Vitalik Buterin expects Zcash and Dogecoin to move to Proof-of-Stake

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2022-10-01 03:06:56

Recently, Ethereum co-founder Vitalik Buterin expressed his hope that Zcash and Dogecoin will move to Proof-of-Stake consensus in the future.

Speakers at the blockchain event on Friday (September 23)

At the Mainnet 2022 blockchain event, Vitalik Buterin stated that Zcash and Dogecoin should follow in the footsteps of Ethereum moving to Proof-of-Stake (PoS).

“I hope that Zcash will move to PoS. I also very much hope that Dogecoin will evolve into Proof-of-Stake at some point in the future.” – Hoang from crypto confided.

By mid-2021, co-developers ZcashElectric Coin Company has been praised many times by the founder of Ethereum. The unit also announced plans to move to PoS within 3 years. And at this year’s Mainnet, the CEO of Electric Coin Company once again hinted at the possibility of implementing Proof-of-Stake. He also said that he is observing the reaction of the Ethereum network since implementing The Merge.

Toward Dogecoin, the team has the same intention in the roadmap 2022, and received the confirmation of great support from Vitalik Buterin from the beginning of February 2022. The unique idea of ​​the project allows all investors holding DOGE to participate in staking to jointly run the network and contribute through charitable activities. However, the transformation of blockchain consensus requires a high consensus among community members that cannot be achieved overnight.

Both of the above projects in the past time have regularly refreshed themselves with historical upgrades. Zcash Network Upgrade 5 (NU5) – the first major update since November 2020 – activated on the Zcash mainnet on August 31. Dogecoin is also constantly updating its appearance, with LibDogecoin – considered a premise for future development, integrating DOGE with many platforms

Present, Dogecoin and Zcash ranked in the top 10 Proof-of-Work coins, by market capitalization, as reported by CoinGecko. If Dogecoin is known as a memecoin, then Zcash is considered a perennial privacy coin, but both use a mining mechanism that consumes a lot of electricity and is not environmentally friendly.

On September 15, Ethereum finally officially deployed The Merge after years of research, an upgrade expected by the entire industry to move the world’s second largest blockchain from Proof-of-Work to Proof-of-work. Stake. The Consolidation eliminated mining while not improving gas fees and transaction speed, but helped ETH cut power consumption by more than 99% and become a “mirror” for traditional PoW blockchains.

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