monfury

The Ethereum founder thinks that there will be other cryptocurrencies moving to proof of stake (PoS), and named Dogecoin.

 

Earlier this month, the Ethereum blockchain switched from a proof of work (Proof of Work or PoW) transaction validation to a more than 99% energy efficient, proof-of-stake (Proof of Stake or PoS) method.

 

The transition has gone smoothly, and the blockchain is in much better shape than before, Vitalik Buterin, co-founder of Ethereum, shared at the Mainnet conference on September 23.

 

One of the criticisms of proof-of-stake is that this authentication method has never been tested in major crypto networks like PoW. But “it’s going to get more and more prestigious over time,” Buterin said.

 

“Then some other cryptocurrencies will move to proof of stake, some will never move, and there may also be a form of hybrid validation,” the Ethereum founder said.

 

He also said that he “highly expects Dogecoin to move to proof of stake soon.”

 

“I was wrong in thinking that proof of stake would never work,” Zooko Wilcox-O’Hearn, CEO of Electric Coin Company, the company that developed Zcash, discussed at the Mainnet. The CEO added that he is monitoring the performance of ETH to consider issuing a similar update to Zcash.

 

In contrast, there are still opponents of proof of stake.

 

“PoS is an illusion of Ethereum, and offers nothing but environmental impact,” William de Vogelaere, CEO of SpankChain, a cryptocurrency trading platform in the adult industry, told Decrypt .

 

The Merge has devalued ETH and lost many supporters, according to de Vogelaere. Meanwhile, corporations don’t care if crypto is “green” as long as it works, and lawmakers won’t change their stance on crypto just because the environmental issue has been resolved.

 

“The move to proof-of-stake is a big part of Ethereum’s DNA and has always been in the works,” Kristy Leigh-Minehan, a longtime Ethereum miner, told Decrypt . “But now is not the right time and has hurt miners and investors.”