The inventor of Ethereum Vitalik Buterin took to Twitter to conduct an experiment. Buterin tried to “measure the platform’s value” to engage in conversations.
Thus, he asked the 268 people he follows to ask questions about any topic. Elon Musk, CEO of Tesla and Space X, was one of the respondents.
His question was unrelated to the recently announced inclusion of Buterin, alongside Musk, Billy Markus, and others, to the Dogecoin Foundation Board of Advisors. However, this probably prompted Zhu Su, CEO at Three Arrows Capital, to inquire about the Dogecoin/Ethereum cooperation.
In reply to Zhu Su, Buterin said that he is “hoping” that Doge can migrate from a Proof-of-Work consensus algorithm to a Proof-of-Stake, like ETH 2.0. Also, he hinted at the possibility that the meme coin can use the Ethereum code to conduct this transition. Buterin added:
I also hope they don’t cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with dogecoin’s non-greedy wholesome ethos.
This triggered a lot of criticism and praise from different crypto community members. Some highlighted that DOGE is a “highly” centralized cryptocurrency. Thus, why a PoS consensus could be detrimental to the project.
Buterin’s proposal seems to go in line with his idea that Ethereum and cryptocurrencies can have a positive impact in the real world. When asked how this could be executed, he replied:
Mechanism design ideas incubated within the crypto ecosystem proving successful and then being adopted at country scale. Cryptocurrency and/or blockchain tech making it even easier for govs to provide fully-digital services (Estonia-style but going much further) globally
Ethereum And DOGE, A Duo That Could Change The World?
The Dogecoin Foundation was launched in 2014 but was only revived recently. This time, it will attempt to support Dogecoin with its development and advocacy, try to prevent abuse and fraud, and create a roadmap for the project.
Vitalik Buterin has been opened about his opinion on the project, similar to Elon Musk. Their involvement created a lot of hype in the crypto community that sympathizes with Doge.
The inventor of Ethereum shared additional insights on cryptocurrencies, progress on a universal basic income mechanism, crypto-related regulation, and the priorities for after “The Merge”. DOGE, Ethereum, and cryptocurrencies are seemed to be a big part of the future that Buterin envisions.
This technology could help fix institutions in the traditional world, in finances or politics, with updated operations.
(I’m) hoping that the transition to crypto is a big enough change of context that some of the usual resistance to new ideas disappears and we can add better mechanisms. This worked successfully for eg. Uber introducing surge pricing.
At the time of writing, ETH trades at $3,783 with a 1.8% and 17.1% profit in the daily and weekly charts, respectively.
On the other hand, DOGE has been stuck at its current levels but records a strong push to the upside in the daily chart with a 3.5% profit. The $0.30 seems like a major resistance if the bulls want a shot at retaking previous highs.