The builders of Dogecoin (DOGE) have denied rumors that the community is instantly switching to proof-of-stake (PoS), saying that they’re merely planning to launch a proposal on the subject. The repudiation got here on Dec. 29, from the Twitter account of Michi Lumin, principal engineer for the Dogecoin Foundation.
More information for ya. Influencers, even when they’ve tens of millions of views and followers, even when they communicate with authority, don’t even have the within scoop on what is going on on with #dogecoin. Just as a result of one says a validation methodology is altering, does not imply it’s.
â Michi Lumin (@michilumin) December 29, 2022
Lumin said that the Dogecoin Foundation doesn’t have the facility to improve the community with out the consent of validators, explaining:
âIt is not possible for, nor is it planned for, an individual, organization, or body to âmoveâ or âshiftâ or âchangeâ #dogecoin to PoS. All that can be done is: it can be outlined, perhaps coded, and given to the community (and validators) to decide to take up or not [âŠ] the repeated sensationalist (to get views/follows) refrain of people saying that #dogecoin âis moving to PoSâ is ridiculous, and absolutely not how it works or can work. It will not and can not be done by edict, or forceâŠâ
The denial comes after the Rabid Mining YouTube channel printed a video on Dec. 28 titled âWhat if Dogecoin Moves to PoS?â It was shared on Twitter and Reddit with the remark, âDOGECOIN’s Merge To POS Will Kill Scrypt Miners profits by over 60%.â
DOGECOIN Wants To Merge To POS This Will Kill Scrypt miners Profits By Over 60% https://t.co/XRZRi7GT3f@dogecoin #doge #asicmining #crypto #cryptos #cryptomining #passiveincome #bitmain #cryptonews #Dogecoin #Vitalik
â Rabid Mining (@MiningRabid) December 28, 2022
The video didn’t say that the Dogecoin crew might change the community by âforce.â However, it talked about that âit looks like the Dogecoin Foundation actually has Vitalik on the board as an advisor, and they have it stated that theyâre gonna move to proof-of-stake.â The video cautioned miners to not spend money on scrypt miners as a result of âall scrypt miners are gonna dieâ as soon as Dogecoin adopts PoS.
Rabid Mining argued that not solely would DOGE transfer to proof-of-stake, however it could additionally achieve this âpretty darn soon,â as a result of a information article from October talked about {that a} proposal was within the works and since the official Dogecoin Foundation web site additionally talked concerning the proposal.
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However, this new report from the crew denies that the PoS improve is a completed deal.
Lingering questions on DOGE PoS
Despite this denial from the crew, there are nonetheless lingering questions as to how or whether or not proof-of-stake shall be carried out for DOGE. The proposal has not but been launched, so present DOGE miners donât know the way it will work.
When Ethereum moved to proof-of-stake, it first launched a âbeacon chainâ that allowed customers to switch Ether (ETH) from the outdated PoW community to the brand new PoS one. Only after a enough quantity of customers had staked their ETH on the brand new chain did miners lastly improve their software program to finish a âmergeâ of the 2 networks.
Still, some miners refused to just accept the improve, which resulted in a tough fork of Ethereum. The outdated community got here to be known as âEthereum PoW (ETHW),â whereas the brand new community maintained the identify âEthereum.â
However, Ethereum PoW skilled an immediate 65% decline in worth after the merge was accomplished. This led to a fall in mining earnings, which in flip induced some miners to close down. This is evidenced by 2miners.comâs chart of the Ethereum PoW hash price.
Whether one thing related occurs with Dogecoin stays to be seen, however this current controversy exhibits that not everyone seems to be joyful concerning the proposed change.