This bridge works by allowing DOGE to be locked onto a smart contract which then mints an equivalent amount representing it on the ETH blockchain (via the ERC-20 token standard). Basically, this means holders of DOGE will be able to participate in ETH-based DeFi, NFT, Gaming, DAO, etc. A bridge allows holders of DOGE, which currently has no smart contract capability, to be able to utilise their DOGE to join the ETH metaverse which comprises a growing list of revolutionary innovations from financial to new economic systems. To put simply, a DOGE-ETH bridge allows DOGE to be used on all ETH-based platforms. His support of the project makes it especially legitimate and feasible. However, ever since ETH’s founder Vitalik Buterin and Elon Musk proposed for the two influential coins to work together in June this year, the project has been restarted and has been progressing along great.īuterin’s appearance as a form of support is important since he is an influence to ETH and the crypto community. This project was initiated in 2018 by DOGE developers but was shelved indefinitely during the crypto-winter of 2019. The trio went live in a video conference as confirmation that the much-requested DOGE-ETH Bridge is now underway and development is cruising along well. This involved Ethereum (ETH)’s founder, Vitalik Buterin, and two Dogecoin (DOGE) developers, Ross Nicoll and Oscar Guindzberg. Musk also commended tipping as a use case, saying that using Dogecoin to tip creators would be "nice." However, despite possible use cases in the Web3 industry, Musk believes that building a bridge between Ethereum and Bitcoin is not as vital.A significant event happened recently but went largely unnoticed by much of the crypto community as most traders were focused on Bitcoin’s phenomenal recovery. The Dogecoin Foundation's main goal, according to the organization, is to make Dogecoin the global currency for the payment of products and services.Įlon Musk, the CEO of Tesla, also said that Dogecoin would gain greater utility if more firms accepted it. Several talks on Dogecoin's use cases have surfaced in recent months. The DOGE founder also mentioned that buying NFTs with crypto is still in high demand, so utilizing DOGE to buy NFTs might considerably boost its utility. He also believes Dogecoin will require platforms that trade non-fungible tokens (NFTs), like Opensea, which will allow the DOGE-ETH token to be utilized for purchases. Dogecoin utilityĪs previously covered by U.Today, Dogecoin creator Shibetoshi Nakamoto believes that once a bridge between DOGE and Ethereum is created, it will be beneficial to Dogecoin. What unique utility can you imagine smart contracts that can lock up doge could bring ?Īccording to Blue Pepper, the entity driving its development, the Dogecoin-Ethereum bridge is based on Ethereum co-founder Vitalik Buterin's Scrypt hash validation mechanism in Serpent, which was published in 2015. On a zoom RN with from (working on the official doge-eth bridge) I'm asking him about utility beyond the typical use-cases for smart contracts. This would allow Dogecoin users to use DeFi, NFTs and all of the Ethereum platform's dApps. On Ethereum, Dogecoin coins can be utilized like any other ERC-20 token, allowing them to be invested in DeFi protocols and used to purchase NFTs. The Dogecoin-Ethereum bridge is a technology that allows DOGE to be transferred between the Dogecoin and Ethereum blockchains. Hopefully to result in collaboration and co-support of the project with the and involving various Michi Lumin May 24, 2022 Just had a really great meeting with the guys who are working on the #dogecoin - #ethereum bridge.
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