Dogecoin Developer: PoS Mechanism Poses Centralization Risks, Team Will Withdraw If Shift to PoS

The chief developer of Dogecoin, Mishaboar, stated in a response to users that the likelihood of Dogecoin switching to a PoS (Proof of Stake) consensus mechanism is very low. However, if it were to happen, he would exit the team and focus on other PoW (Proof of Work) projects. He also emphasized that PoS carries serious centralization risks, which could lead to failures or usability issues.

Mishaboar's View on PoS

Issues with PoS

As a response to a survey by Marshall Hayner, the founder of blockchain technology company Metallicus, regarding support for staking Dogecoin, Mishaboar replied:

There are too many risks associated with false staking based on lending features unless it is done by insiders. But even then, the risk is still significant.

He pointed out that most PoS blockchains currently have issues, with catastrophic failures even occurring. These include over-centralization, control by developers holding large token amounts, a large portion of the supply controlled by exchanges, and concerns about regulatory enforcement.

These factors could lead to severe network failures or make usability more cumbersome, hence PoS is not the best and only consensus mechanism.

Will Dogecoin Transition to PoS?

Although unlikely, if Doge were to move to PoS, I might exit and switch to other PoW blockchains.

Nevertheless, Mishaboar supports Dogecoin exploring alternative consensus mechanisms, provided that it relies on reliable data for research and avoids speculation.

He also claims that the main advantages of PoS are lower energy consumption and faster transaction speeds. However, for most transactions, these are not necessary. For these needs, he believes they can be achieved through other solutions such as payment channels and integration with payment service providers.

Increase in Doge Active Addresses

Additionally, data from IntoTheBlock shows that the number of active addresses on most mainstream chains remains stable amid market downturns. Both Litecoin (LTC) and Dogecoin (DOGE) have recently seen a significant increase in activity.

On average, there are 231,000 daily active addresses on the LTC chain and 46,080 on the DOGE chain.

$BONK Shiba Inu's Passing

Previously, Mishaboar and the Dogecoin Foundation expressed their condolences for the passing of Balltze on Saturday in a recent press release, who sparked a craze with the Solana ecosystem meme coin $BONK earlier this year in January.

The meme associated with Balltze, widely known as the Cheems meme in the community, gained popularity in 2017 for its anxious and despondent appearance and went viral on the internet, with Balltze passing away on the afternoon of August 19 due to illness.

As an extension of internet culture in recent generations, memes have been a significant factor in the crypto space, with far-reaching impacts.