The Dogecoin foundation that has been re-established recently is working on a staking feature for Doge. They have been collaborating with Vitalik Buterin, who is the co-founder of Ethereum. This partnership is likely to bear fruitful results for Dogecoin and help the price to increase. The foundation has also released a Trailmap which includes a lot of exploring and will contribute to Doge’s success.
The benefit of staking
Dogecoin is currently based on a proof of work mechanism, which is not very efficient. And for users to take advantage of the same, they need devices that can mine Doge for them. On the other hand, a proof of stake mechanism will be efficient energy-wise and help users earn extra tokens by staking directly on the network. It will bring more equality to the game as investors can earn according to their investments, and it’s not just the big miners who earn Doge.
The Dogecoin Foundation was inactive for almost 6 years, and now it has finally been re-established. Its main goal is to support the developed and the meme coin aspect. This foundation has Vitalik Buterin as one of the members, which is why this collaboration has been possible. It also solves the problem that Dogecoin doesn’t have an active developer community.
When the foundation was re-established, they said that in the future, there would be many new projects the community will work on. The goal was to build a broader Dogecoin ecosystem. Another important objective of the foundation was to protect the identity of Dogecoin. There are so many meme coins that have been copied that investors might get confused about their investments. This is also the reason that they asked the meme coin Dogecoin 2.0 to rename itself.
They have also been working to secure a 3-year budget to make sure the projects continue well. And considering the names involved in the foundation that is Vitalik and Jared, CEO of Neuralink, this won’t be a problem. All this, with the fact that Elon Musk always backs Doge, will be a big win for the meme coin.
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