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Dogecoin Foundation and Ethereum’s Vitalik Buterin Works on Staking

Dogecoin Foundation reports that the foundation is currently working with Vitalik Yeterin to build proof-of-stake (PoS), capabilities for the Dogecoin Network. The uniquely Doge proposal is intended to support a “community-staking” version.

Dogecoin Foundation discusses the Project’s “Trailmap”

The official Twitter account of Dogecoin Foundation tweeted on December 23 about the digital currency network’s “Trailmap.” This is a series of initiatives that outline the Dogecoin ecosystem and blockchain’s future direction. Dogecoin Foundation states that a traditional cryptocurrency “roadmap” is a summary of a network’s direction. It’s usually “led by one company or “lead”.

Dogecoin’s foundation claims Dogecoin was always “community-driven”, with many individual and organizational contributors. The Dogecoin Foundation’s blog notes that Dogecoin’s direction is determined by the contributions of many people to the various projects in the Dogecoin ecosystem. The Dogecoin Trailmap also adds:

This Trailmap is a Dogecoin Foundation dog-walk that we are committed to exploring, and we believe will be a contributing factor to Dogecoin’s success.

The Trailmap explains a variety of proposals and projects the foundation is currently working on. It also shared the Dogecoin Manifesto, which the organization released in August. The Trailmap’s core principles stress that adoption is a prerequisite for the crypto asset’s utility.

Gigawallet Project, Working with Vitalik to create a PoS Community Staking Version

One of these projects is the Gigawallet Project. This is an open-source initiative that aims to fill that gap by providing a node / api solution that can be setup in seconds that allows a developer add Dogecoin transactions onto their platform as easily as with any polished payment provider. The Dogecoin Foundation believes that the Gigawallet Project “rapidly accelerates” adoption of dogecoin (DOGE).

The foundation claims that it is working with Vitalik Buterin, co-founder of Ethereum. The Trailmap explains that the Foundation is also working with Vitalik to create a unique Doge proposal for PoS called ‘Community Staking.’ This version will allow all players, not just the large ones, to participate in a way which rewards them for their contributions to the network and gives back to the community through charitable causes.

Buterin made statements back in June about the foundation’s PoS proposal. On the Lex Fridman podcast, the Ethereum co-creator spoke out on the topic. Buterin stated that Doge could bridge to Ethereum if he wanted to, then people would be able to trade him thousands of times per second within a loop ring.

In September last year, Billy Markus, co-founder and CEO of Dogecoin, suggested that the Dogecoin network would be enhanced by an Ethereum bridge and compatible nonfungible token markets. Two things that I believe would benefit Dogecoin are the completion of DOGEETH bridge and NFT platforms (e.g. Markus commented on Twitter that Opensea would allow DOGE-ETH tokens to be used for purchase. With crypto, NFTs are in high demand. It is very useful to allow DOGE purchases of NFTs.