Dogechain (DC)
Last updated 08/11/2022
Official Website: https://dogechain.dog/
Introduction to Dogechain (DC)
Dogechain is an unofficial Layer 2 solution for the Dogecoin project, not to be confused with the official Dogecoin blockchain explorer. It's a decentralised blockchain that runs on the Polygon network and is EVM-compatible with the goal of bridging over Dogecoin to give Dogecoin users access to the expanding decentralised finance (DeFi) ecosystem.
As was already stated, Dogechain is not linked to Dogecoin. Instead, it's a different blockchain built by the community for the benefit of Dogecoin holders. Holders of Dogecoin can access blockchain gaming, NFTs, and numerous DeFi apps by using the bridge. Since Dogecoin is mostly used for payments and purchases exclusively, they require some sort of bridge. The creators of the Dogechain project want to complement the original Doge coin because it only has a few advantages, allowing it to be utilised for a variety of additional uses.
The Dogechain project is useful in this situation. A Polygon Network-based blockchain that is EVM-compatible is called Dogechain. To allow Dogecoin users to access the expanding DeFi ecosystem, the Dogechain team developed this blockchain as a bridge over Dogecoin.
Dogecoin is not connected to the Layer 2 network known as Dogechain. Rather, Dogechain serves as a kind of bridge that enables Dogecoin owners to move their tokens to the Dogechain so they can purchase NFTs, create GameFi apps, and take part in various DeFi projects.
The initiative intends to increase Dogecoin's utility to broaden the use cases for the cryptocurrency, according to the white paper published by the official Dogechain community. To receive wrapped Dogecoin (wDOGE) proof of stake (PoS) tokens, Dogecoin users wrap their DOGE tokens into Dogechain smart contracts. This allows users to participate in various sorts of DeFi projects. On the Dogechain network, these wDOGE PoS tokens are active. The WDOGE PoS tokens can be changed back into Dogecoin if necessary.
What WDOGE is used for:
- Create NFTs, trade NFTs, and pay gas costs associated with NFT transactions
- Participate on well-known GameFi platforms and easily interact with the expanding gaming community
- Participate in several decentralised exchanges, trade tokens
- Access alternatives for investing, including staking, lending, borrowing, and liquidity mining
- Purchase Dogechain-based NFTs
- Take part in DAOs and contribute to DeFi communities
There are a lot of other reasons why you might want to investigate Dogechain in addition to these advantages. For instance, it provides a better alternative to the Scrypt proof-of-work (PoW) mining method used by Dogecoin. The Dogechain bridge can overcome such limitations because the Dogecoin algorithm is difficult to scale for widespread use.
Similarly, to this, Dogecoin's current setup requires a lot of resources. A significant carbon footprint will be left by Dogecoin because of its expansion. Dogechain offers a less energy-consuming solution to this conundrum.
Finally, millions of simultaneous transactions would be too many for the Dogecoin PoW consensus process to handle. As a result, the timing is ideal for a complementary blockchain that supports smart contracts and can execute rapid transactions.
Where to Store Dogechain (DC)
MetaMask, a well-known browser wallet extension popular among DeFi platforms and highly rated by developers, can be an easy-to-use option for securing your $DC. Users can connect to the network's liquidity mining pools by connecting their MetaMask wallet.
Dogechain (DC) Resources
Website: https://dogechain.dog/
Block Explorer: https://explorer.dogechain.dog
Twitter: https://twitter.com/dogechainfamily
Reddit: https://www.reddit.com/r/DogeChainOfficial
Whitepaper: https://dogechain.dog/DogechainWP.pdf?v=20220801
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.