding Dogecoin transactions to your platform as easily as any sophisticated payment provider. ”The Dogecoin Foundation believes the Gigawallet project will” quickly accelerate “the adoption of Dogecoin (DOGE).
In addition to the Gigawallet project, the foundation also claims to work with Ethereum co-founder Vitalik Buterin. “The basis [is] Collaborated with Vitalik to develop a unique Doge proposal for a ‘Community Staking’ version of PoS that would 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 giving back to the entire community through charity, ”says the trail map.
The foundation’s PoS proposal follows Buterin’s statements about the collaboration with the Dogecoin community in June. The co-creator of Ethereum discussed the topic on Lex Fridman’s podcast. “If Doge wanted to somehow bridge to Ethereum and then people could trade in a loop ring thousands of times per second, that would be amazing,” Buterin said at the time.
Additionally, Dogecoin co-founder Billy Markus suggested last September that an Ethereum bridge and compatible non-fungible token (NFT) markets would improve the Dogecoin network. “Two things I think you would help Dogecoin: [The] Completion of the DOGE↔ETH bridge, [and] NFT platforms (e.g. Opensea), which make it possible to use the DOGE-ETH token for purchases, ”remarked Markus on Twitter. “The purchase of NFTs is very popular with crypto. The consideration of DOGE purchases from NFTs increases the benefit considerably. “
Tags in this story
Adoption, Billy Markus, Doge, DOGE Adoption, Dogecoin, Dogecoin (DOGE), Dogecoin Adoption, Dogecoin Foundation, Ethereum Bridge, Ethereum Co-Creator, Gigawallet Project, nft, NFTs, PoS, Proof-of-Stake, Trailmap, Utility, Vitalik, Vitalik Buterin
What do you think of the trail map of the Dogecoin Foundation and the foundation that is working with Vitalik on a kind of Doge PoS system? Let us know what you think on this matter in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a Florida-based financial tech journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.
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