Dogechain utilises the Polygon Edge framework to develop its self-standing EVM-compatible blockchain. Several validators on Dogechain's Proof of Stake consensus mechanism support the blockchain for fewer fees and shorter block times. Original meme coin users utilise the blockchain to access NFTs, games, and the DeFi ecosystem to showcase the meme coin's versatility in applications. Additionally, the blockchain ensures that it increases the use cases of the original meme coin with further utility to its holders. The blockchain also introduces a native cryptocurrency known as the Dogechain token which holders can utilise to govern the blockchain. Therefore, the blockchain focuses on a community-driven token to foster its activities and facilitate its supply across the chain.
Briefly about Dogechain
The ecosystem for dogecoin differs from the Dogechain one with no affiliations. Dogechain's architecture is distinct from other blockchains, and it does not use Polygon Edge's security as a feature but relies on its sets of validators for security. Dogechain is linked to the original meme coin chain via the cross-chain protocol. It isn't evident, but the creators of the Dogecoin blockchain, Jackson Palmer and Billy Markus, did not develop it; a team of developers founded it. The blockchain also has IBTF consensus that lets everyone in the community participate in the network without strict restrictions, supporting the decentralisation of a permissionless blockchain.
Dogechain utilises the Polygon Edge framework to develop its self-standing EVM-compatible blockchain.CryptoLists.com
The so-called layer 2 Dogecoin blockchain is billed as enabling the creation of DeFi protocols, NFT collectibles, and decentralized applications and games. However, it is not even a layer 2 network as it is not built on top of the other blockchain and is a separate network based on Polygon Edge. It is a standalone EVM-compatible blockchain designed to build scalable Ethereum-compatible blockchain networks. Its EVM compatibility lets it be able to develop and deploy solutions rapidly. The blockchain using the PoS mechanism enhances a more eco-friendly system.
Utility of Dogechain?
Users can use the blockchain's smart contracts to wrap their $DOGE and receive $wDOGE as a reward. These wrapped tokens are on the Dogechain blockchain, and the users can use them to access an ecosystem of NFTs, GameFi, and DeFi products. The blockchain's utility is designed so that holders can gain access to NFTs, games, and DeFi protocols. Users can publish their NFTs and integrate them into the prevailing NFT outlook. The blockchain can seamlessly integrate DeFi protocols and lock native currencies and crypto coins in various liquidity pools.
Dogechain
Release Date: August 13, 2022
Advantages at Dogechain
+ Dogechain provides smart contract capabilities to the original meme coin.+ It lets users bridge over DOGE to tap into DeFi services.
+ EVM-compatible blockchain and can build and deploy solutions quickly.
+ Dogechain uses a PoS mechanism that is faster and eco-friendly.
Disadvantages
- The blockchain is relatively new and susceptible to scams.- Uncerainty as Dogecoin blockchain’s creators and core developers aren’t involved in Dogechain.
- It is associated with the pump-and-dump schemes of new tokens.
- Creators of the blockchain are largely anonymous.
Costs
▪ Rated at 9/10The transaction costs assess the accounts that stake the $DC tokens and if they are part of the Validator set. The staking of the tokens provides rewards to holders, and there are no newly minted block rewards for block production. Users incur transaction fees in either $wDOGE or $DC, and the exact amounts have not been specified as they could vary depending on the transfer type and transaction.
Reputation and Buzz
▪ Reputation rated at 8/10▪ Buzz rated at 9/10
Some tweets claim Dogechain's developers were paying influencers to mislead people into believing the token was valuable even though it is unrelated to the original meme coin blockchain. Twitter saw that Markus rejected an offer of 10 billion DOGE tokens to promote Dogechain, approximately worth $14 million. However, the chain's impact is inevitable, and investors still take notice of the blockchain since the value of the project's native crypto has multiplied 6X in the initial five days of its launch. Despite the many talks on the coin, investors are keenly watching the development irrespective of the ownership. The Dogecoin bridge could be a solution to ensure it can link with the blockchain to enhance its performance. The blockchain still has promise as it is supported online, and a buzz surrounding its performance attracts investors. Several Dogecoin enthusiasts look forward to its longer-term promises about its planned future airdrop of native DC tokens for Dogecoin holders.
FAQ
Who created Dogechain?
Dogechain was built by a largely anonymous team of developers. The creators of the DogeCoin blockchain, Billy Markus and Jackson Palmer, have denied involvement in the Dogechain's creation.
Is Dogechain proof of stake?
The blockchain uses a proof of stake mechanism to facilitate the verification of transactions.
Will Dogechain overtake Ethereum?
The volatility in the market makes it challenging to ascertain whether Dogechain will overtake Ethereum. One can only speculate based on market conditions.
Does Dogechain provide cross-chain compatibility?
Users can utilise Dogecoin in the blockchain by wrapping it in the Dogechain bridge and sent back to the network for Dogecoin as needed.
History about Dogechain
13th of August, 2022 – A team of developers launched the blockchain into the cryptocurrency world. Their names are still not disclosed to the public.
24 of August, 2022 – The blockchain launched its native token, DC.
2022 September – The blockchain introduced the DNS system, enabling users to adopt a readable .doge address.
5th of September, 2022 – Dogechain transactions was at 15 million, and the current 50 million reflects a 233% increase in transaction count.
Screenshots from Dogechain
Native crypto coin for this blockchain? Learn more about Dogecoin (DOGE)
DOGE is the native coin for Dogechain. It is therefore also worth reading more about that on the link below.›› Read our full Dogecoin review here
