The Dogecoin Foundation, which is behind the meme-based cryptocurrency Dogecoin (DOGE), is creating a staking mechanism in collaboration with Ethereum co-founder Vitalik Buterin.
Additionally, as part of the trailmap, Buterin and the Dogecoin Foundation are working on a “uniquely Doge proposal”. For a “community staking” proof-of-stake version (PoS).
According to the Dogecoin Foundation, a version like this would allow all Dogecoin users to stake their DOGE. And gain extra tokens in exchange for assisting the network:
“(The PoS version) would enable everyone, not just the large players, to engage. In a way that rewards them for their contributions to the network’s operation. While also letting them to give back to the community through charitable activities.”
On the other hand, the Dogecoin Foundation restarted its initiative in August 2021, as originally indicated, after almost six years of almost little public activity. The organisation has named Buterin, Dogecoin co-founder Billy Markus, and Dogecoin core developer Max Keller to its advisory board. Elon Musk, the CEO of Tesla and a significant backer of DOGE, expected to have Jared Birchall, the CEO of Neuralink, represent his interests.
“As you might guess, embarking on such a journey is no easy feat. And we’re only getting started”. In a recent piece, the foundation states, “We already have some powerful friends on our side. And a growing collection of people who are getting ready to devote development time to these open-source projects”.
DOGE’s payment system initially created as a “joke” by software programmers Billy Markus and Jackson Palmer in 2014. Shortly after its founders departed the project, the Dogecoin Foundation went out of business.