Vitalik Buterin, co-founder of Ethereum, predicts that two other proof-of-work blockchains, Zcash and Dogecoin, will switch to proof-of-stake consensus in the future.
Buterin stated at this year’s Mainnet blockchain event that Zcash and Dogecoin will likely follow in Ethereum’s footsteps and eventually transition to proof of stake once the consensus model matures.
“I’d say should … as PoS matures I would expect it to increase in legitimacy over time. I hope Zcash moves over and I am hopeful Dogecoin moves to PoS soon,” Buterin said on Friday.
After years of research and development, Ethereum underwent The Merge on September 15, a highly anticipated upgrade that switched its consensus mechanism from proof of work to proof of stake. According to the Ethereum Foundation, the proof-of-stake transition reduced energy consumption by 99.9%, which is expected to significantly reduce the blockchain’s carbon footprint.
The developers of Zcash and Dogecoin have already expressed interest in switching to proof of stake in separate announcements, which is in line with Buterin’s predictions.
Electric Coin Company, the development firm behind Zcash, published a blog post in mid-2021 outlining its approach and next steps toward implementing PoS. A similar concept has been floated by Dogecoin. Still, switching to blockchain consensus is easier said than done, and it necessitates a nuanced discussion among community members about how the change may impact a network.
According to CoinGecko data, both Dogecoin and Zcash are among the top ten cryptocurrencies by market capitalization that use the proof-of-work mode. While Dogecoin is a meme coin and Zcash is a privacy-focused asset, they both use specialized mining hardware that requires a lot of power to process new blocks.
Proof-of-stake consensus, on the other hand, employs validators who stake assets on the network to confirm their honest behavior in verifying blocks. This reduces the need to spend money on electricity and hardware.