Dogecoin Announcement
Langer Hans took to the Dogecoin community on reddit to announce the shift. In his statement, he explained the reasoning and the benefits to the community.
We have also discussed many other options, some of them which are still highly theoretical, or just deemed to be in Alpha state. We didn’t see them as viable for that exact reason. AuxPoW has been around in the crypto space for quite a while now. Our topmost priority has always been to provide a stable platform for the currency and its services and of course its users. We hope that with AuxPoW we can achieve that in a better way than what it currently is like. Our hashrate has been on a decline and we hope that we can gain more of it with the acceptance of proof of work from other chains.
Yes, this does mean that we are going to fork. The exact switchover is yet to be determined but will happen sooner than later. This post is here to announce it early enough for everyone to prepare for the update. The code is currently in the late testing stage and we are working on ironing out the last small issues.
Dogecoin Not Tied To Litecoin
A common misconception behind merge-mining is the coin is effectively tied to another. The misconception is not true.
“What this does not mean is that we’re tying us to Litecoin,” Hans said. “What we do is accepting Proof of Work from their miners if they happen to hit our difficulty target.”
Dogecoin miners can still mine directly to the Dogecoin network, meaning that they are not forced to mine Litecoin if that’s not something they want.
While the economics behind this move are unclear, there are a few possible outcomes.
1) More Dogecoin are sold on exchanges, lowering the value.
2) Dogecoin is seen as safe, ensuring investor confidence leading to more buy orders.
3) Nothing changes in the price and Dogecoin is secure for longer than intended.
No matter what outcome, the shift is monumental in Dogecoin history. If you would like to talk about the change and discuss your opinions, CCN offers you our forums to discuss the situation at hand.
Disclaimer: I write monthly columns for Very Much Wow | The Dogecoin Magazine, so I am tied directly to the community.
