Vitalik Buterin Identifies the Two Crypto He Desires to Move to Proof-of-Stake
Vitalik Buterin said that Dogecoin and Zcash may emulate Ethereum.
Two other PoW blockchain technologies, according to the co-founder of Ethereum, may migrate to PoS in the near future.
During the 2022 Mainnet blockchain event, he also discussed the Merge and provided a quick update on the next phase in Ethereum’s development.
Ethereum made history on September 15, when it successfully migrated from proof of work to proof of stake as the first large-scale blockchain technology.
The effects of this huge shift on network security, scalability, and use are yet to be determined, while the Ethereum Foundation says that energy consumption has decreased by 99.9%.
Vitalik Buterin answered affirmatively when asked at the Mainnet event if other PoW networks should emulate Ethereum. In fact, he predicts that the next two PoW-based cryptocurrencies might be Dogecoin and Zcash.
Intriguingly, both Dogecoin and Zcash developers have played with the notion of moving to PoS, with Zcash’s creators examining the potential merits and downsides in a mid-2022 article.
Buterin detailed the next step on Ethereum’s road map, the Surge, just before the Merge. Now, he has said that it would not be a single event like the Merge, but rather it will “occur in phases.”
So far, the Merge has been a sell-the-news event for Ethereum’s native token, as its price has dropped from more than $1,600 to less than $1,500 in less than a week.
Also Read: The Governor Of California Vetoes A Bill Establishing A Licensing Framework For Crypto Companies