New Proposal Aims to Enhance Dogecoin with Ethereum, Solana-like Web3 Capabilities
Bitcoin scaling protocol QED on Friday proposed a major upgrade for Dogecoin. This change could transform the memecoin network into a high-speed platform capable of running complex decentralized apps, similar to Ethereum or Solana.
The protocol, which recently raised $6m, aims to achieve this by increasing the network’s capacity and adding smart contract functionality. QED is also developing a zero-knowledge (ZK) rollup, which could boost Dogecoin’s transaction speed and capacity.
“A brilliant aspect of Dogecoin is the mindshare it has garnered around the world that now manifests in the form of a huge community of dedicated holders – and of course the excellent memes and dogs,” Feldman said.
“With the introduction of this opcode and the continued hard work of the amazing Dogecoin core developers, the Dogecoin Network will effectively be the first PoW secured chain at feature parity with blockchains like Ethereum and with the scalability of Solana. Dogecoin is on the cusp.”
QED is collaborating with major Dogecoin mining pools, including AntPool, ViaBTC, and F2Pool, to implement the proposed upgrades. The founder, Carter Feldman, said the ultimate goal is to “make Doge STRONK!”
Dogecoin to Aim for Ethereum Killer Status with New Upgrade
The exec noted that while Dogecoin has a massive fan base, its current limitations have prevented the development of valuable new applications. However, the upcoming ZKP integration has the potential to change this via useful applications for Dogecoin users.
“The introduction of an application layer means that the populist movement for user-centricity can be taken to the next level,” he told Cryptonews.
“Dogecoin with a trustless application layer suddenly becomes a viable alternative to the PoS chains that dominate applications now, offering a knockout combination of stronger, Proof of Work powered security and the best community vibes in the industry. With regards to price movements, we of course believe that the unlocking of such latent potential will cause a very significant increase in demand for the world’s favorite memecoin. “
Dogecoin Could Become Launchpad for Next-Gen Crypto Projects
Further, Feldman believes that incorporating ZKP tech will elevate Dogecoin’s brand recognition to a level similar to Bitcoin. Additionally, he anticipates Dogecoin’s transaction capacity will dramatically increase, enabling it to process payments at a scale comparable to credit card networks.
He said that one of the most thrilling outcomes QED protocol expects is the creation of the first fully on-chain DEX for trading Doge. “You will certainly find the standard DeFi fare – staking, collateralized stable coins and lending protocols for further yield,” he said. “But perhaps more interesting will be the new applications which take advantage of Doge’s unique status as the world’s most popular memecoin.”
“Doge will be the launchpad for the monetized memes of the future and we expect for Dogecoin to be the launchpad for the next wave of memecoins and NFTs,” he added.
