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Dogecoin officially becomes the 2nd PoW crypto

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Just after the Ethereum platform’s proof-of-stake (PoS) update last Thursday, meme-inspired virtual currency Dogecoin (DOGE) has become definitively the second biggest proof-of-work (PoW) virtual currency about market capitalization.

Bitcoin (BTC) stays far ahead of Dogecoin’s share value of $7.83B. However, the popular memecoin continues to be in front of the 3rd PoW virtual currency Ethereum Classic with a share value of $4.69B, Litecoin with just a share value of $4.01B, or Monero with just a share value of $2.65B.

One Dogecoin supporter appeared surprised by Dogecoin’s emergence to become the 2nd biggest PoW virtual currency, asking who could’ve expected this to happen to congratulate the Dogefam.

However, it was not well received by everybody. In response to a Twitter post about the headlines, one person on Twitter questioned how individuals could take the virtual currency industry sincerely with such a memecoin so near the top spot, highlighting the significance of removing useless cryptocurrencies from the general public’s perspective.

Based on the formal Twitter page of ETHW, which would usually charge $13.64 on the CoinMarketCap platform, Dogecoin could soon conclude itself trying to compete with ETHPoW, Ethereum’s PoW rigid fork system that will remain in mining.

The pressure is on

The transition of Ethereum to PoS might have just increased tension on PoW-powered virtual currency systems to switch toward a more self-sustaining consensus protocol.

Lachlan Feeney, the CEO and founder of Australian-based distributed ledger growth organization Labrys, stated in a declaration that the tension is now placed on Bitcoin to rationalize the PoW framework in the long run. He also stated that the unwillingness to hold out its shift towards PoS would be enormous.

In the meantime, Dogecoin’s Foundation has already been contemplating a proof-of-stake transformation since first peeking at it last September, as proposed by Ethereum’s founder Vitalik Buterin, who serves as a senior advisor to Dogecoin Foundation.

Dogecoin Foundation’s launched the Dogecoin Trailmap last December, proposing to construct a Dogecoin public securing edition similar to PoS.

Dogecoin’s Foundation launched it on a Thursday. It represents a dog-walk that the foundation is committed to uncovering and believes will start contributing to Dogecoin’s accomplishment. The foundation is collaborating with Buterin on something like a distinctively Doge proposition for a society staking edition of proof-of-stake as an aspect of the trail map.

According to Dogecoin’s Foundation, this version might enable all Dogecoin consumers to invest their DOGE and earn extra crypto to continue supporting the system. Nevertheless, little advancement has occurred since then, with the Dogecoin webpage indicating that it is still in submission status.


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