Dogecoin is currently making major developments within its infrastructure to improve token liquidity. The crypto project which uses the ‘dog meme’ logo started off with an aim to capture the fast-growing crypto & blockchain market. As of today, Dogecoin developers are working on ‘Dogethereum’, a smart contract that will facilitate the transfer of Dogecoins to and from the Ethereum chain. Basically, the protocol acts as a bridge between Dogecoin crypto coins and the Ethereum network!
Dogethereum, a big Milestone
The link between Dogecoin and Ethereum will increase the scalability of both crypto projects. However, Dogecoin stands to benefit more given an increased scope of its operations once the demo is released in September 2018. Ideally, Ethereum is flexible with both tokens and bridge tokens coded as smart contracts for specific purposes.
Dogecoin will benefit from Ethereum’s stable liquidity and less volatility once its ‘Doge/Ethereum’ link is complete. This is mainly because the Doge ecosystem will be more integrated with services offered by Ethereum on its On-Chain.
Dogecoin community is looking forward to the release of Dogethereum demo expected a week from now. This will be presented before judges who will then decide whether the development bounty was put to good work in this milestone. If all goes well then the team will pay the developers for the advancement of the milestone.
The progress on this milestone is still a work in progress before the Dogecoin community gets to consume the product. A couple of developments still have to be made to achieve the desired user experience level. For this purpose, Dogecoin has set aside a good portion of its funds to pay for development of nodes linking the ‘Doge/Ethereum’ bridge.
As it stands, the bridge will probably require participants to run more than one wallet at the same time, an inconvenience to simplicity. Alternatively, the team is working to make it possible for the exchange to take place on a coin exchange directly. The ‘Dogethereum’ bridge will, therefore, act as a balance between native DGD tokens and the ones on Ethereum edge out arbitrage.
Dogethereum whitepaper: https://github.com/dogethereum/docs/blob/master/superblocks/superblocks-white-paper.pdf