The team behind the most popular meme coin, Dogecoin (DOGE), is considering a proof-of-stake (PoS) venture. Marshall Hayner, a Dogecoin Basis board member, took to X to assess public response on the notion of staking Dogecoin.
In a Twitter poll, Hayner asked, “Would you stake Dogecoin if it was stakeable?” DOGE.”
The group answered with mixed feelings. In response to the ballot results, 39.9% of voters indicated a readiness to stake Dogecoin. In contrast, the vast majority, 60.1%, expressed hesitation to act.
In response to this poll, Mishaboar, a well-known figure in the Dogecoin community on X, expressed his thoughts on the subject. Mishaboar voiced concerns about fraudulent staking mechanisms, particularly those centered on loan. Except for one who possessed insider information, the influencer warned against the perceived disproportionate risks associated with such staking.
Mishaboar also considered the possibility of Dogecoin evolving to a genuine staking consensus mechanism. Mishaboar stated that he would prefer to switch to another Proof-of-Work (PoW) cryptocurrency after reflecting on his observations over the preceding two years. He joked about altering the logo to incorporate a canine if such a switch to PoS occurred.
Meanwhile, Mishaboar stated that shifting to a different consensus method isn’t a completely bad idea if done properly and based on solid data. Mishaboar also expressed concerns about the effectiveness of PoS chains. Underperformance, severe centralization by wealthy builders, catastrophic failures, and usefulness issues were all mentioned by him.
Furthermore, when examining the benefits of PoS—lower energy use and maybe faster transactions—Mishaboar questioned their applicability to Dogecoin. He contended that such characteristics may not be relevant in many situations.
Meanwhile, Mishaboar stated that shifting to a different consensus method isn’t a completely bad idea if done properly and based on solid data. Mishaboar also expressed concerns about the effectiveness of PoS chains. Underperformance, severe centralization by wealthy builders, catastrophic failures, and usefulness issues were all mentioned by him.
Furthermore, when examining the benefits of PoS—lower energy use and maybe faster transactions—Mishaboar questioned their applicability to Dogecoin. He contended that such characteristics may not be relevant in many situations.
