Dogecoin (DOGE), the largest cryptocurrency meme on the market, announced this week the creation of a roadmap to improve the project. This is the first time in 8 years that the currency has taken a more serious turn.
Among the key plans is the creation of a focused portfolio for merchants to increase their adoption. In addition, there is also the intention to attract new developers and a possible change in the mining consensus algorithm.
With that, DOGE can now give work not only to other meme coins trying to take its place, but also other more serious projects like Litecoin (LTC), focused on payments.
Dogecoin is changing with new script
Although this is the first time that Dogecoin has plans for its future, its website points out that the term script is used by cryptocurrencies operated by companies. Claiming that Doge never had such plans as it is a community-led currency, open to migrating in different directions.
“For the first time in 8 years, #dogecoin has a script that isn’t drawing a road with the word ‘wow’.”
for the first time in 8 years, #dogecoin has a roadmap that isn’t a drawing of a road with the word “wow”
— Shibetoshi Nakamoto (@ BillyM2k) December 23, 2021
One of the main reasons for this change is the high popularity that the cryptocurrency meme has gained this year. In addition to the influence of tweets from Elon Musk, CEO of Tesla and SpaceX, even Vitalik Buterin, creator of Ethereum, has joined Doge’s board.
Both Musk and Buterin made a big impact on the currency by warning that for Dogecoin to be successful, it needs to handle more transactions per second (TPS), as well as shorter commit times and lower rates.
With that, one of the main proposals is the change of mining from Proof-of-Work (PoW) to Proof-of-Stake (PoS), just as Buterin’s Ethereum is working.
Rival Shiba Inu in trouble in 2022
Created in 2013, and after surviving for more than eight years, DOGE is now starting to realize that it is too big to continue without any plans for improvement. With a market capitalization of 25 billion dollars, Doge is today the 12th largest cryptocurrency on the market.
Right behind her is Shiba Inu (SHIB), with 20 billion dollars. This year the two faced battles to decide which one was the biggest cryptocurrency meme, with Shiba claiming to be the ideal replacement.
If Dogecoin’s plans are well received by the community, this could pose dangers for Shiba Inu, who will also need to reinvent themselves if they don’t want to be left behind. Although it’s a cryptocurrency meme, other more serious projects could also lose users.