The non-profit organization behind the development of meme-based cryptocurrency Dogecoin has announced a partnership with Ethereum co-founder Vitalik Buterin to create a staking mechanism for $DOGE.
As Cointelegraph reported on December 24, according to the “Dogecoin Trailmap”, which is Dogecoin Foundation’s first ever development roadmap, they have a plan to develop a staking mechanism for $DOGE with the help of Buterin.
I also suggest "Libidoge" to the trail map. It will be used to measure the excitement level of the Shibes ??????
— Dogeficial Intelligence (@occupymars42069) December 23, 2021
The Foundation says it is working to create a “uniquely Doge proposal” for community staking, a version of the Proof-of-Stake (PoS) system that Ethereum is similarly implementing.
Under the new system, Dogecoin users will be able to stake their $DOGE to improve network function, while receiving a modest reward in return.
The proposal reads,
[The PoS version] will allow everyone, not just the big players to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes.
Despite being billed as a dead project, with little to no media activity for the last six years, the Dogecoin Foundation is attempting a development revival for the memecoin. In August, the Dogecoin Foundation reestablished itself, announcing a new team comprised of advisory board members Vitalik Buterin and Dogecoin co-founder Billy Markus, among others.
The most recent Trailmap highlighted DOGE’s “influential friends” working to grow the project and contribute development time to the open-source project.
Photo by user KNFind via Pixabay.com
