Mishaboar, a leading developer in the Dogecoin ecosystem, has stated that it intends to abandon the protocol in the event of a move to PoS consensus.
Proof-of-stake (PoS) and proof-of-work (PoW) are the two main system-of-systems mechanisms that underpin most cryptocurrencies. PoW is used by Bitcoin and Dogecoin and relies on miners solving complex mathematical puzzles to verify transactions and protect the network.
DOGE developer Mishaboar has warned against developing Dogecoin if the move to PoS consensus is implemented.
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PoS protocols have inherent flaws that could contradict Dogecoin's core principles, he said.
"Most PoS chains have underdelivered, are obscenely centralized and are run by wealthy developers holding huge bags. They have failed catastrophically (playing with Ethereum feels like highway robbery)," he believes.
A Dogecoin developer was asked if he would bet on Dogecoin if given the opportunity. In response, he talked about his attitude towards PoS mechanisms and their potential impact on the future of Dogecoin.
Mishaboar is also concerned about the reliability of PoS mechanisms in general, as many PoS chains have failed to live up to expectations, moving closer to the idea of centralization as well as experiencing occasional failures. The developer recalled the potential difficulties associated with the PoS approach when a significant portion of the coins offered are held by cryptocurrency exchanges.
His explanations also include the benefits of PoS, such as energy efficiency and transaction speed, but for Dogecoin, these are not as significant and may not matter. Mishaboar believes that other solutions, such as payment channels or working with payment providers, will help achieve the same results without moving to PoS.
There is a heated debate in the Dogecoin community about a possible transition from the established PoW mechanism to a PoS alternative. It's worth noting that PoS has become popular because of its energy efficiency and scalability potential, while it has faced harsh criticism for its approach to centralization.
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