The first cryptocurrency based on a meme that proved successful was Dogecoin. Although it was advertised as a joke, it received a lot of support from the crypto community and has since attracted a large number of imitators.
Dogecoin is now evolving as a decentralized finance platform, and it recently declared its aim to be utilized for non-fungible tokens and blockchain gaming (NFTs). Dogechain, a layer-2 network for the meme coin, is at the center of this additional legitimization.
Dogechain aims to maximize Doge’s potential, but what precisely is it, where can I get it, and how does it operate?
Understanding Dogechain (DC)
Dogechain is a proof-of-stake blockchain built on Polygon Edge, a framework and SDK that lets developers build EVM-compatible blockchains that can mint non-fungible tokens (NFTs), create tokens and host decentralized applications (DApps).
Its special ability to interface with the Dogechain blockchain enables the Doge network to port over Dogecoin for usage in these activities. Dogechain hopes to revitalize the $DOGE community by enabling new chances for tokenization and interactions across projects with the newly accessible capability.
The blockchain is meant to give Dogecoin stability and usefulness. It is important to keep in mind that Dogechain is not an expansion of the original Dogecoin network or project and was not created on the Dogecoin network.
How does it work?
Dogechain is able to leverage the POS method, which is faster, scalable, and more environmentally friendly than Dogecoin’s PoW, thanks to the Polygon Edge framework’s support for the EVM. The platform also offers smart contract functionality, allowing token holders to use DOGE to pay for gas.
The project’s official token, $DC, will be given away to users via airdrop. When users obtain these tokens, they can stake them to increase their payout with more tokens by keeping them. In the interim, users can bridge their DOGE and get Wrapped Dogecoin (wDOGE) in exchange.
How to Purchase Dogechain (DC)
DC has been listed on several cryptocurrency exchange, but unlike other major cryptocurrencies, it cannot be bought with fiat money straight away.
You can still purchase this coin by first acquiring Ethereum from any fiat-to-crypto exchange, for instance, and then transferring it to an exchange that supports trading in this coin.You will be prompted to add a payment method after signing up for your preferred platform.
Even though DC is an alternative coin, it may be traded on numerous exchanges. Nevertheless, due to KuCoin’s prominence and wide range of tradable pairs, which includes DC USDT, we will use it as our exchange.
To finish registration, you will be prompted to set up two-factor authentication. This provides an extra layer of security for your account. You will notice a box on the right with a string of random integers that reads “ETH address.” People can send ETH to your KuCoin account using this one-of-a-kind public address that you have created.
Go to the “Exchange” tab after you receive an email from KuCoin verifying that it has received your ETH. Search for and choose the pair DC/ETH in the right-hand column. A price chart should appear in the center of your screen; click on it to access the trading interface.
A box with a green “Buy DC” button is displayed below. Click the Market tab in the text box. To enter the amount you wish to put toward purchasing DC, type in a number or select a percentage of your deposit. When you’re done, click “Buy DC.” Then you’re finished!
Dogechain’s Basic Features
To better understand how Dogechain will develop, consider these key characteristics:
IBFT Proof of Stake (PoS) Consensus
A permissionless and decentralized blockchain is guaranteed by user participation in the network.
Existing smart contracts for Ethereum can be readily transferred to Dogechain without requiring any additional modifications.
Holders of tokens can make proposals, delegate authority, vote on blockchain specifications, and participate in governance processes.
By passing Dogecoin over the Dogechain bridge and sending it back to the Dogecoin network, Dogecoin can be utilized on the Dogechain network.
Dogechain’s effects on Dogecoin
Dogecoin does not enable smart contracts even though it is mostly used as a payment method. Other use cases, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming funds are not possible due to smart contracts’ lack of capability (GameFi).
Users can access a variety of DeFi services, such as NFTs and GameFi, using their token after bridging their $DOGE on Dogechain. To gain more tokens, they will be able to trade NFTs and participate in games. In addition, they can mine for liquidity and lend and borrow $DOGE.
Since Dogecoin also needs a scaling solution, Dogechain might be the initiative Dogecoin has been waiting for. Because Dogechain enables the Dogecoin ecosystem to grow without utilizing resources tethered to the main chain, it may be a better option than a Layer 2 network.
A platform for smart contracts for the Dogecoin community might be a fascinating development, and it might even encourage similar initiatives centered around other well-known meme coins.