Vitalik Buterin, the co-founder of Ethereum, recently shared an intuition concerning Dogecoin and Zcash. In his statement, he said that he expects both blockchains on Proof-of-Stake in the future. Dogecoin and Zcash currently operate on the Proof-of-Work protocol.
Dogecoin and Zcash May Switch To PoS
At the annual mainnet blockchain summit, while Vitalik addressed the congregation, he touched on Proof-of-Stake. He stated that PoS is in its infancy, and like every infant, it will grow. Furthermore, assure that its growth will increase its legitimacy over time.
Therefore, as it develops, new blockchains will begin to grow alongside. Perhaps, some might even switch from Proof-of-Work to the Proof-of-Stake model. Ethereum has taken the first step, so, others ought to follow after, he said.
Ethereum upgraded to Proof-of-Stake on September 15. The merge became the most anticipated event before its occurrence. Afterward, it still raised several speculations among analysts about its significance.
Developers spent years researching the Proof-of-Stake mechanism and its role in sustaining Ethereum. After taking valid notes and conducting several verification tests, the merge became a go. Although Eth has not displayed any of the anticipated feats investors initially presumed.
However, In his speech, Buterin audibly mentioned that he expects Dogecoin and Zcash to move to Proof-of-Stake. While the meme coin and altcoin currently run on PoW, he sees a future with them on PoS.
Proof-of-Stake And Proof-of-Work
Since Ethereum’s transition to PoS, its energy usage dived 99.9 percent lower. Ether currently uses 0.1 percent of the same energy it expended on PoW. The reduction in consumption declined the chain’s carbon traces.
Also, its new protocol requires algorithmic validators to execute transactions, unlike PoW, where miners did. It makes transactions faster and easier. Furthermore, it improves the scalability of the network, ensuring its smooth operation.
Proof-of-Work consumes a massive amount of energy. Bitcoin is an example of a digital asset running on the PoW model. On PoW, miners require high power usage to create new blocks.
Dogecoin And Zcash Expresses Interest In Proof-of-Stake
Doge and Zcash had earlier shown enthusiasm towards PoS. Both blockchains made separate announcements where they confirmed intentions to migrate.
Electric Coin Company, the founder of Zcash, published a blog article in the middle of 2021 about moving to PoS. The firm detailed techniques it would employ to launch itself onto the PoS consensus model.
Dogecoin shared the same perspective through a different medium.
However, transferring from one consensus protocol to another requires more than talking about it. It will require planning, voting, discussing with the community, and receiving feedback, testing, and others to become possible. Everyone must be on board with the decision and need to understand its impact on a network.
CoinGecko reported that both Doge and Zcash currently sit among the ten leading digital assets milking PoW. Although, both assets fall into different classes. Doge is a meme coin, while Zcash is a utility token.
The similarity both assets share is the use of unique mining accessories to create new blocks during transactions.