Among the many tokens available, Dogcoin is probably the only one that has received a lot of attention thanks to Elon Musk's random and hilarious tweets. While the token has received attention in the market for its satire of numerous fake coins, the Dogcoin Foundation, the company that created the token, is working on bigger plans to ensure that Dogcoin remains relevant even in the future.

Dogcoin garnered a lot of attention at its launch as it was the first coin that happened for fun and later turned into a viral coin. Due to its low valuation, Dogcoin raised concerns for many in the cryptocurrency community, but the token began to gain traction with the firm support of founders like Elon.

As companies and enthusiasts slowly become interested in Dogcoin, the Dogcoin Foundation is now aiming to move DOGE from its existing proof-of-work model to a proof-of-stake model. DOGE is a Defi token built on the Ether blockchain, and negotiations are now underway with Vitalik Buterin, the founder of Ether, to make the move.

The proof-of-work model in many De-Fi networks is slowly becoming redundant as concerns about the environment grow. According to the Ether founder, Vitalik said many companies are working to move their tokens to the proof-of-stake model and with almost all De-Fi tokens built on the Ether blockchain, his goal is to instill the transition model into ETH 2.0 to make the migration easy.

ETH 2.0 is considered to be the biggest shift made by any blockchain, and the biggest change in the ETH 2.0 network is the shift from a Proof of Work (PoW) model to a Proof of Stake (PoS) model.

The biggest advantage of the PoS model is that the model offers rewards to all equity participants, not just miners like in PoW. As attractive as it sounds, Bitcoin is not thought to be transitioning to PoS. It is thought to stay that way because many industry experts believe PoS is not as secure as PoW. But given the long-term impact of the PoW model on the Internet, Bitcoin may soon be forced to make the transition.

The PoS model is much better than the PoW model because it does not allow monopolization of resources, which the PoW model can do.

In addition to moving to a PoS model, the Dogcoin Foundation plans to introduce additional features and upgrades. The Dogcoin Foundation plans to release a program that will contain all educational materials about cryptocurrencies to help you understand the integration of DOGE with gaming apps and how to use coins to make effective payment portals.

The Doge Foundation is also actively planning to launch a new cryptocurrency called Libdogecoin, which is expected to be released after a successful migration to the PoS model. In order to migrate to the network, the founders of the Doge Foundation are relying on Vitalik to make the transition to the PoS model.

There are more coins similar to dogcoin that are entering the market and are expected to bring huge valuations. According to RecentCoin, more than a thousand coins are created every day, which means it's important to keep an eye on new coin releases. For example, DOGECOIN has already generated about 4,153 coins related to "doge".

Elon's Tesla announced that it will accept Dogecoin on a test basis to purchase goods from the company in order to understand the dynamics of the coin. The main reason many founders, including Elon, support Dogecoin is because of its high transaction value and lower cost per transaction compared to Bitcoin, which is the exact opposite. Many companies around the world are reluctant to move to a decentralized economy because people may not be willing to pay high gas prices for the products they buy, but with the introduction of Dogecoin, we may see companies move to using Dogecoin for transaction testing.