Effective yesterday, the Ethereum network’s transition to a Proof-of-Stake (PoS) consensus mechanism has reset several cards in the industry. If its native crypto, ether, is still the main altcoin on the market, it has lost another title though. Its place as the second largest Proof-of-Work (PoW)-based crypto by market capitalization now goes to Dogecoin.
Towards a duel with ETHPoW or switching to PoS
With a market capitalization close to 8 billion dollars, Dogecoin is ahead of Ethereum Classic (ETC), Litecoin (LTC) or Monero (XMR) in the ranking of PoW cryptos. The first place is still occupied by bitcoin. The latter should retain it unless there is a change in the consensus mechanism. The current rise of Dogecoin is in this symbolic capacity different value due to its status as a memecoin. Some members of the crypto community have also mentioned the need to ban this cryptocurrency from the market. “useless”.
However, Dogecoin could be quickly ousted in the PoW cryptocurrency hierarchy without such drastic action. ETHPoW (ETHW), the blockchain’s native cryptocurrency derived from the hard fork of Ethereum, could especially take this place. It is still plausible that such progress is in the ETHW currently enjoys support from some of the miners. But not only; The ETHW also benefits from the crypto exchange support.
Additionally, the pursuit of legitimacy with the community may prompt the Dogecoin Foundation to take a closer look at its plan to transition to PoS.
The announcement of Dogecoin’s new status was not beneficial for memecoin’s price. he Shows a loss of 1.5% in the last 24 hours. For his part, ETH is still trading below $1,500 a day after upgrading its native blockchain. However, the community expects it to take off once the ecosystem realizes the benefits of moving to Proof-of-Stake.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass my pen knowledge related to this ecosystem.