Ethereum ETH/USD co-founder Vitalik Buterin said on Twitter Thursday that he hopes Dogecoin DOGE/USD switches soon to the Proof of Stake model.
What Happened: Buterin was answering a question as a part of a Twitter experiment he is conducting where he limited responses to only 268 people that follow him.
Singapore-based Three Arrows Capital co-founder Su Zhu asked Buterin a question on ETH/DOGE cooperation to which Buterin replied, “Personally, I hope that doge can switch to PoS soon, perhaps using ethereum code.”
See Also: How To Buy Dogecoin (DOGE)
He added, “I also hope they don't cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with dogecoin's non-greedy wholesome ethos.”
Why It Matters: Currently, both Dogecoin and Ethereum blockchains use the Proof of Work model, which is also used by the apex cryptocurrency Bitcoin BTC/USD. Ethereum is slated to shift to a Proof of Stake or PoS model when Ethereum 2.0 becomes operational.
See Also: Proof of Stake Vs. Proof of Work.
Last month, Buterin along with Dogecoin co-created Billy Markus and Telsa Inc TSLA CEO Elon Musk’s representative Jared Birchall became advisors to the Dogecoin Foundation.
Buterin said early in the summer that he loves DOGE and suggested a bridge between ETH-DOGE, in order to ramp up the transaction speed of the meme cryptocurrency.
Last month, Markus told Benzinga that Buterin’s contribution to the Dogecoin Foundation is of “high value” and that the Ethereum co-founder was a “crypto genius.”
Price Action: At press time, DOGE traded 2.87% lower at $0.29 over 24 hours. ETH traded 0.58% higher at $3,780.50 in the same time frame.
Photo: Courtesy of TechCrunch via Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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