Dogecoin has published a roadmap announcing a set of new features to be developed in 2022. The plans include a Proof-of-Stake proposal that Ethereum co-founder Vitalik Buterin contributed. Dogecoin also has received good support from Elon Musk, who believes DOGE is the best option for quickly completing transactions.
The Dogecoin development team has created a roadmap. The plan posted on the Dogecoin website includes a Proof-of-Stake offer that will allow investors to earn interest by staking their DOGE tokens. This proposal is called the “uniquely Doge proposal” and will allow everyone, not just the big players, to participate. This feature will also channel some of the staking rewards to charity, which is quite in the spirit of Dogecoin developers.
According to the roadmap, the proposal is being developed in collaboration with Vitalik Buterin, one of the creators of the Ethereum blockchain, who is currently preparing to move to Proof-of-Stake as part of his Ethereum 2.0 roadmap. Buterin initially suggested that Dogecoin should introduce Proof-of-Stake in September.
The roadmap also suggests that Dogecoin will receive an updated website along with an encyclopedic FAQ section. This should help users better understand the essence of the token and how it works.
Other goals mentioned in the roadmap include radio, Starlink-based Dogecoin nodes, and a point-of-sale app produced in partnership with a yet-to-be specified Layer 2 project. Starlink is a broadband internet service provided by Elon Musk's SpaceX. The faith of the head of Tesla and SpaceX in Dogecoin turns out to be wider than one might have expected, and he comprehensively contributes to its development.
During a recent interview with TIME, after the famous magazine named Musk as Person of the Year, he said that the meme coin is the best option for quickly completing transactions. He explained that BTC is the main engine in the crypto market, but the volume of transactions is small and their cost is high. Therefore, BTC can function as a store of value at its basic level, but is not suitable for daily use and the purchase of various goods. Therefore, DOGE, which was originally created as a joke, is better suited for transactions. The transaction flow of the coin is higher than BTC as it can process more transactions per day. Musk agreed that DOGE is slightly inflationary but argued that its inflationary number is fixed, and the percentage is not. With this theory, he believes the percentage of inflation decreases over time, encouraging people to spend DOGE instead of hoarding it as a store of value.
Developers will also gain several new tools according to the plans laid out. The Dogecoin team is aiming to provide a C library (Libdogecoin), a written specification (Dogecoin Standard), an SDK (Dogecoin Keyring), and a transaction API (GigaWallet). Development of most of these features will begin in 2022.
© 2021, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.