BTC - Is It Too Early to Be Talking About a Merge for Dogecoin?
In the aftermath of the Merge, Dogecoin (CRYPTO: DOGE) is now the second-largest proof-of-work crypto in the world by market capitalization, trailing only Bitcoin (CRYPTO: BTC) . Of course, that's not really saying much, given that there are now only a handful of proof-of-work cryptos remaining in the ranks of the world's top 100 cryptocurrencies.
By now, it has become evident to many in the crypto community that proof of stake is a far superior alternative to proof of work . Not only is proof of stake a faster, more efficient, and cheaper consensus mechanism for verifying transactions on the blockchain, it also uses considerably less energy. Thus, if Dogecoin is to have any chance of remaining relevant in the future, it needs to follow the lead of Ethereum (CRYPTO: ETH) and make the transition to proof of stake.
As we have already seen with other blockchain projects, nearly every performance metric is improved when you adopt a proof-of-stake consensus mechanism. Throughput capacity is boosted, transaction finality times drop significantly, overall transaction processing speed is improved, and transaction fees are lowered. That's one big reason Ethereum decided to make the transition to proof of stake: It simply could not compete with relatively new proof-of-stake blockchain projects like Solana (CRYPTO: SOL) when it came to performance.
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Is It Too Early to Be Talking About a Merge for Dogecoin?