The builders of Dogecoin (DOGE) have denied rumors that the community is instantly switching to proof-of-stake (PoS), saying that they’re merely planning to launch a proposal on the subject. The repudiation got here on Dec. 29, from the Twitter account of Michi Lumin, Principal Engineer for the Dogecoin Basis.
Extra information for ya. Influencers, even when they’ve thousands and thousands of views and followers, even when they converse with authority, don’t even have the within scoop on what is going on on with #dogecoin. Simply because one says a validation technique is altering, doesn’t suggest it’s.
— Michi Lumin (@michilumin) December 29, 2022
Lumin acknowledged that the Dogecoin Basis doesn’t have the ability to improve the community with out the consent of validators, explaining:
“It’s not doable for, neither is it deliberate for, a person, group, or physique to “transfer” or ‘shift’ or ‘change’ #dogecoin to PoS. All that may be performed is: it may be outlined, maybe coded, and given to the group (and validators) to determine to take up or not[…]the repeated sensationalist (to get views/follows) chorus of individuals saying that #dogecoin ‘is shifting to PoS’ is ridiculous, and completely not the way it works or can work. It won’t and can’t be performed by edict, or power…”
The denial comes after the Rabid Mining Youtube channel had printed a video on Dec. 28 titled “What if Dogecoin Strikes to PoS?” It was shared on Twitter and Reddit with the remark, “DOGECOIN’s Merge To POS Will Kill Scrypt Miners earnings by over 60%.”
DOGECOIN Desires To Merge To POS This Will Kill Scrypt miners Earnings By Over 60% https://t.co/XRZRi7GT3f@dogecoin #doge #asicmining #crypto #cryptos #cryptomining #passiveincome #bitmain #cryptonews #Dogecoin #Vitalik
— Rabid Mining (@MiningRabid) December 28, 2022
The video didn’t say that the Dogecoin crew might change the community by “power.” Nonetheless, it talked about that “it seems to be just like the Dogecoin Basis truly has Vitalik on the board as an advisor, and so they have it acknowledged that they’re gonna transfer to proof-of-stake.” The video cautioned miners to not spend money on scrypt miners as a result of “all scrypt miners are gonna die” as soon as Dogecoin adopts PoS.
Rabid Mining argued that not solely would DOGE transfer to proof-of-stake, however it could additionally accomplish that “fairly darn quickly,” as a result of a information article from October, 2022 talked about {that a} proposal was within the works and since the official Dogecoin Basis web site additionally talked in regards to the proposal.
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Nonetheless, this new report from the crew denies that the PoS improve is a performed deal.
Lingering questions on DOGE PoS
Regardless of this denial from the crew, there are nonetheless lingering questions as to how or whether or not proof-of-stake will probably be carried out for DOGE. The proposal has not but been launched, so present DOGE miners don’t know the way it will work.
When Ethereum moved to proof-of-stake, it first launched a “beacon chain” that allowed customers to switch Ether (ETH) from the previous PoW community to the brand new PoS one. Solely after a adequate variety of customers had staked their ETH on the brand new chain did miners lastly improve their software program to full a “merge” of the 2 networks.
Nonetheless, some miners refused to simply accept the improve, and this resulted in a laborious fork of Ethereum. The previous community got here to be known as “Ethereum PoW (ETHW),” whereas the brand new community maintained the identify “Ethereum.”
Nonetheless, Ethereum PoW skilled a direct 65% decline in worth after the merge was accomplished. This led to a fall in mining earnings, which in flip brought about some miners to close down. That is evidenced by 2miners.com’s chart of the Ethereum PoW hash price.
Whether or not one thing comparable occurs with Dogecoin stays to be seen, however this latest controversy exhibits that not everyone seems to be comfortable in regards to the proposed change.
