Dogecoin Roadmap Recruits Vitalik Buterin for Staking
Dogecoin has published a roadmap announcing a suite of new features to be developed in 2022.
The plans include a proposal Proof-of-Stake, which Ethereum co-founder Vitalik Buterin has contributed to.
Dogecoin has had an eventful year, thanks in part to endorsements from Elon Musk.
Share this article
The development team behind Dogecoin has created a roadmap, as published on the project’s website this month.
Dogecoin Roadmap Includes Proof-of-Stake
Dogecoin has published a roadmap for the first time in eight years.
Published on the Dogecoin website, the plan notably includes a proposal for Proof-of-Stake that will allow investors to earn interest by staking their DOGE tokens.
The proposal is called a “uniquely Doge proposal” that will allow “everyone, not just the big players to participate.” The feature will also dedicate a portion of staking rewards to charity.
According to the roadmap, the proposal is being developed in collaboration with Vitalik Buterin, creator of the Ethereum blockchain, which itself is currently preparing to switch to Proof-of-Stake as part of its Ethereum 2.0 roadmap.
Vitalik Buterin initially suggested that Dogecoin should introduce Proof-of-Stake in September. He explained that this would probably not replace Proof-of-Work, which currently provides 5 billion DOGE worth around $970 million in rewards to miners per year.
The roadmap also suggests that Dogecoin will receive a newly redesigned site along with an encyclopedic FAQ section.
Other goals mentioned in the roadmap include radio and Starlink-based Dogecoin nodes and a point-of-sale app produced in partnership with a yet-to-be specified Layer 2 project.
Developers will also gain several new tools according to the plans laid out. The Dogecoin team is aiming to provide a C library (Libdogecoin), a written specification (Dogecoin Standard), an SDK (Dogecoin Keyring), and a transaction API (GigaWallet).
Though the roadmap does not provide precise dates, development on most of these features will begin in 2022.
Dogecoin and Elon Musk
Though Dogecoin was initially dismissed as a meme coin that copied many of its features from Bitcoin and Litecoin, the coin gained more legitimacy this year as the retail market took a greater interest in the project.
By far the biggest influence behind Dogecoin’s rise was Tesla and SpaceX CEO Elon Musk, who frequently took to Twitter throughout the beginning of the year to post memes endorsing the project. Musk’s tweets caused sudden jolts in the price of DOGE on multiple occasions. At the height of the mania for Dogecoin and other dog-themed meme coins, he appeared on Saturday Night Live, where he described it as “a hustle.” It crashed from highs of $0.77 shortly after.
Besides memes, Musk has also taken an interest in the blockchain’s technology. In May, he said that he was working with developers to improve its transaction efficiency and followed up by supporting a fee reduction proposal in June. This week, during discussions with Jack Dorsey over venture capitalists’ involvement in Web3 and Ethereum, Musk appeared to agree with Dorsey’s concerns. “That’s why I’m pro Doge,” he said. Musk has previously stated that he holds Bitcoin, Ethereum, and Dogecoin.
Dogecoin creator Billy Markus, who is no longer directly involved with development, noted that this month’s publication is the first roadmap that the project has had since it launched in 2013.
“For the first time in 8 years, Dogecoin has a roadmap that isn’t a drawing of a road with the word wow,” Markus wrote on Twitter.
A more robust suite of features should help Dogecoin differentiate itself from the earlier cryptocurrencies that it was derived from.
Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Tesla to Accept Dogecoin Payments for Merch, Musk Says
Tesla CEO Elon Musk has said that Tesla will accept Dogecoin as payment for some of its merchandise. Tesla to Make “Merch” Buyable With Dogecoin According to Tesla CEO Elon…
AMC Is Considering Dogecoin Alongside Other Cryptos
Adam Aron, CEO of AMC Entertainment, polled his Twitter audience today on the possibility of accepting Dogecoin. More Than 80% of Respondents Support Dogecoin Aron posted this message on his…
Dogecoin Dev Passes Away, Leaving Seven Year Legacy
One of Dogecoin’s most notable developers, Sporklin, has passed away, as revealed by Dogecoin creator Billy Marcus yesterday. Seven Years of Service Marcus wrote on Twitter that “Sporklin devoted the…
How SocialGood Is Offering 100% Crypto Cashback on Online Shopping
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…