Crypto Twitter Against Dogecoin PoS Shift; 60% Votes Against
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The crypto community on Twitter is divided into two halves, including supporters and opponents of the shift.
Whether Dogecoin will shift to Proof-of-Stake (PoS) or continue with Proof-of-Work (PoW) has been a debate since 2021. This includes Dogecoin Lead Developer Mishaboar, who tweeted his concerns about the PoS model on August 20.
If this refers to false “staking”, based on lending then no. The risk is too high unless you are an insider (and even then…).
If this refers to a remote possibility of Doge ever switching to PoS, after what I have seen over the past 2 years, i would probably then move to… — Mishaboar (@mishaboar) August 20, 2023
Recently, FBBT Holdings co-founder Marshall Hayner conducted a poll where more than 60% voted that they won’t stake DOGE if it ever becomes stackable. In response, Mishaboar said that if Dogecoin ever switches to PoS, the developer would quit the altcoin and join another PoW-based crypto. However, the possibility remains “remote.”
Mishaboar also noted that a large amount of DOGE is held within exchanges. Thus, a PoS approach would cause both clashes with regulators as well as equal distribution. He added:
Research on alternative consensus mechanisms is no problem if done responsibly, relying on solid data, and avoiding hype. But it seems most PoS chains have underdelivered, are obscenely centralized and run by wealthy developers holding huge bags, have failed catastrophically, and/or are a pain to use (playing with Ethereum feels like highway robbery).
Crypto Twitter also seems to agree with Mishaboar’s perspective. According to GoodShibe, DOGE becoming PoS would only benefit whales, turning them into “de facto rulers of the coin.” Moreover, DogeAccept shared that DOGE as PoW allows the community to secure the network, enabling the coin to work as a global currency.
Meanwhile, certain crypto investors strongly believe that DOGE transitioning to PoS would power scalability, better energy usage, and eco-friendliness. At the Mainnet Conference in 2022, Ethereum founder Vitalik Buterin said that he was “very hopeful” about Dogecoin evolving to proof of stake.