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The Dogecoin ecosystem has seen some fresh developments taking place recently. In a recent development, Dogechain, the Layer-2 smart contracts platform announced a major network upgrade earlier today.
Earlier today, the Dogechain team announced that the Layer-2 scaling solutions for Dogecoin will undergo a transition to the Proof-of-Stake consensus mechanism. The latest development comes just three months after the launch of the Dogechain smart contracts platform.
The team disclosed this announcement earlier today on its Twitter handle. The tentative for the network upgrade to PoS consensus is set for the next week on November 14. To execute the upgrade successfully, the team will also be halting the on-chain activities for a period of 12 hours.
Thus, the downtime for the Dogechain network will start at 3 AM (UTC) on November 14, as the system undergoes the upgrade. This means that all deposits, withdrawals, and transactions will be suspended at this time. The announcement notes:
During the downtime, deposits, withdrawals, and transactions will be unavailable.  Please note that this core PoS upgrade cannot be implemented while the chain is running. No need to be alarmed, however, as grand things are coming! 
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A major improvement coming along with the Dogechain upgrade will be in its infrastructure which will boost the on-chain performance.
Dogechain said that the PoS upgrade will enable the minting and locking of veDC tokens. It will allow users to lock-up their native Dogechain (DC) tokens and get rewarded 1:1 in veDC. The transition to the Proof-of-Stake mechanism will introduce a PoS staking facility for users.
As a result, users can stake their Dogechain (DC) tokens directly or assign them to validators. Additionally, they will also be able to stake the $veDC received from the DC lockup. The Dogechain team has disclosed details about the staking model that they would employ. Here’s how the lockup and staking exercise would work.
With Elon Musk acquiring Twitter recently, all eyes are currently on the development of the Dogechain ecosystem. A lot of players, including Cardano’s Charles Hoskinson, have shown in getting new innovations and features to Dogecoin. The Dogecoin (DOGE) price witnessed a massive rally the week the Twitter deal got finalized.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.
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