A well-known engineer in the Dogecoin community has expressed reservations about modifying the cryptocurrency’s operation. Mishaboar, the developer, has even threatened that they may abandon the Dogecoin project. This is assuming that improvements to Proof of Stake (PoS) are considered.
Proof of Stake is a new way for cryptocurrencies to function, but Mishaboar believes it may not be a suitable fit for Dogecoin. They are concerned about it. One concern they perceive is that previous cryptocurrencies that use Proof of Stake have had problems with being overly centralized.
This signifies that too much power is concentrated in the hands of a few people. Mishaboar is also concerned that Proof of Stake may cause issues if crypto exchanges hold a large number of Dogecoins. People may exchange cryptocurrency on these websites. This might lead to a slew of legal issues.
Mishaboar further stated that Proof of Stake is intended to speed up blockchain transactions while using less energy. Nonetheless, Dogecoin does not require the benefits of PoS. There are various approaches to improve Dogecoin that do not need the usage of PoS. Instead, they might use specialized payment channels with payment processing businesses.
Concerning the fans, several members of the Dogecoin community have expressed sympathy for Mishaboar’s worries. Others, on the other hand, believe that investigating Proof of Stake might provide additional benefits.
— Walletor (@walletorapp) August 20, 2023
Dogecoin has gained popularity as a financial instrument, with more individuals investing in it. Doge is only one of several memecoins available. The future of the coin is unknown, but the creators aspire for a brighter future.
Finally, Mishaboar’s key argument is that, although Proof of Stake may be effective for some cryptocurrencies. However, it is not the ideal option for Dogecoin. They feel that Dogecoin may be improved in numerous ways without such drastic changes. This example demonstrates the need of thinking carefully about how modifications may influence what makes each coin distinctive.