After the shift of Ethereum from Proof-of-Work to Proof-of-Stake, the two main chains apart from Bitcoin hold the upper hand over the PoW network:- EthereumClassic & Dogecoin. Regardless of the fact that both the tokens continue to trade under the bearish influence, the upcoming move may offer the required bullish push to the DOGE price to attain levels above $0.1 in the coming days.
But will the PoW consensus remain forever with this effort or its Dogecoin fork will meet the fate of EthereumPOW which was created for a similar purpose?
EthereumFair, the first fork of the Ethereum chain recently announced its plans to establish a DAO and also fork the Dogecoin network. Founded in 2020, the network claims to main the original design of the Ethereum Chain and gained huge attention after the Ethereum Merge.
The main reason to choose the Dogecoin network is to retain the consensus mechanism it is currently working on. The team discussed the fork with the Dogecoin community and also offered the required technical assistance.
The established DAO may include technologists, communities, project parties, exchanges, and miners. Moreover, the DAO may also ensure that Dogecoin is compatible with Ethereum Virtual Machine (EVM) which may inturn ensure the decentralization of the network.
Presently, the ETHF has over 9.4 million active addresses and a successful fork of Dogecoin will drop DOGE to these addresses. However, the platform has asked the community to choose the name of the novel fork chain of Dogecoin and asked to vote among Dogeevm, Dogesmile, Dogesmart, and Dogememe.
It’s a known fact the Ethereum miners had fled to the Ethereum Classic chain before the Merger, while some of them forked the chain and continued to operate on the PoW mechanism. A classic example was the formation of EthereumPOW(ETHPOW) which was launched in this regard. Merging two chains requires extensive technical development and planning.
Hence the technical compatibility of both the chains and the potential impact on the communities and holders may be examined finely before taking up the next move.