Interesting changes are on the horizon for Dogecoin, one of the leading meme coins in this industry. After years of zero development activity, the network will receive a prominent upgrade. Dogecoin will gain a staking mechanism, which is interesting for a currency that already has an uncapped supply.
Staking Dogecoin Is An Option
Most people know Dogecoin has been around for several years. it is a very successful project, even though it is a meme currency with limited utility. Moreover, Dogecoin has not seen much development over the years, as the Dogecoin Foundation had seemingly abandoned the project altogether. Six years after its latest contributions, the Foundation surprised everyone by introducing the Dogecoin Trailmap.
As part of this new roadmap, there is a section of DOGE staking. More specifically, the solution is currently in development with the help of Vitalik Buterin. Ethereum is set to undergo a switch to proof-of-stake, thus it makes sense to leverage that knowledge for other projects. Whether staking benefits Dogecoin is different, as the currency has an uncapped supply.
However, it appears the staking solution will try to reward all users equally. Since day one, the community has been a crucial aspect of this project, and ensuring “community staking” is successful will be paramount. All users will receive rewards for their contributions, and there will be a focus on charitable causes.
The new Dogecoin Foundation seems to be more active than the previous members. Vitalik Buterin is an advisory board member along with Billy Markus and Max Keller. Neuralink CEO Jared Birchall will allegedly represent the interests of Elon Musk, although it remains to be seen if that will have any influence.