Buterin Named Coins that Will Likely Switch to PoS Soon
With Ethereum successfully transitioning from the Proof-of-Work (PoW) blockchain protocol to the Proof-of-Stake (PoS) one, Vitalik Buterin, the co-founder of Ethereum, thinks that other coins could soon follow suit.
With Ethereum successfully transitioning from the Proof-of-Work (PoW) blockchain protocol to the Proof-of-Stake (PoS) one, Vitalik Buterin, the co-founder of Ethereum, thinks that other coins could soon follow suit.
Speaking at the 2022 the Messari Mainnet conference on Friday, he named Dogecoin, the well-known meme coin and Elon Musk’s darling, and Zcash, one of the most popular privacy coins on the market, as the next PoS candidates.
“As proof of stake matures, I expect it to just increase in legitimacy more and more over time,” Vitalik said, adding “I hope that Zcash moves over. I am also very hopeful that Dogecoin is going to evolve over to proof of stake at some point soon.”
Both Dogecoin and Zcash have been dabbling with the idea of transitioning to PoS for a while now.
In one of the latest posts Zcash wrote, “after developing a proposal for this minimally customized candidate PoS protocol, we’ll develop a more comprehensive proposal, including a transition plan, for safely migrating Zcash from its current proof-of-work network to the new target PoS protocol.”
The company added that “the transition plan is likely to require significant effort, and there is a range of feasible approaches. We intend to present several possibilities earlier in the research process to get community input on their trade-offs.”
Meanwhile, Dogecoin stated in one of its posts that the Foundation is closely collaborating on crafting a uniquely Doge proposal for a ‘Community Staking’ version of PoS “that will allow everyone, not just the big players to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes.”
As per the Foundation’s plan, Dogecoin is expected to transition to the PoS blockchain already this year.
However, neither Dogecoin nor Zcash have named a specific date of the potential transition.
Previously, The Coinomist reported about Buterin’s visit to the Kyiv Tech Summit.
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