Do you remember the craze of the coin meme in 2019? At that time, Dogecoin created a wave for the whole market, leading to a new trend that is a meme trend. However, Dogecoin doesn’t have any utility yet except trading, but the leading meme coin could be gaining a lot more utility with the launch of Dogechain—sort of.
What Is Dogechain?
Dogechain supercharges $DOGE to bring crypto applications like NFTs, games, and DeFi to the $DOGE community. Unfortunately, $DOGE cannot support any of these applications (or any other dApps). Dogechain fixes this. WIth Dogechain, Dogecoin holders can do more than simply hodl and wait for Dogecoin to moon. However, Dogechain isn’t a true layer-2 network in that it’s not built on top of Dogecoin. Instead, it’s a separate network based on Polygon Edge, which is custom blockchain software from Polygon, the most popular Ethereum sidechain. And it’s compatible with the Ethereum Virtual Machine, which means that it can run apps and games built for Ethereum.
It’s not an “official” Dogecoin project, however. The Dogecoin Foundation retweeted a message today stating that it is not involved in Dogechain, nor are the coin’s original founders, Jackson Palmer and Billy Markus. They clarified that it’s also not related to a Dogecoin blockchain explorer that shares the name.
It’s important to note that the Dogechain project is a community-first blockchain that aims to empower Dogecoin holders and enthusiasts. Dogechain will ultimately provide Dogecoin users with access to blockchain games, NFTs, and the ever-growing DeFi ecosystem, one in which they can showcase their favorite meme coin for a wide range of applications.
Outstanding Features
Main Features of Dogechain
- IBFT Proof-of-Stake (PoS) consensus: Community users can participate in the network which ensures a permissionless and decentralized blockchain.
- EVM-compatible: Existing Ethereum smart contracts can easily be migrated to Dogechain without requiring any further modification.
- Decentralized Governance: Community members (token holders) can make proposals, delegate, vote on the blockchain parameters & events, and influence governance decisions.
- Cross-chain compatibility: Dogecoin can be easily utilized on the Dogechain network by wrapping the Dogecoin via the Dogechain bridge, and sent back to the Dogecoin network as needed.
Dogechain Layering Architecture
- Libp2p: This module always begins at the underlying network layer. Libp2p is modular, extensible, and fast. In particular, it provides an excellent foundation for more advanced features.
- Synchronization & Consensus: The separation of synchronization and consensus protocols enable modularity and the implementation of customizable synchronization and consensus mechanisms (depending on how the client operates). Polygon Edge also offers pluggable consensus algorithms out-of-the-box.
- Blockchain: The Blockchain layer serves as the core layer for managing tasks within the Polygon Edge system.
- State: The State layer provides the logic for transitioning between states. It deals with how the state changes when a new block is added.
- JSON RPC: dApp developers use this layer as an API layer in order to interact with the blockchain.
- TxPool: The TxPool layer is a transaction pool and is tightly coupled to other modules in the system (as transactions can be added from multiple entry points).
- GRPC: The GRPC layer is crucial for enabling interaction with the operator. This layer ensures that node operators can interact with the clients easily, providing a usable and efficient UX.
Dogechain Cross-Chain Protocol
This Dogechain Cross-Chain Protocol is essential to linking the original Dogecoin blockchain to the Dogechain. This protocol requires a ratio of 1:1 $DOGE coin to enter or exit the Dogechain. When users peg their Dogecoin to the Dogechain, the Dogechain protocol mints a wrapped $DOGE token ($wDOGE). Conversely, when a user destroys a $wDOGE token, he can withdraw a Dogecoin from the Dogechain chain using a ratio of 1:1. In this context, a cross-chain bridge protocol module will be utilized to achieve cross-chain transactions.
The primary features of the cross-chain protocol are:
- Decentralized and secure cross-chain support of Dogecoin to Dogechain (via Dogecoin client).
- A trustless key generation for threshold signature schemes. Generated private shares of the signing key will be used to calculate final signed transactions.
- The private key shares will also be managed by the community and third-party partners to eliminate any risk of a single-point-of-failure (i.e., centralization).
- The protocol governance mechanism supports voting capabilities for organizations that run on the cross-chain protocol.
Solutions brought by Dogechain
The main goal of Dogechain is to increase the use cases of Dogecoin by providing it with much-needed utility. Dogecoin users can achieve this goal by merely wrapping their $DOGE into Dogechain smart contracts and receiving $wDOGE PoS tokens in return. $wDOGE tokens live on the Dogechain blockchain and will allow users to access an ecosystem of DeFi products, NFTs and GameFi, all indirectly powered by their original $DOGE tokens. Examples of potential use cases include:
- Partaking in lucrative GameFi opportunities and engaging with the growing blockchain gaming community.
- Accessing advanced financial instruments such as staking, lending, borrowing, and liquidity mining.
- Taking part in the upcoming metaverse revolution through Dogechain-powered NFTs.
- Participating in DAOs and funding entire communities.
- And many more..
In sum, Dogechain promises to transform the single-usage Dogecoin crypto into a DeFi powerhouse. With any luck, Dogecoin will be able to readily compete with many of the top smart contract platforms in the current blockchain environment.
Potential Applications on top of Dogechain
NFTs
Dogechain will provide its users with the capability to publish their own NFTs following the ERC721 protocol. Since this proven NFT standard is widely accepted by marketplaces and metaverses, Dogechain NFT owners will be able to integrate their NFTs into the existing NFT landscape.
DEFI
As an EVM-compatible blockchain, DeFi protocols such as Uniswap and SushiSwap can be seamlessly integrated with Dogechain. $wDOGE and $DC are DeFi-capable cryptocurrencies that can be locked in various liquidity pools and provide rewards to their holders. Moreover, they will be able to use them as collateral on decentralized lending platforms, exponentially increasing the utility of their original Dogecoin. In addition, several Layer 2 solutions found within the Polygon Edge architecture (including both ZK Rollups and Optimistic Rollups) will enable Dogechain to make improvements on their existing transaction speeds in DeFi and address some privacy concerns.
Gamefi
Dogechain will provide developers with the ability to build entire virtual worlds and blockchain games on the Dogechain smart contract framework. As a result, the $wDOGE and $DC cryptocurrencies will enable users to participate in virtual gaming economies and share digital resources in their favorite metaverses.
Technical Data
Token Metrics
- Token Name: Dogechain
- Ticker: $DC
- Blockchain: Polygon
- Token Standard: Updating…
- Contract: Updating…
- Token Type: Utility,Governance
- Total Supply: Updating…
- Circulating Supply: Updating…
Token Use Case
This community-focused token serves as a primary governance token for the Dogechain blockchain and comes with various use cases. It’s worth noting that the entirety of the $DC tokens supply will be pre-mined upon the release of the mainnet. The protocol will simultaneously mint a small amount of $wDOGE (1000 tokens) to serve as fuel for signing the initial bridging gas fees.
Verdict
Dogechain is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions. It uses IBFT (Istanbul Byzantine Fault Tolerant) consensus mechanism, supported PoS (proof of stake). Industry-standard wallets can be used to interact with Dogechain through the JSON-RPC endpoints and node operators can perform various actions on the nodes through the gRPC protocol.
Find more information about: Dogechain
Website: https://dogechain.dog/
Whitepaper: https://dogechain.dog/DogechainWP.pdf?v=20220801
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Alan
Coincu Ventures
