Chief Dogecoin Developer Threatens To Quit If DOGE Transitions To PoS

A prominent contributor and lead developer of Dogecoin (DOGE), Mishaboar, has openly hinted that he may step down from the project if a transition to a proof-of-stake (PoS) consensus is pursued. He raised many concerns regarding the PoS mechanism, saying it possesses inherent flaws that could conflict with Dogecoin’s fundamental principles.

The chief developer made this statement in response to a query of whether he would stake DOGE if given the opportunity. Mishaboar focused on his concerns regarding the POS mechanism in a statement. He said numerous PoS blockchain projects have not lived up to expectations, encountered centralization issues, faced severe breakdowns, or become unwieldy for users.

If this refers to false “staking”, based on lending then no. The risk is too high unless you are an insider (and even then…).

If this refers to a remote possibility of Doge ever switching to PoS, after what I have seen over the past 2 years, i would probably then move to…

— Mishaboar (@mishaboar) August 20, 2023

Moreover, Mishaboar pointed out the potential difficulties posed by a PoS approach when cryptocurrency exchanges control a significant portion of the coin supply.

He said:

“I cannot see how PoS can be a sensible approach when a huge chunk of the supply is held within exchanges. Not to mention potential issues with regulators.”

Proof-of-stake is more energy efficient than the proof-of-work (PoW) mechanism. Also, proponents of PoS emphasize its fast transaction speed. However, Mishaboar has challenged these claims when it comes to DOGE. He said being fast and energy efficient are laudable goals, but they may not be important for Dogecoin’s purposes.

However, without switching to PoS, other alternative solutions, such as working with payment providers and payment channels, can offer similar benefits, he believes.

The decision to adopt PoS is not new in the crypto market. Ethereum recently transitioned to proof-of-stake through “The Merge.”

PoS Vs. PoW

PoS and PoW are two primary consensus mechanisms that serve as the backbone for most crypto assets. PoW, used by BTC and the original Dogecoin, involves miners. They solve tricky math problems to validate transactions and make the network safe.

On the other hand, validators in PoS have to stake a portion of their crypto as collateral before confirming traction and adding new blocks.

Notably, discussions regarding a transition of Dogecoin from its PoW mechanism to PoS began in 2021. Vitalik Buterin, the co-founder of Ethereum, introduced the idea, and subsequent conversations hinted at a PoS transition in DOGE’s roadmap. However, until now, the implementation of PoS remains a matter of controversy rather than a concrete reality.

The DOGE community is split in two. Some people want to switch to PoS because they think it can handle more transactions and is better for the environment.