Dogecoin Foundation is Working on a Staking Concept with Vitalik Buterin

As per the recent announcement by The Dogecoin Foundation, it is working with Vitalik Buterin on developing proof-of-stake (PoS) capabilities for its network. It said that the aim of the ‘uniquely Doge proposal’ was to bolster a ‘community staking’ version of the Dogecoin protocol. The news was announced on December 23rd via the official Twitter account of the Dogecoin Foundation. It talked about the ‘Trailmap’ of the digital currency’s network, which refers to a set of initiatives that essentially provide details of the proposed direction of the Dogecoin ecosystem and blockchain. According to the Dogecoin Foundation, a traditional ‘roadmap’ for crypto is rather a rigid summary of the direction of the crypto network and usually, a single company leads it. 

The foundation that launched the Dogecoin protocol stated that the renowned meme coin has always been community-driven and has a number of organizational and individual contributors. The blog post of the company noted that Dogecoin is an open-source, consensus-based project and many individuals and organizations contribute to the different projects of the Dogecoin ecosystem and its blockchain. The Trailmap added that it is a dog-walk that they are committed to exploring and the Dogecoin Foundation believes that it will contribute to the success of Dogecoin.

The Trailmap provides an explanation for the numerous proposals and projects the Dogecoin Foundation is working on. It also shared the Dogecoin Manifesto, which had been released recently and published by the organization in August. Essentially, the details of the Trailmap highlight the fact that the utility of the crypto asset can lead to its adoption. The Gigawallet Project is one of the numerous projects that are mentioned, which is highlighted as an open-source initiative. This initiative has been introduced to provide an API solution or node that developers can set up in seconds and can be used for adding Dogecoin transactions very easily, similar to other payment service providers. 

According to the Dogecoin Foundation, they will be able to accelerate the adoption of the Dogecoin (DOGE) with the help of the Gigawallet Project. Along with this project, the Foundation also claims to be working with Vitalik Buterin, the co-founder of the Ethereum platform. As per the Trailmap, they are working with Buterin for developing a uniquely Doge proposal. Their goal is to transform the PoS into a ‘Community Staking’ version that can be used by everyone for participating, instead of just the big players. Hence, others will also be rewarded for their contribution in running the network. 

They will also be able to give back to the entire community at the same time via charitable causes. The PoS proposal of the Foundation comes after statements from Buterin back in June about collaborating with the Dogecoin community. The subject had been discussed by the Ethereum co-founder on the Lex Fridman podcast. In addition, co-founder of Dogecoin, Billy Markus had also said last September that the Dogecoin network could be enhanced with an Ethereum bridge that would also be compatible with non-fungible token (NFT) markets, which is what Buterin had mentioned back in June.