Meme-inspired cryptocurrency Dogecoin (DOGE) is now formally the second largest proof-of-work (PoW) crypto when it comes to market cap, following the Ethereum community’s proof-of-stake (PoS) improve on Thursday.
Bitcoin (BTC), in fact, stays miles forward of Dogecoin’s market cap of $7.83 billion, although the well-followed memecoin remains to be comfortably forward of the third place PoW cryptocurrency Ethereum Classic (ETC) with a market cap of $4.69 billion, Litecoin (LTC) at $4.01 billion and Monero (XMR) at $2.65 billion.
One Dogecoin fan gave the impression to be in disbelief of Dogecoin’s rise to grow to be the second largest PoW cryptocurrency, stating, “who would have thought that this would happen. Congrats #Dogefam.”
But, it wasn’t taken properly by everybody. One Twitter person responding to a tweet in regards to the information requested how folks may take the crypto trade severely with a memecoin so near the highest spot, emphasizing the necessity to take away “useless coins” from public view.
Dogecoin can also quickly discover itself competing in opposition to ETHPoW (ETHW) — the Ethereum PoW exhausting fork chain that can proceed mining, in response to the official Twitter account of the ETHW, which is at present priced at $13.64, in response to CoinMarketCap.
Ethereum’s transition to PoS might have added strain on PoW-powered cryptocurrency networks to transition to a extra sustainable consensus mechanism.
In a press release to Cointelegraph, Lachlan Feeney, the founder and CEO of Australian-based blockchain improvement company Labrys, stated “the pressure is on” Bitcoin now to justify the PoW system over the long run.
He added that “reluctance to carry out its own transition to PoS will be huge.”
Meanwhile, the Dogecoin Foundation has been contemplating a transition of Dogecoin to a proof-of-stake after first hinting on the shift in September 2021, which was put ahead by Ethereum co-founder Vitalik Buterin, who can also be an adviser for the Dogecoin Foundation.
In December 2021, the Dogecoin Foundation launched its Dogecoin Trailmap, which proposed to construct a Dogecoin “community staking” model that resembled PoS.
Related: Proof-of-stake vs. proof-of-work: Differences defined
“Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network,” the Dogecoin Foundation stated.
However, little progress has been made since then, because it nonetheless seems to be in “proposal” standing in response to the Dogecoin web site.
DOGE is at present priced at $0.06 on the time of writing.
