Vitalik Buterin Discusses DOGE/ETH Cooperation and How Dogecoin Can Switch to PoS

Buterin’s Proposal on How Dogecoin Can Switch to PoS

Vitalik Buterin, the creator of Ethereum, took to Twitter to undertake an experiment. Buterin attempted to gauge the platform's worth to engage in dialogues.

As a result, he asked 268 individuals to ask him questions on any subject. One of the responses was Elon Musk, CEO of Tesla and SpaceX.

His inquiry had nothing to do with Buterin's recent appointment to the Dogecoin Foundation Board of Advisors, alongside Musk, Billy Markus, and others. 

This is most likely to lead Zhu Su, CEO of Three Arrows Capital, to enquire about the Dogecoin/Ethereum collaboration.

In response to Zhu Su, Buterin stated that he "hopes" DOGE can switch from a Proof-of-Work consensus algorithm to a Proof-of-Stake consensus method, similar to ETH 2.0. 

In addition, he indicated that the meme currency might leverage the Ethereum code to carry out this transfer. Buterin added:

“I also hope they don't abolish the annual PoW issue of $5 billion, but rather place it in some type of DAO that finances global public benefits. Would fit very well with Dogecoin's non-greedy, healthy culture.”

This ignited both criticism and admiration from members of the cryptocurrency community. Some have stated that DOGE is a “highly” centralized cryptocurrency. 

As a result, a PoS consensus might be harmful to the project.

Buterin's plan appears to be keeping with his belief that Ethereum and cryptocurrencies may have a beneficial influence in the real world. When asked how this might be done, he replied:

“Mechanism design concepts hatched inside the crypto ecosystem being effective and then being implemented at the national scale. Cryptocurrency or blockchain technology are making it even simpler for governments to deliver entirely digital services (Estonia-style but going much further) globally.”

Will The Cooperation Between ETH and DOGE Change the World?

The Dogecoin Foundation was founded in 2014, however, it was only later that it was resurrected. 

This time, it will strive to help Dogecoin with its development and advocacy, as well as to combat misuse and fraud and to build a plan for the project.

Vitalik Buterin, like Elon Musk, was candid about his thoughts on the project. Their participation generated a lot of buzz in the crypto community, which sympathizes with DOGE.

This technology has the potential to aid conventional institutions, such as banking and politics with updated operations.

“I'm hoping that the move to crypto will be a significant enough change in context that some of the normal opposition to new ideas will evaporate and we will be able to implement better procedures. This worked well when Uber introduced surge pricing, for example.”

At the time of writing, ETH is trading at $3,783 with a 1.8% and 17.1% profit on the daily and weekly charts, respectively.

DOGE, on the other hand, has remained trapped at its present levels but records a significant push upward on the daily chart with a 3.5% profit. 

If the bulls retake the lead, the $0.30 level appears to be a big obstacle.