Dogecoin devs deny rumor of immediate PoS switch following community concern

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.

Lumin acknowledged that the Dogecoin Foundation doesn’t have the facility to improve the community with out the consent of validators, explaining:

“It isn’t doable for, neither is it deliberate for, a person, group, or physique to “transfer” or ‘shift’ or ‘change’ #dogecoin to PoS. All that may be carried out is: it may be outlined, maybe coded, and given to the community (and validators) to resolve to take up or not[…]the repeated sensationalist (to get views/follows) chorus of folks saying that #dogecoin ‘is shifting to PoS’ is ridiculous, and completely not the way it works or can work. It won’t and cannot be carried out by edict, or drive…”

The denial comes after the Rabid Mining Youtube channel had printed a video on Dec. 28 titled “What if Dogecoin Moves to PoS?” It was shared on Twitter and Reddit with the remark, “DOGECOIN’s Merge To POS Will Kill Scrypt Miners earnings by over 60%.”

The video didn’t say that the Dogecoin staff may change the community by “drive.” However, it talked about that “it appears to be like just like the Dogecoin Foundation truly has Vitalik on the board as an advisor, they usually have it acknowledged that they’re gonna transfer to proof-of-stake.” The video cautioned miners to not put money into scrypt miners as a result of “all scrypt miners are gonna die” as soon as Dogecoin adopts PoS.

Rabid Mining argued that not solely would DOGE transfer to proof-of-stake, however it might additionally accomplish that “fairly darn quickly,” as a result of a information article from October, 2022 talked about {that a} proposal was within the works and since the official Dogecoin Foundation web site additionally talked concerning the proposal.

Related: The real-life canine behind memecoin DOGE is critically ailing

However, this new report from the staff denies that the PoS improve is a carried out deal.

Lingering questions on DOGE PoS

Despite this denial from the staff, there are nonetheless lingering questions as to how or whether or not proof-of-stake will probably be carried out for DOGE. The proposal has not but been launched, so present DOGE miners don’t know the way it will work.

When Ethereum moved to proof-of-stake, it first launched a “beacon chain” that allowed customers to switch Ether (ETH) from the outdated PoW community to the brand new PoS one. Only after a adequate quantity of customers had staked their ETH on the brand new chain did miners lastly improve their software program to finish a “merge” of the 2 networks.

Still, some miners refused to just accept the improve, and this resulted in a tough fork of Ethereum. The outdated community got here to be known as “Ethereum PoW (ETHW),” whereas the brand new community maintained the identify “Ethereum.”

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 brought about some miners to close down. This is evidenced by 2miners.com’s 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 completely satisfied concerning the proposed change.