JAKARTA – Ethereum founder Vitalik Buterin expects other cryptocurrencies such as Dogecoin (DOGE) and Zcash to switch to a Proof-of-Stake (PoS) mechanism in the near future. Buterin made this statement at the Mainnet 2022 blockchain event on the sidelines of his discussion regarding the next Ethereum development after The Merge, namely The Surge.
Ethereum successfully implemented The Merge on September 15th. This is the first large-scale blockchain to successfully transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Even so, the consequences of this significant change are yet to be seen in terms of network security, scalability, and usability, although the Ethereum Foundation claims that energy consumption has decreased by 99.9 percent.
Citing CryptoPotato, when Vitalik Buterini was asked at a Mainnet event whether all PoW networks should follow the Ethereum example, he gave a firm answer. Buterin also believes the two current PoW-based cryptocurrencies - Dogecoin and Zcash - could be next.
“I would say it should… as PoS matures, I expect it will increase in legitimacy over time. I hope Zcash switches and I hope Dogecoin moves to PoS soon,” said Ethereum founder Vitalik Buterin at the Mainnet 2022 event.
| TEKNOLOGI 19 September 2022, 09:19
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Interestingly, developers Dogecoin and Zcash have dabbled with the idea of transitioning to PoS, with the latter reviewing the possible pros and cons in a post in mid-2022.
Just before The Merge, Buterin outlined the next part of the Ethereum roadmap – The Surge. Now, he says it won't be a single event like Merge because it "will take place in stages."
So far, the Merge has turned into a buy-and-sell event for the native Ethereum token, as its price has dropped from from $1,600 to under $1,400 in just over a week.
Moreover, the negative sentiment from Ethereum miners still overshadows the number two crypto by market cap. After The Merge was implemented, the miners were reported to have suffered losses. In addition, GPU prices have also experienced a significant decline in China.
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