Dogecoin Becomes Second Largest Proof-of-Work Blockchain Network

Ethereum, the second largest cryptocurrency, recently successfully transitioned to a proof-of-stake blockchain network. Following Ethereum's move, Dogecoin became the largest proof-of-work blockchain network.

Dogecoin is One of the Largest PoW Blockchain Networks

With Ethereum moving to proof-of-stake (PoS) after the Merge upgrade, Dogecoin is now the second largest proof-of-work blockchain network by market capitalization. The meme cryptocurrency Dogecoin (DOGE) currently has a market capitalization of $7.8 billion. In the PoW list, where Dogecoin ranks second, the first place is of course Bitcoin (BTC) with a market capitalization of 375 billion dollars. Ethereum Classic, one of Ethereum's most prominent hard forks, ranks third. Litecoin and Monero are fourth and fifth respectively.

Dogecoin May Transition to PoS

Last September, Ethereum (ETH) co-founder Vitalik Buterin called on the Dogecoin community to switch to proof-of-stake. Following Buterin's call, the community began discussing the transition. In August 2021, Buterin joined the advisory board of the Dogecoin Foundation. Also last December, the Dogecoin Foundation included proof-of-stake in its roadmap.

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