In a recent podcast episode of UpOnly, Vitalik Buterin, the founder of Ethereum, shared his thoughts on the Mime Coin. He stated that “every major cryptocurrency except one will eventually have Proof of Stake”. [PoS] There is an active plan to switch over to it.” To substantiate his claim, he pointed out that Ethereum is the biggest proof of PoS.
At the end of December 2021, Dogecoin’s “trailmap” was updated. Several proposals are being worked out in this updated trialmap, including “community staking”. As the name suggests, this will reward DOGE holders for staking their tokens, just as Proof of Stake has already done on the chain. While it was not directly stated in the trailmap that DodgeCoin is being changed, many believe that community staking will emulate Ethereum’s current hybrid model, which will run PoW and PoS chains together.
Proof of Stake (PoS): How it works
In case you are wondering what a proof-of-stake is all about, let us tell you that this model allows cryptocurrency holders to stake coins and create their own validator nodes. Staking occurs when a user decides to stake his or her coin to verify a transaction. Coins are locked when the user stakes them, but these coins can be un-stakeable if the user wishes to trade them.
When a block of transactions is ready to be processed, CryptoKitties’ Proof-of-Stake protocol selects a validator node to review the block. Validator checks that the transaction in the block is correct. If so, they add the blocks to the blockchain and receive crypto rewards for their contributions.
However, if a validator proposes to add a block with incorrect information, they lose some of the stake at stake as a penalty.<!–
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