Dogecoin is looking to strengthen its ecosystem by introducing community staking in order to build on its rise to popularity this year.
Ethereum co-founder Vitalik Buterin will be collaborating with the Dogecoin Foundation on a staking mechanism for DOGE, the non-profit organisation behind Elon Musk-endorsed memecoin announced earlier this week.
The Trailmap released by the foundation stated that Buterin is working with experts in the crypto industry on building a “uniquely Doge proposal” for a “community staking” version of proof-of-stake (PoS).
Explaining the vision behind the staking project, the foundation stated that community staking will allow users to stake DOGE and earn extra tokens for supporting the network.
“[The PoS version] will allow everyone, not just the big players to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes,” the document said.
The Dogecoin Trailmap or “dog-walk” is a document aimed at exploring the path which the foundation believes will lead to DOGE’s success. Valuing utility over technical brilliance is the core manifesto of the foundation as it believes that it is the utility of Doge that can lead to further adoption.
After almost 6 years of inactivity, the Dogecoin Foundation was re-established in August 2021. The new team of advisors includes including Buterin, Dogecoin co-founder Billy Markus and Dogecoin core developer Max Keller. Neuralink CEO Jared Birchall reportedly represents Elon Musk, one of the major advocates of cryptocurrency.
In its latest post, the foundation said that it was just getting started
“As you can imagine, setting off on such an adventure is not a small feat and we are still just getting started. We already have some influential friends on our side and a growing group of people who are getting ready to contribute development time to these open-source projects.”