Dogecoin News: DOGE To Get Forked By This Ethereum Competitor?
Dogecoin News: EthereumFair (ETHF), a recent fork of the Ethereum blockchain that works on the Proof-of-Work consensus, claimed that it will establish a DAO to fork Dogecoin and change its algorithm. This will be spear-headed to bring the coveted graphics card mining feature for the canine-themed memecoin and even be EVM-compatible.
ETHF Plans On Dogecoin Fork
EthereumFair, which was developed by a decentralized autonomous organization (DAO) based in Silicon Valley, keeps the Proof-of-Work (PoW) consensus mechanism while continuing the Ethereum code from the time the network forked on September 15. According to ETHF’s latest announcement, a new DAO organization will be established where technology, communities, project parties, exchanges, miners, and capital will be welcomed for active participation in the new fork proposal.
Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023
Touting it as a global movement and an important reshuffle of liquidity, the reason behind the fork comes as a pledge to preserve the PoW mechanism for the altcoin till the end of time. Moreover, adding a graphics card mining facility had been an age-long request from the Dogecoin (DOGE) community, and the said fork is said to work on making it a reality. Furthermore, since the viral cryptocurrency is compatible with EVM, it motivates the miners to utilize their computing power for the memecoin. It’s also expected to lessen the contradiction between a large number of retail and centralized investors which has been growing by the day.
Dogecoin Fork Details
The forthcoming split will keep the 1:1 ledger, but there will be some detailed alterations made from the Bitcoin series algorithm to the Ethereum series algorithm, as mentioned in the official release, which is slated to take place sometime soon.
“Dear Community #Ethfairs #Dogecoin,
We are excited to announce a fork of the #Dogecoin blockchain. The main reasons for the fork are as follows:
— EthereumFair($ETHF) #PeoplePOW (@EthereumFair) February 4, 2023
Currently, the team behind EthereumFair project is working to consolidate technical benefits, optimize the mining model, and reduce the ETHF mining difficulty coefficient in order to support the innumerable developers, DeFi projects, NFT contracts, and active nodes that populate the Ethereum landscape. Since its inception, the new fork has reportedly amassed significant hash rate and currency value, in addition to carrying 400T of computational power on Ethereum for the very first time.
In minutes following the release of this particular Dogecoin news, the price of Dogecoin (DOGE) moved to $0.094 at the time of composition. And, according to the crypto market tracker published by CoinGape, this results in a growth of 2.12% over the past 24 hours, in contrast to a jump of 6.28% over the last seven days.
Also Read: What If Elon Musk Made Dogecoin (DOGE) The Official Twitter Currency?
