Vitalik Buterin Believes Zcash And Dogecoin Will Also Migrate To Proof Of Stake
- Ethereum co-founder Vitalik Buterin believes that popular blockchain networks that follow the proof of work concept will soon migrate to proof of stake consensus due to a surge in environmental concerns.
- Dogecoin, a meme cryptocurrency, became the second largest proof of work mining model after Bitcoin, the world’s biggest cryptocurrency.
- Electric Coin Company, the firm responsible for the development of the Zcash project, said that they are planning to migrate to a poof of stake model.
Ethereum co-founder Vitalik Buterin believes that popular blockchain networks that follow the proof of work concept will soon migrate to proof of stake consensus due to a surge in environmental concerns. It was recently confirmed that Dogecoin, a meme cryptocurrency, became the second largest proof of work mining model after Bitcoin, the world’s biggest cryptocurrency.
Zcash is a cryptocurrency project which is focused on privacy and and anonymity. It uses the zk-SNARK zero-knowledge proof technology which is known for its privacy and scalability features. This tech allows the blockchain network to verify transactions without revealing any sensitive information belonging to the user and related to those transactions.
“I’d say should … as PoS matures I would expect it to increase in legitimacy over time. I hope Zcash moves over and I am hopeful Dogecoin moves to PoS soon,”
Buterin said on Friday
It seems that Dogecoin, a meme crypto project that has gained support from tech mogul Elon Musk, might also be considering to do the same in the near future. Meanwhile, the development team behind Zcash and Dogecoin are also considering to mirgrate to proof of stake standards in line with the statement from Buterin.
In a mid-2021 blog post from Electric Coin Company, the firm responsible for the development of the Zcash project, said that they are planning to migrate to a poof of stake model and the firm also highlighted its approach and next steps toward implementing the consensus standard.
Interestingly, following the Merge, wherein the Ethereum network successfully shifted from proof of work to proof of stake in Sept., the blockchain community expect other networks to shift to PoS as well. However, it does not look like Bitcoin developers will be swayed by the ideology of Buterin.
A blockchain switch is not a very easy process and Ethereum network took a very long time to eventually complete the transition. While Buterin claims that the future lies in PoS, other networks will have to establish calls with several community members on how the change may impact a network.
A major reason for implementing a complete transition lies with regulatory uncertainity. It seems that the regulatory authorities are not in favor of spending huge amount of energy resources on crypto mining activities.
Recently, the chief executive officers (CEOs) of the biggest banks in the United States will not financially back crypto mining activities. CEOs from Bank of America, Wells Fargo & Company and Citigroup were present at a congressional hearing wherein Rep. Brad Sherman (D-Calif.) questioned the three executives if they would finance crypto mining activities.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
