Ethereum co-founder Vitalik Buterin believes that other blockchains, such as Dogecoin and Zcash, should follow the same strategy now that the Ethereum merger is complete.
Ryan Selkis asked Buterin at Messari Mainnet 2022 if all networks should switch to the proof-of-stake (PoS) method. Buterin answered in the affirmative. Zooko Wilcox-O’Hearn, the founder of Zcash, was also present.
Vitalik stated via video chat on Friday at the Messari conference:
“I predict that as proof of stake evolves, its credibility will only increase over time.”
This is not the first time Buterin has asked Zcash to transition to PoS. He suggested the same idea in 2018, to which Zooko replied that he was waiting for Ethereum to do it first so he could observe how the transition went.
The Ethereum merge event went smoothly
Ethereum moved to PoS on September 15, after the Merge event. Buterin stated that the high-stakes event went off without a hitch, despite the fact that every test network merge encountered “some form of problem.”
Buterin identified scalability as the most critical challenge for the next 18 months, adding that the ecosystem needs to “get it.”
The merger has made it possible to drastically minimize the environmental impact of the blockchain. Dogecoin surpassed Bitcoin as the second largest proof-of-work (PoW) cryptocurrency.
Image: MIT Technology Review
“I hope that Zcash will migrate. I am also optimistic that Dogecoin will pass the proof of stake in the near future,” added Buterin, 28.
Proof of stake reduces the computing effort required to validate blocks and transactions. It modifies the way blocks are validated using currency owners’ computers, so that less computer labor is required.
Owners stake their coins in exchange for the opportunity to validate blocks and become validators.
Selkis: Should all networks move to PoS?
“I would say it should…as PoS matures, I would expect it to increase in legitimacy over time. I hope @zcash it moves and i have hope @dogecoin moving to PoS soon,” VB#mainnet2022
— Messari (@MessariCrypto) September 23, 2022
Proof of participation: 99% reduction in energy consumption
According to the Ethereum Foundation, the switch from proof-of-work to proof-of-stake resulted in a 99.9% decrease in energy usage, which is expected to greatly reduce the blockchain’s carbon footprint.
Buterin, the Canadian programmer, also discussed the future of Ethereum after the merger. He said that the Surge, Ethereum’s next major upgrade, will not be comparable to the Merge. It will be carried out in stages rather than one big transition.
In line with Buterin’s predictions, the developers behind Dogecoin and Zcash have separately shown interest in migrating to PoS.
Meanwhile, according to data from CoinGecko, Dogecoin and Zcash are two of the top 10 cryptocurrencies by market capitalization that use the proof-of-work algorithm.
DOGE total market cap at $8.39 billion on the weekly chart | Source: TradingView.com Featured image from Liquid Blog, chart from TradingView.com