Amid swirling rumors and speculations surrounding the trajectory of DOGE) development, the Dogecoin core developer, Mishaboar, has made it evident that he is staunchly against any potential move to a Proof-of-Stake (PoS) consensus mechanism. The discussion has taken center stage after Marshall Hayner, CEO at Metallicus and Co-Founder of FBBT Holdings, initiated a poll probing the community’s stance on staking DOGE.
Hayner tweeted: “If Dogecoin was stakeable, would you stake it?” The poll results, with 60.1% opting against staking and 39.9% in favor, reveal a clear divide in the DOGE community. However, it’s the core developer’s sentiments that are generating intense discussions within the DOGE community.
Dogecoin Core Dev: “It’s Proof-of-Work Or I Walk”
Mishaboar expressed his skepticism regarding Proof-of-Stake, stating, “If this refers to a remote possibility of Doge ever switching to PoS, after what I have seen over the past 2 years, I would probably then move to another PoW crypto and customize the logo in my wallet to have a dog in it.” He further elaborated on the potential repercussions, noting that such a shift could lead to a fork of the Dogecoin blockchain, thereby retaining the legacy PoW-based DOGE.
His concerns stem from his observations over the past couple of years in the crypto space. He criticized most PoS chains for being “obscenely centralized and run by wealthy developers holding huge bags” and for instances where they have “failed catastrophically.”
Elaborating on his reservations about the compatibility of PoS, especially in the context of Dogecoin, he added, “I cannot see how PoS can be a sensible approach when a huge chunk of the supply is held within exchanges. Not to mention potential issues with regulators.”
Historically, the conversation regarding Dogecoin’s potential shift from its original Proof-of-Work (PoW) mechanism to PoS began in 2021. Ethereum co-founder Vitalik Buterin playfully introduced the idea, and subsequent discussions led to hints at a PoS transition in Dogecoin’s roadmap. However, as of now, almost two years later, the implementation of PoS remains a topic of contention rather than a tangible reality.
Marshall Hayner, clarifying the context of his poll, responded to Mishaboar, “Thank you for the thoughtful response, the staking I am referring to is in regards to PoS consensus and block validation.”
Mishaboar’s critique and the potential implications of his departure from the project are profound, especially considering his influential role within the Dogecoin ecosystem. With the ongoing debate over the best consensus mechanism for the meme-inspired cryptocurrency, the road ahead seems rife with uncertainty.
At press time, the Dogecoin price stood at $0.06382.
DOGE downtrend continues, 1-day chart | Source: DOGEUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Author: Jake Simmons