Key points to remember
- Dogecoin has released a roadmap announcing a suite of new features to be developed in 2022.
- The plans include a proof-of-stake proposal, to which Ethereum co-founder Vitalik Buterin contributed.
- Dogecoin has had a turbulent year, in part thanks to the backing of Elon Musk.
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The development team behind Dogecoin has created a roadmap, as posted on the project’s website this month.
Dogecoin roadmap includes proof of stake
Dogecoin has published a roadmap for the first time in eight years.
Posted on the Dogecoin website, the plan notably includes a Proof-of-Stake proposal that will allow investors to earn interest by staking their DOGE tokens.
The proposal is called a “Doge Only Proposal” which will allow “everyone, not just the big guys to participate”. The feature will also dedicate a portion of the donation rewards to charity.
According to the roadmap, the proposal is being developed in collaboration with Vitalik Buterin, creator of the Ethereum blockchain, who himself is currently preparing to move to Proof-of-Stake as part of his Ethereum 2.0 roadmap.
Vitalik Buterin initially suggested that Dogecoin is expected to introduce proof of stake in September. He explained that this likely won’t replace Proof of Work, which currently provides 5 billion DOGEs worth around $ 970 million in rewards to miners per year.
The roadmap also suggests that Dogecoin will receive a newly redesigned site as well as an encyclopedic FAQ section.
Other goals mentioned in the roadmap include the radio and Starlink-based Dogecoin nodes and a point-of-sale application produced in partnership with a Layer 2 project that has not yet been specified.
Developers will also gain several new tools according to plans. The Dogecoin team aims to provide a C Library (Libdogecoin), Written Specification (Dogecoin Standard), SDK (Dogecoin Keyring) and Transaction API (GigaWallet).
While the roadmap does not provide specific dates, development for most of these features will begin in 2022.
Dogecoin and Elon Musk
Although Dogecoin was initially dismissed as a meme coin that copied many of its characteristics from Bitcoin and Litecoin, the coin gained legitimacy this year as the retail market grew more interested in the project.
By far, the biggest influence behind Dogecoin’s rise to power has been Tesla and SpaceX CEO Elon Musk, who took to Twitter frequently earlier this year to post memes endorsing the project. Musk’s tweets have repeatedly caused sudden jerks in the price of DOGE. During the height of the craze for Dogecoin and other dog-themed meme coins, it appeared on Saturday Night Live, where he described it as “a commotion.” It crashed soon after to highs of $ 0.77.
Besides memes, Musk also took an interest in blockchain technology. In May, he said he was working with developers to improve the efficiency of his transactions, and went on to support a fee reduction proposal in June. This week, in discussions with Jack Dorsey about the involvement of venture capitalists in Web3 and Ethereum, Musk appeared to agree with Dorsey’s concerns. “That’s why I’m pro Doge,” he said. Musk has previously said he owns Bitcoin, Ethereum, and Dogecoin.
Dogecoin creator Billy Markus, who is no longer directly involved in development, noted that this month’s post is the project’s first roadmap since its launch in 2013.
“For the first time in 8 years, Dogecoin has a roadmap that is not a drawing of a road with the word Wow“, Markus wrote on Twitter.
A more robust feature suite should help Dogecoin differentiate itself from the older cryptocurrencies it was derived from.
Disclaimer: At the time of writing, this author held less than $ 100 worth of Bitcoin, Ethereum, and altcoins.
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