Ethereum recently merged its proof-of-work (PoW) blockchain with its proof-of-stake (PoS) blockchain which reduced its energy consumption by 99.95% and made the network more scalable for future projects.
- At the recent Mainnet event, Ethereum co-founder Vitalik Buterin was questioned about PoS as a consensus model. “Should all networks move to PoS?” Ryan Selkis asked, Buterin replied that “As PoS matures I would expect it to increase in legitimacy over time. I hope Zcash moves over and I am hopeful Dogecoin moves to PoS soon.”
- Zcash is a blockchain that focused heavily on user privacy with the company behind Zcash already detailing how the privacy coin would transition to PoS. This may not be as simple due to the heavy decentralization of the network, comparing it to its launch which had 6 pseudonymous identities all with a portion of the network’s private key.
- On the other hand, Dogecoin is a cryptocurrency that has grown heavily in popularity over the past few years despite launching to mock cryptocurrencies. Dogecoin is now commonly accepted by vendors and its developers have expressed interest in a PoS chain.
- ZCash is currently trading at $57.59 and is the 54th largest token by market cap. Dogecoin is currently trading at $0.066 and is the 10th largest token by market cap.
See Related: The Misconceptions With The Ethereum Merge