Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- Dogecoin developer Mishaboar indicates he may depart if the meme coin transitions to proof-of-stake
- Mishaboar’s possible exit due to reservations about proof-of-stake underscores persistent doubts within Dogecoin’s core team.
- The prominent developer’s position introduces uncertainty regarding the future trajectory of Dogecoin.
Notable Dogecoin developer Mishaboar has indicated that he might withdraw from the project if it moves to a proof-of-stake (PoS) consensus model.
Mishaboar, who has made significant contributions to Dogecoin over the last two years, expressed his concerns about the adoption of PoS when asked about staking the meme-inspired cryptocurrency. He pointed out challenges such as centralization, security risks, and regulatory issues that have affected other PoS networks.
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
Related Posts
The developer also raised concerns about the effectiveness of PoS given the substantial amount of Dogecoin supply held on exchanges. His viewpoint underscores ongoing skepticism regarding PoS among Dogecoin’s core team, despite external suggestions.
Buterin suggested PoS back in 2021
In 2021, Ethereum co-founder Vitalik Buterin humorously proposed transitioning Dogecoin to PoS. Later that year, an update to the DOGE roadmap hinted at a possible consensus change. However, as 2023 unfolds, there has been no significant progress toward PoS.
Mishaboar’s prominence within the Dogecoin community heightens the implications of his potential exit. As one of the few actively involved in maintaining “the people’s coin,” his departure over PoS concerns could influence DOGE’s future direction and adoption.
The developer’s concerns resonate with critics who argue that PoS centralizes power among the largest token holders. Conversely, PoS advocates highlight enhanced efficiency and energy savings compared to resource-intensive proof-of-work mining.
Currently, Dogecoin remains firmly in the proof-of-work category while its core team continues to evaluate the feasibility of a complete transition. However, Mishaboar’s comments indicate that the future path for the iconic meme coin is still uncertain.
