The Dogecoin Foundation says it's working on a staking concept with Ethereum's Vitalik Buterin.
The Dogecoin Foundation is collaborating with Vitalik Buterin to build proof-of-stake (PoS) capabilities for the Dogecoin network, according to the organisation. The "uniquely Doge proposal" aims to strengthen the protocol's "community staking" version.
The 'Trailmap' of the Dogecoin Project is discussed by the Dogecoin Foundation.
The Dogecoin Foundation's official Twitter account announced the "Trailmap," a set of efforts that effectively define the projected trajectory of the Dogecoin blockchain and ecosystem, on December 23. A typical crypto "roadmap," according to the Dogecoin Foundation, is a rigorous outline of a cryptocurrency network's trajectory, and it's usually "directed by a single firm or'lead.'"
Dogecoin has always been "community-driven," according to the foundation behind the blockchain system, with "many individual and organisational contributors." The Dogecoin Foundation noted in a blog post that "Dogecoin is a community-driven, consensus-based open-source project, and its direction is formed by the numerous individuals and organisational contributors to the different initiatives of the Dogecoin blockchain [and] ecosystem." The Dogecoin Trailmap adds:
"This Trailmap illustrates a dog-walk that the Dogecoin Foundation is committed to exploring and that we believe will contribute to Dogecoin’s success."
The Trailmap highlights a variety of projects and suggestions that the foundation is working on, as well as the organization's recently released Dogecoin Manifesto. In essence, the Trailmap's foundations emphasise that the utility of a crypto asset correlates to adoption.
Working on a Community Staking Version of PoS with Vitalik and the Gigawallet Project
The Gigawallet Project is "an open-source initiative aimed at filling that gap by providing a node / API solution that can be set up in seconds and allows a developer to add Dogecoin transactions to their platform, as easily as they might with any polished payment provider," according to one of the projects mentioned. The Gigawallet Project, according to the Dogecoin Foundation, will "rapidly accelerate" dogecoin (DOGE) adoption.
In addition to the Gigawallet Project, the organisation claims to be collaborating with Vitalik Buterin, the co-founder of Ethereum. "The Foundation [is] also working with Vitalik on crafting a uniquely Doge proposal for a'Community Staking' version of PoS that will allow everyone, not just the big players, to participate in a way that rewards them for their contribution to running the network while also giving back to the entire community through charitable causes," according to the Trailmap.
Buterin's statements on collaborating with the Dogecoin community in June prompted the foundation's PoS proposal. On the Lex Fridman podcast, the Ethereum co-creator explored the topic. "It would be fantastic if Doge wanted to bridge to Ethereum, and then people could trade doge thousands of times per second within a loop ring," Buterin said at the time.
Additionally, Dogecoin co-founder Billy Markus argued in September that an Ethereum bridge and compatible non-fungible token (NFT) exchanges would benefit the Dogecoin network. Markus wrote on Twitter, "I believe two things would benefit Dogecoin: [the] completion of the DOGEETH bridge, [and] NFT platforms (e.g. Opensea) allowing the DOGE-ETH token to be used for purchases." "With crypto, buying NFTs is in high demand. Allowing DOGE to be used to buy NFTs greatly increases its utility."