Charles Hoskinson said that he will help Dogecoin to shift to Proof-of-stake (PoS) consensus if the Dogecoin community wants.
Doge is a popular meme coin, which grabbed huge traction in the world after the support of Tesla CEO Elon Musk in 2020. At present Dogecoin is the second-ranked Proof-of-work consensus-based crypto asset, after Bitcoin. After the merge of the Ethereum blockchain with the Proof-of-stake Beacon chain, people started to predict that Doge may shift to the PoS model.
On 28 October, Charles Hoskinson, founder of the biggest Proof-of-stake scalable blockchain network Cardano, responded to the successful buyout of Twitter by Musk. He tweeted that it is now confirmed that Dogecoin will get a better position in the Twitter ecosystem as a use case.
Another Twitter user asked, whether there is any chance where they may plan to shift the doge network on Proof-of-stake or Proof-of-Useful work consensus. Hoskinson responded and said that Dogecoin may take advantage as a Cardano sidechain and he can do it free for Dogecoin.
Earlier this, on 25 October, Hoskinson talked about this thing indirectly through a video update on his personal YouTube channel. In that video, Hoskinson said that the future of Cardano will have many side chains because of the ease of access to the Cardano ecosystem.
Dogecoin price action
Due to the success of Elon’ Twitter acquisition deal, Dogecoin is pumping rapidly. In the last 30 days, the Dogecoin price surged by around 113%.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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