Vitalik Buterin: I Bought $25,000 worth of Dogecoin in 2016 and Sold For $4.3 Million in Late 2020
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Vitalik Buterin, the co-founder of Ethereum, at an event stated that two PoW blockchains could transition to the PoS in the future. These blockchains are Dogecoin and Zcash. 

Buterin Expects DOGE And Zcash To Migrate To PoS

At 2022’s Mainnet blockchain event, Buterin discussed with Ryan Selkis, Messari’s CEO, and Zooko Wilcox-O’Hearn, Electric Coin Company’s CEO. At the event, Wilcox-O’Hearn said he was skeptical at first about the Ethereum Merge.

However, the Ethereum team proved him wrong, and the Merge was successful. Meanwhile, Buterin stated that he expects the PoS consensus mechanism to gain more popularity as it matures.

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The Ethereum co-founder added that he expects more blockchains like Dogecoin and Zcash to join the PoS community. Meanwhile, Ethereum transitioned to the PoS consensus mechanism on September 15th.

This transition occurred after the Ethereum team implemented several network upgrades. Ethereum decided to ditch the PoW consensus due to its high-power consumption. 

Ethereum Foundation said the transition would reduce the energy consumption of the network by 99.9%. Consequently, this will review the network’s carbon footprint as it strives to be eco-friendly. 

Also, the event host asked Buterin if he thought other blockchains apart from DOGE and Zcash would take the PoS leap. He responded by saying:

“For other chains, we may have to wait and see. Some of these chains might migrate while some will never take that step. There can even be cases where they would move to a hybrid PoS.”

Zcash And Dogecoin Among Top Ten Crypto

Buterin is happy about the success of the Merge. He said the network is now in a better position since the Merge.

Meanwhile, the team of both networks, Dogecoin and Zcash, have shown interest in joining the PoS community. In mid-2021, the company behind Zcash, Electric Coin Company, posted about PoS on its blog. 

In the post, the company highlighted its approach and the steps it would take to implement a PoS. DOGE has voiced a similar idea.

However, carrying out a switch from one consensus mechanism to another is not easy. This is why the success of the Merge drew applause from the crypto community. 

Zcash and Dogecoin are among the leading ten cryptos according to market capitalization. They are currently running on the PoW consensus mechanism, which makes use of miners for validation. 

Both blockchains consume a large amount of power to create new blocks. DOGE is a popular meme coin, while Zcash is a privacy-based asset.

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Alicia Maher

By Alicia Maher

Alicia Maher is an accomplished news writer with a passion for storytelling. With years of experience in the field, she is skilled at delivering accurate, engaging, and insightful news coverage to her audience.