After the integration upgrade…Dogecoin and Bitcoin are now the largest mining-based networks
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Answer After the integration upgrade…Dogecoin and Bitcoin are now the largest mining-based networks
After the Ethereum blockchain moved to a Proof of Stake mechanism, Dogecoin is now the second largest Proof of Work (mining) blockchain network by total market capitalization.
The meme coin is currently valued at $8.1 billion.
Bitcoin is, of course, the leading Proof of Work blockchain with a market capitalization of nearly $400 billion.
Ethereum Classic comes in third place.
Litecoin and Monero ranked fourth and fifth, respectively.
This arrangement may not last long.
Earlier, Ethereum co-founder Vitalik Buterin urged the Dogecoin community to switch to a Proof of Stake mechanism.
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The proposal sparked heated discussions within the community.
Last December, the Dogecoin Foundation included a Proof of Stake mechanism in its roadmap.
Users will be able to start pledging and allocating their DOGE coins if the upgrade is applied.
Buterin joined the Dogecoin Foundation’s advisory board last August.
Privacy coin Zcash also announced its plan to move away from the Proof of Work mechanism last year.
Currently, Bitcoin is facing widespread criticism regarding its electricity-intensive algorithm.
Thus harming the environment.
Bitcoin alone consumes more electricity than a country like Argentina.
In March, the co-founder of Ripple and the Greenpeace Foundation launched a campaign to encourage the Bitcoin community to switch to a Proof of Stake mechanism.
However, others argue that bitcoin derives its strength from its proof-of-work mechanism (mining) and any harm to it may lose its value, including Michael Saylor.
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