Dogecoin’s Lead Developer Opposes The Network’s Transition To PoS

Mishaboar, Dogecoin’s core developer, has clarified his stance amid rumors that the DOGE development initiative might move to a Proof-of-Stake (PoS) consensus protocol. The Dogecoin developer has reportedly revealed that he is against moving the meme-theme digital network to the PoS ecosystem.

Walking Away From The PoS Mechanism

The latest development comes following a poll by Marshall Hayner, CEO of Metallicus and a Co-Founder of FBBT Holdings, who sought the community’s thoughts regarding DOGE staking. Hayner recently posed an intriguing question on X (formerly Twitter), asking the Dogecoin community if DOGE could be staked and whether they would consider it.

The poll showed that 60.1% of the participants seemed uninterested in staking, while 39.9% supported it. This poll’s results from the DOGE community paint a clear picture of the community’s stance regarding PoS and PoW.

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Nonetheless, observers believe it is more than just the poll results that have people talking. According to them, the core developers’ points of view are causing heated debates within the Dogecoin community.

Their opinions on the subject have further made the issue more complex. The Dogecoin developer expressed his reservations about PoS protocols, saying, “If this hints at the unlikely scenario of Doge transitioning to PoS, given my observations over the last 24 months, I might choose a different PoW cryptocurrency,”.

He added that he might even change the logo on his wallet to include a dog. Furthermore, he opined that the proposed move could cause a split in the Dogecoin blockchain, ensuring the survival of the original PoW-based DOGE.

Mishaboar’s concerns can be traced back to his previous experiences in the crypto industry. He has been a vocal critic of several PoS chains, calling them “extremely centralized platforms controlled by wealthy developers with substantial holdings.”

He cited examples of these chains experiencing “disastrous failures.” Expanding on his reservations about the suitability of PoS, he added, “It is difficult for me to understand how PoS would make sense, given that a significant portion of the coin supply is in the hands of exchanges.”

He noted that the possibility of regulatory scrutiny should not be ruled out.

Will Dogecoin Abandon PoW?

Speculation about Dogecoin abandoning its original Proof-of-Work (PoW) system in favor of Proof-of-Stake (PoS) started in 2021. Vitalik Buterin, one of Ethereum’s co-founders, suggested the idea, and ongoing discussions gradually hinted at a PoS shift in the future.

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However, two years after the initial proposal, the switch to PoS has yet to materialize; instead, it remains a contentious issue rather than a concrete certainty. Hayner further clarifies the context of his poll in response to Mishaboar’s input.

He said, “I’m grateful for your insightful feedback. The staking I was thinking of is for consensus and block validation via the PoS mechanism.”

Meanwhile, Mishaboar’s critical insights suggest a possibility of his departure from the project. Observers noted that his exit could severely affect the network’s prospects due to his commanding status within the Dogecoin community.

The ongoing debate over the best consensus mechanism for the meme-themed cryptocurrency continues to be the topic of discourse within its robust community. At the time of writing, DOGE is down 2.1% in the last 24 hours and trades at $0.06382, according to current Coingecko data.

Author: Owen Clark

Owen Clark, a seasoned crypto newsman and broker, deciphers the intricacies of the digital currency realm, empowering investors with his astute analysis and actionable insights.

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