Vitalik Buterin, the prominent co-founder of Ethereum, believes that popular memecoin Dogecoin and the privacy-focused Zcash will follow Ethereum’s footsteps and migrate to a more environmentally-friendly proof-of-stake consensus mechanism as the technology “matures.”
Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
The crypto industry icon said at the Messari Mainnet blockchain event in New York City this past week: “As PoS [proof-of-stake] matures, I would expect it to increase in legitimacy over time. I hope Zcash moves over and I am hopeful Dogecoin moves to PoS soon."
Dogecoin and Zcash have already hinted they are willing to make the switch. Last year, the company behind Zcash said it was researching a future proof-of-stake model to understand risks and trade-offs, including potential security flaws.
“Our preferences: We have a strong bias toward protocols that have significant pre-existing deployments that have matured and hardened in the market,” the company said.
As for Dogecoin, the company is also reviewing proof-of-stake migration. With both Dogecoin and Zcash being among the top 10 most-circulated cryptocurrencies, any migration they undertake would be significant for the wider ecosystem.
Buterin also took to the Mainnet stage last week to weigh in on the high gas fees that deter neophyte investors from adopting crypto for everyday use. “Transaction fees can feel like just a number, but for the communities we want to have — outside wealthy countries — the difference between three dollars and three cents is a really big deal,” Buterin said. “And that's something we need to actually deliver on.”
Mass adoption hinges on a reduction of transaction fees, Buterin pointed out: “The difference between it costing $3 to send a transaction and 3 cents to send, is the difference between blockchains being viable as a mainstream technology at all,” he added.
The conference also saw the computer programmer wax poetic about his journey in the industry. “Bitcoin is the first technology I've loved that loves me back,” Buterin told audiences.