Ethereum co-founder Vitalik Buterin continues to be interested in Dogecoin. Talking about Dogecoin, the most popular prank-themed crypto asset, Buterin confirmed that the Dogecoin Foundation is making an effort to move the crypto-asset generation process towards PoS (Proof of Stake) consensus, and he is helping them.
As it is known, the Ethereum network has been in the process of moving from the PoW (proof of work) consensus to the PoS (proof of stake) consensus for a long time. Vitalik Buterin is one of the most important advocates of this process, which was previously called ETH 2.0. Like the Ethereum network, Dogecoin is a project that wants to transition to a proof-of-stake consensus, and they said they needed the help of the Ethereum founder in this regard.
What are the advantages of PoS (Proof of Stake) consensus?
There are mixed opinions about the two most important methods used in the production of crypto money, PoS and PoW system. Although many projects intend to move to the PoS consensus, some industry participants argue that PoS is a weaker system in terms of security.
On the other hand, the world's largest cryptocurrency Bitcoin is produced using the PoW method. For the mining of the largest cryptocurrency, a consensus change is not on the agenda. The criticism against PoW is that this method only provides an advantage to large miners. At this point, the Dogecoin Foundation emphasizes that all active users can generate income in the PoS method.
Another advantage of the PoS consensus is that very little energy is required. That's why this form of cryptocurrency production stands out as an environmentally friendly method. Because in recent years, cryptocurrencies produced using high energy, especially Bitcoin mining, have been subjected to criticism by the authorities in many countries, and some have made attempts to ban mining.