Dogecoin Upgrade: Much Change, Much Wow!!
Billy Markus, a co-creator of Dogecoin has some ideas that he believes can help the token to become more widely used and attract more users to the ecosystem. He believes that Dogecoin will improve when a bridge between Ethereum and Dogecoin is completed.
Dogecoin founder wants NFT platform OpenSea to accept Dogecoin
The founder of Dogecoin, the world’s largest memecoin, is turning his attention to NFTs. In a tweet, Billy Markus urged top NFT platform OpenSea to start accepting Dogecoins.
“Two things I believe would help Dogecoin: 1) Completion of DOGE-ETH bridge 2) NFT platforms (e.g. Opensea) allowing for the DOGE-ETH token to be used for purchases NFTs purchasing is high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility,” Markus said.
Development of the Ethereum Dogecoin Bridge will also let users move DOGE tokens from the Dogecoin blockchain to the Ethereum blockchain and also transact with the asset in areas such as decentralized finance and NFTs through the ERC 20 DOGE token contract. The creation of the bridge will also bring out an extra utility for Dogecoin.
Co-Founder of Ethereum and Dogecoin investor Vitalik Buterin also said in an interview back in June that an Ethereum bridge could have bullish potential for Dogecoin. He said if DOGE wants to somehow bridge to Ethereum and then people can trade DOGE thousands of times a second inside a loop ring, then that would be amazing.
DogeLabs to Explore DOGE-ETH Bridge for Defi Staking and DOGE Burn Wallet
DogeLabs and organization of a group of developers who are focused on the Dogecoin chain recently said that it was exploring the thought of building a Dogecoin Ethereum bridge that would let holders use the asset in Ethereum and based DeFi staking. DogeLabs will also explore development of a Doge burn wallet where developers can build applications that send a small portion of Doge to a public burn wallet to assist in building a deflationary mode around DOGE inflationary growth.
Marcus had initially stopped working on Dogecoin back in 2015, when he sold his holdings for a used Honda Civic car. Marcus, however, remains a member of the Advisory Board of the Dogecoin Foundation, which was reorganized back in August.
This non-profit organization is aimed at providing supports and advocacy for the development of Dogecoin, while also protecting its trademark from projects like Dogecoin 2.0, which are trying to copy it. The foundation recently demanded that the Dogecoin 2.0 project change its name and had already booked the services of lawyers to contact the developers of the project in a bid to protect the Dogecoin community from being in disarray and also protect the possible misuse of the Dogecoin name.
Elon Musk remains one of the biggest Dogecoin advocates, and his tweets and posts have often sent the coin’s price soaring. He’s also been advising Dogecoin developers with the intention to make the coin cheap and easy to be used for everyday purchases like buying a cup of coffee.
Dogecoin’s big update proposals
Dogecoin is receiving some rather large updates in the near future. The upgrades are from two separate proposals made by developer Patrick Lodder. The first proposal made on March 14th calls for the integration of Segregated Witness (SegWit), and CheckSequenceVerify (CSV). SegWit lowers the threat of transaction malleability and slightly increases transaction speed.
CheckSequenceVerify is an update that will allow Dogecoin to create second-layer payment channels similar to the lightning network on Bitcoin. The second proposal, made on June 27th, aims to lower Dogecoin’s standard transaction fee by 100x. It would also decrease the minimum transaction relay fees and lower the dust limit. Therefore, these upgrades will open up many new possibilities for Dogecoin.