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Dogecoin and Bitcoin Are Now Biggest Proof-of-Work Blockchains

Dogecoin and Bitcoin Are Now Biggest Proof-of-Work Blockchains

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Dogecoin, Bitcoin and Ethereum Classic are the top three cryptocurrencies that work

Content

  • It might not last long
  • Bitcoin’s Energy Problem

After Ethereum’s move to proof-of-stake, Dogecoin is now the second largest proof-of-work blockchain by market capitalization. The meme coin is currently valued at $7.8 billion.

Bitcoin, of course, is the leading proof-of-work blockchain with a market cap of around $375 billion.

Ethereum Classic, the most prominent hard fork of Ethereum, is in third place.

Litecoin and Monero are in fourth and fifth place.

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It might not last long

Last September, Ethereum founder Vitalik Buterin urged the Dogecoin community to move to proof-of-stake. The proposal sparked heated debate in the community.

In December, the Dogecoin Foundation included Proof of Stake in its roadmap. Users could start staking their DOGE tokens.

Buterin joined the foundation’s advisory board last August.

Privacy coin Zcash also announced plans to move away from proof-of-work last year.

Bitcoin’s Energy Problem

The Proof of Work consensus algorithm is often criticized for consuming too much energy and thus harming the environment. Bitcoin alone consumes more electricity than a country like Argentina.

In March, Ripple founder Chris Larsen and Greenpeace launched a campaign to encourage the Bitcoin community to switch to proof-of-stake.

Source: https://u.today/dogecoin-and-bitcoin-are-now-biggest-proof-of-work-blockchains

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