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Dogecoin community, Ethereum developer Buterin partner to develop community stacking

Ethereum

TL;DR Breakdown

  • Doge community parter Vitalik Buterin to develop community staking platform.
  • Other projects Doge community is working with alongside Ethereum developer, Buterin.

The Dogecoin Foundation, a non-profit organization, has joined forces with the founder of Ethereum, Vitalik Buterin to create a “Community Staking” system based on the Proof-of-Stake (PoS) consensus mechanism.

Per the Dogecoin Trailmap, community staking is a version of PoS that would enable the entire community member to earn rewards for their participation and contribution to the Dogecoin ecosystem.

Beyond that, members will be able to give back to the whole community through charitable causes. The foundation behind the Dogecoin blockchain protocol says Dogecoin has always been “community-driven” with “many individual and organizational contributors.”

Bridging Doge and Ethereum: Gigawallet Project, PoS wallet project, and Libdogecoin

The foundation is also working with other projects, including Gigawallet, a PoS wallet project, and Libdogecoin, a javascript library for Dogecoin.

The GigaWallet project presented on the trail map will provide an API solution that will allow the addition of Dogecoin transactions to the platform and implement the coin’s network as a payment provider.

The GigaWallet will provide two API levels. The first one will be used to process and validate traditional Dogecoin transactions, and the second layer will be used to integrate the Dogecoin Keyring App and SDK (Software Development Kit).

Users will maintain ownership of keys without losing the ability to transact Dogecoin. After the release and full implementation of the GigaWallet, the foundation will be able to focus on the development of community staking.

For the PoS proposal, it follows Buterin’s statements about collaborating with the Dogecoin community back in June. The Ethereum co-creator discussed the subject on the Lex Fridman podcast. “If Doge wants to somehow bridge to Ethereum, and then people can trade doge thousands of times a second inside a loop ring, then that would be amazing,” Buterin said at the time.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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