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ETH co-founder will help Dogecoin with Proof of stake algorithm

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The Dogecoin Foundation has revealed that it is working with ETH co-founder Vitalik Buterin to develop a Proof of Stake (PoS) algorithm for the Dogecoin meme cryptocurrency (DOGE).

According to the foundation’s document, the idea is to create a “community staking” mechanism, based on PoS, for all who wish to participate.

“The Foundation is also working with Vitalik (founder of the blockchain ETH) on crafting a unique Doge proposal for a ‘community engagement’ version of PoS that will allow everyone, not just big players, to participate in a way that rewards them for its contribution to managing the network. At the same time, it gives back to the entire community through charitable causes.”

It is worth noting that Dogecoin is currently an open source project that uses Proof of Work (PoW) algorithm.

Gigawalet Project

Still on the “Foundation roadmap”, the foundation provides a way to “protect” Dogecoin through network diversification. The objective with this is that the network nodes are new and faster.

In addition, the “map” presents new avenues for payment providers, retailers, game developers and others to integrate DOGE into their infrastructure.

The foundation is specifically focused on the new open source DOGE portfolio GigaWallet.

The GigaWallet project is an initiative aimed at providing an API that can be configured in seconds. This solution allows a developer to add Dogecoin transactions to their platform “as easily as they would any payment provider”.

Libdogecoin

Another project the foundation is working on is Libdogecoin. According to roadmap, Libdogecoin will be a complete implementation of the Dogecoin Protocols, as a C library.

This development ecosystem will allow anyone to build a Dogecoin-compatible product. However, you won’t have to worry about deeper specifics.

“In the coming months, the Libdogecoin and GigaWallet projects will start to take shape. We have some early integrators interested in putting them to use in their projects. These first projects aim to lay a solid foundation. Meanwhile, the projects that are yet to come will aim to improve the throughput and scale of transactions,” concludes roadmap.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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