Learn How To Profit From The 2021 Cryptocurrency Bullrun Now!
Get 10% Discount Off Your Crypto Trading Commissions Now!
Get Free Bitcoins!
According to the Dogecoin Foundation, the organization is working with Vitalik Buterin on constructing proof-of-stake (PoS) capabilities for the Dogecoin network. The “uniquely Doge proposal” is aimed at bolstering a “community staking” version of the protocol.
Dogecoin Foundation Discusses the Project’s ‘Trailmap’
On December 23, the Dogecoin Foundation’s official Twitter account tweeted about the digital currency network’s “Trailmap,” a set of initiatives that essentially detail the proposed direction of the Dogecoin blockchain and ecosystem. The Dogecoin Foundation says that a traditional crypto “roadmap” is a rigid summary of a cryptocurrency network’s direction and usually it’s “led by a single company or ‘lead.’”
The foundation behind the Dogecoin blockchain protocol says Dogecoin has always been “community-driven” with “many individual and organisational contributors.” “Dogecoin is a community-driven, consensus-based open-source project and its direction is formed by the many individuals and organisational contributors to the various projects of the Dogecoin blockchain [and] ecosystem,” the Dogecoin Foundation’s blog post notes. The Dogecoin Trailmap adds:
This Trailmap represents a dog-walk the Dogecoin Foundation is committed to exploring and that we believe will contribute to Dogecoin’s success.
The Trailmap explains a number of projects and proposals the foundation is working on and it shared the recently released Dogecoin Manifesto the organization published in August. Essentially, the Trailmap’s fundamentals stress that the crypto asset’s utility equates to adoption.
Gigawallet Project and Working With Vitalik on a Community Staking Version of PoS
One of the projects mentioned is the Gigawallet Project, which is “an open-source initiative aimed at filling that gap by providing a node / API solution that can be set up in seconds and allow a developer to add Dogecoin transactions to their platform, as easily as they might with any polished payment provider.” The Dogecoin Foundation believes the Gigawallet Project will “rapidly accelerate” dogecoin (DOGE) adoption.
In addition to the Gigawallet Project, the foundation also claims it’s working with the co-founder of Ethereum, Vitalik Buterin. “The Foundation [is] also working with Vitalik 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,” the Trailmap details.
The foundation’s PoS proposal follows Buterin’s statements about collaborating with the Dogecoin community back in June. The Ethereum co-creator discussed the subject on the Lex Fridman podcast. “If Doge wants to somehow bridge to Ethereum, and then people can trade doge thousands of times a second inside a loop ring, then that would be amazing,” Buterin said at the time.
Furthermore, last September, co-founder of Dogecoin Billy Markus suggested that an Ethereum bridge and compatible non-fungible token (NFT) markets would enhance the Dogecoin network. “Two things I believe would help Dogecoin: [The] completion of DOGE↔ETH bridge, [and] NFT platforms (e.g. Opensea) allowing for the DOGE-ETH token to be used for purchases,” Markus remarked on Twitter. “NFTs purchasing is in high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility.”
What do you think about the Dogecoin Foundation’s Trailmap and the foundation working with Vitalik on some sort of Doge PoS system? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.