The well-known Ethereum co-founder Vitalik Buterin predicts that when the technology “matures,” popular meme coin Dogecoin and privacy-focused Zcash will follow Ethereum’s lead and switch to a more environmentally friendly proof-of-stake consensus mechanism.
At the Messari Mainnet blockchain event last week in New York City, the pioneer of the cryptocurrency sector said: “As PoS [proof-of-stake] evolves, I would anticipate it to gain legitimacy over time. Both Zcash and Dogecoin should shortly go to PoS, in my opinion.
Zcash and Dogecoin have previously made it clear they are open to the change. The Zcash startup revealed last year that it was investigating potential security weaknesses and risks associated with a future proof-of-stake architecture.
Our preferences: We have a strong leaning toward protocols that have had significant prior deployments and have evolved and toughened in the industry, the company claims.
The business is also considering a proof-of-stake migration for Dogecoin. Any migration that Dogecoin and Zcash make would have a big impact on the ecosystem as a whole because they are two of the top 10 most widely used cryptocurrencies.
Last week, Buterin spoke on the Mainnet stage in regard to the high gas costs that discourage novice investors from using cryptocurrency regularly.
The ability of blockchains to become a widely used technology depends on transaction costs falling, according to Buterin. The difference between a transaction costing $3 to send and only costing $3 to transmit determines whether blockchains are even a viable mainstream technology, he continued.
The computer programmer gave a poetic presentation at the conference regarding his career path. Buterin told the audience, “Bitcoin is the only technology I’ve loved that loves me back.”
Zcash wants a bigger role
In light of the forthcoming government crackdown on Tornado Cash, Zooko talked about the role Zcash will play in the future months, particularly in terms of privacy.
According to him, Zcash already has the necessary technology underpinnings and a culture that values privacy.
He does not, however, concur with all of Buterin’s Ethereum forecasts. For instance, he doubted that the network would have privacy on its foundation layer in five years.
I doubt that the endeavor to re-decentralize the block production ecosystem will be successful, he continued.