Dogechain, Doge’s new layer 2 solutions for NFTs, Games and Defi

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Dogechain, Doge’s new layer 2 solutions for NFTs, Games and Defi

Dogechain – a layer two blockchain built on top of Polygon breathes fresh air into Dogecoin. Experts call it the saving grace. The platform will allow

Dogechain – a layer two blockchain built on top of Polygon breathes fresh air into Dogecoin. Experts call it the saving grace. The platform will allow users to tap into existing NFT, Defi and DaPP infrastructure.

Russel Baker’s old age quote sits well with the history of Dogecoin. ‘Anything that’s never been opposed by at least 40% of humanity is unimportant, evil or simply something that doesn’t matter”

When Dogecoin first came out, it received lots of backlash from the crypto community, especially for its brand as a joke (meme) coin.

But since its price went high, the meme coin market has seen some hot overcrowded hyper-competition. Think of Shiba Inu, Baby Dodge and Dodgelon Mars. 

It is somewhat puzzling how these joke coins rose from the bare minimum market cap to become a multi-billion dollar market cap industry while having no solid utility. 

The newly launched Dogechain will allow creators to build Defi, DaPP and NFTs on top of the Dogecoin blockchain. In this article, we look at how all this will unfold. 

There was fear that people would ‘Buy the Rumor, Sell the News’ following an announcement by Dogecoin that they were building a decentralized ecosystem. On July 17th, the blockchain’s official website announced the availability of the Dogechain offshoot for developers to create NFT collectibles, games, protocols and decentralized applications. 

Fortunately, there was chatter around the launch of the platform afterwards and in days leading to the main net launch resulted in a price surge. The price of Dogecoin has soared by 11% over the last 24 hours. 

Dogechain is built on top of a Polygon software called Polygon Edge. A good advantage of the new platform is its ability to interact with Ethereum smart contracts; while still bootstrapping with the Dogecoin Network. The underlying consensus is the IBFT (Istanbul Byzantine Fault Tolerant) Proof of Stake.

The DOGE coin will serve as a native incentive that will power the new chain, as well as gas for meeting transaction costs.

However, Dogechain is not a true layer -2 network. Remember we mentioned the chain isn’t built on the Dogecoin platform.

Dogechain runs on a separate network, the Polygon Edge. 

The choice to have this as the underlying infrastructure might have been due to its compatibility with the Ethereum Virtual Machine. 

It also turns out that Polygon is one of the most popular sidechains of the Ethereum blockchain.

Here is the Kicka, compatibility with the Ethereum Virtual Machine means Dogechain will support games and DaPPs built for Ethereum.

For the longest time, Dogecoin has not been environmentally friendly due to its energy-intensive consensus mechanism. Dogechain has an eco-friendly solution. The developers opted for Proof of Authority and Proof of Stake consensus to ensure the blockchain no longer consumes as much electricity as Vatican City.

It is worth noting that the Dogechain platform has no direct or indirect affiliations with the Dogechain blockchain explorer. 

This is according to an official announcement on Dogecoin’s Twitter account claiming that the foundation had no involvement in building and deploying Dogechain.

The new platform can also act as a cross-chain for DOGE holders to bridge their Dogecoin holdings. Thereby enabling them to get Wrapped DOGE (wDOGE) in return. Finally, a user will be able to interact with NFT marketplaces, Defi apps, games, and dApps.

For those into Dogecoin for governance, $DC is the native incentive that activates the governance aspect on Dogecoin’s initial DAO. Another unique feature is you can generate high yields through the $DC token. Dogechain’s yield system is based on the Curve vote-escrow mechanism. If you stake the $veDC token for a long time, you could generate up to 400% in returns, especially if this goes on for 4-years. 

Dogechain has 6 different inbuilt smart contracts that make it possible for governance, slashing, staking and bridging. All of which are good for handling on-chain management, selecting validators and voting. 

The Dogechain platform creates a win-win situation for both Dogecoin and its community. Dogecoin will be able to benefit from a range of diverse Apps, which developers will build on top of the Dogecoin blockchain. The applications will drive the utility of the DOGE coin and hence its price. On the other hand, the Dogecoin community will thrive even more due to the opportunities placed at their disposal.

Dogechain is already live and running. DOGE users can now buy minted tokens on the chain through decentralized exchanges. Over $21 million worth of cryptocurrency tokens have already been traded on the newly-launched blockchain. 

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