Dogecoin Foundation and Vitalik Buterin to Develop DOGE Staking Mechanism

Aiming to develop the Dogecoin (DOGE) ecosystem, the non-profit Dogecoin Foundation is working with Ethereum founder Vitalik Buterin on a staking mechanism for the meme cryptocurrency. This is stated in the project’s roadmap.

The first part of the #Dogecoin Foundation’s #trailmap is up. More to come! https://t.co/snYwhxiIge

— Dogecoin Foundation (@DogecoinFdn) December 23, 2021

In August 2021, the Dogecoin team announced the resumption of Dogecoin Foundation activities. Among the advisers to the organization were Vitalik Buterin, a longtime associate of Elon Musk and head of his family office Jared Birchall, one of Dogecoin’s co-founders Billy Markus, and developer Max Keller.

In September, the Ethereum founder expressed hope that the project would move to a consensus mechanism Proof-of-Stake (PoS), using the codebase of the second-largest cryptocurrency.

In a discussion with CoinDesk an informed source noted that the Dogecoin team “plans to study the advantages of PoS, possibly with some parallel chain.” He also emphasised that “there are no definite timelines and there are internal frictions.”

Lead developer Ross Nicoll told the publication that he “would like to see PoS studied.” According to him, to do this he would have to “convince many people.”

Perhaps Nicoll has managed to do so. The Dogecoin Foundation’s roadmap states:

“The organization is also working with Vitalik to create a dogecoin-specific model of community staking on PoS, which allows everyone, not just large players, to participate in the project and earn rewards for contributing to the network.”

As part of the roadmap presented, the Dogecoin Foundation also announced a number of ecosystem-building projects:

• Libdogecoin — a protocol for the meme cryptocurrency implemented as a standard C library;
• Dogecoin Standard — specifications presenting the “reference implementation” of a wallet. The document will also serve as the project’s white paper;
• GigaWallet — an open-source solution that enables DOGE transactions on any online platform. It comprises a set of APIs.

The organization noted that work on most projects would begin in 2022. The team would also update the roadmap then, revealing additional details.

In November, developers reduced the recommended transaction fees in the Dogecoin network.

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