Recently the word dogechain has infiltrated the crypto space and is now the new sensation to many. But some may still wonder what the f**k is it all about? Well don't beat yourself up if you find yourself in this position because like you I was also lost not until I did a little research and was guided by some friends too. So here is the little I was able to gather about this new sensation.
Dogechain is a blockchain platform which runs on a proof of stake algorithm built on the polygon edge network which is a custom blockchain software from polygon and is compatible with ethereum virtual machine (EVM). In other words it can run apps and games built for ethereum. Thus dogechain isn't a layer 2 network because it's not built on the doge blockchain.
Majorly Dogechain allows you to bridge your Dogecoin to wrapped Doge (wDoge) for other use cases.
For now though, only two wallets are Dogechain-compatible. They are the clover wallet and metamask wallet. To manually add dogechain settings on your metamask follow these procedures:
Click on the three dotted lines on the top right of your metamask wallet.
Select add network from the drop down, and insert the following;
Network name:Dogechain
NewRPCURL:https://rpc01-sg.Dogechain.dog
Chain ID:2000
Symbol:WDOGE
Then save.
To bridge your Dogecoin to wDoge, follow the following process:
Visit https://bridge.dogechain.dog/bridge connect your wallet.
Select Dogecoin to Dogechain and not the other way around.
Click on confirm and a doge address will be provided for you to transfer your dogecoin into it.
Transfer 100 or more dogecoin you want to bridge to the address provided and not less. And you will get an equivalent quantity of wDoge for the Doge you sent not only in quantity but also in value because wDoge is pegged to the Dogecoin.
And because of the launch of dogechain on the 13th of August, 2022, we can see a jump/rise in the price of Dogecoin basically because of the recent demands.
For those who have made use of this platform to bride their Dogecoin to wDoge can head on straight to https://bridge.dogechain.dog/airdrop and claim some $DC tokens which is the second native currency of dogechain after wDoge as a reward/incentive.
This $DC tokens can be sold or swapped on https://dogechain.quickswap.exchange/#/swap
Some of the pros of using the dogechain platform are that :
Dogechain is a decentralized network, meaning that there is no central point of control.
Its is based on the blockchain technology, which is known for its security and transparency.
The platform is fast and efficient, meaning that transactions can be completed in minutes rather than hours or days.
Dogechain is an open source, which means that it is customizable and flexible. This allows for a variety of applications and use cases.
Dogechain is also supported by a strong community of users who are interested in building and using the platform.
However, there are some limitations to Dogechain that users should be aware of.
First and foremost, Dogechain is not a full fledged cryptocurrency platform. It is limited to Dogecoin transactions only. This means that other digital assets, such as Bitcoin, Ethereum, and Litecoin, are not supported. Dogecoin also has a lower trading volume than some of the other cryptocurrencies.
Additionally, Dogechain is not a secure platform. Dogecoin transactions are vulnerable to cyberattacks, and the platform is not immune to potential fraud. As a result, it is important to exercise caution when using Dogechain.
Therefore the Dogecoin Foundation quickly distanced itself from the project once it began picking up steam and media mentions. "Claims in paid media that Dogecoin launched a 'Dogechain' test network are false. Neither @Dogecoin/@dogecoin_devs, nor @BillyM2k, @ummjackson, or others associated with @DogecoinFdn are in any way affiliated with the token," said Jens Wiechers, a member of the Dogecoin Foundation, in a tweet. Source
But there is no doubt that Dogechain has a very bright future. The project has a strong community and a very committed team. The technology is sound and the potential applications are numerous.
The Dogechain team is working hard to make the platform more user-friendly and accessible to a wider audience. They are also working on expanding the range of applications that can be built on top of the platform like DApps, Nft marketplaces, games etc on the dogechain network. This may just bring about another memecoin era, definitely not a financial advice (NFA) and also do your own research (DYOR).
In the short-term, we can expect to see more businesses and organizations start using Dogechain for a variety of purposes. In the long-term, the possibilities are endless. Dogechain could become the foundation for a new internet or a new economy.
Thank you for reading and I hope you find it educative and interesting.