What is the world’s most famous meme coin up to? Find out Dogecoin’s next steps!
Dogecoin is a cryptocurrency created by computer engineers Jackson Palmer and Billy Markus. Dogecoin’s blockchain works via the Proof-of-Work consensus mechanism. To date, it is the third placed crypto in terms of market cap to work with this mechanism. Following Ethereum’s Merge to Proof-of-Stake, it will likely move to second place. In addition to its market cap, DOGE also stands out due to its longevity. It is in fact a first generation project: it saw the light of day in December 2013. Elon Musk’s favourite crypto was initially fashioned as a joke, but over time it gained illustrious supporters such as the South African tycoon and Ethereum founder Vitalik Buterin. This growing popularity convinced the team to develop a real roadmap, called in this case “trailmap”, to define the protocol’s future moves. The main objective? To turn Dogecoin into a universally accepted payment method and achieve mass adoption!
Buying with Dogecoin, will it soon be possible?
The history of Elon Musk’s favourite crypto has been quite troubled. After working on the early phase of the coin’s life, the core development team abandoned the project for some time. However, they resumed it during the strongly bullish phase at the beginning of 2021. This phase saw a real explosion of Dogecoin, which went from a market cap of about 1 billion to more than 75 billion dollars. Dogecoin’s explosion came as a result of the decision by some big brands to accept crypto. Among these brands are AMC, Twitch and of course Tesla and SpaceX owned by crypto’s number one fan: Elon Musk. It is precisely the expansion of Dogecoin as a payment method that seems to be the key point of the project’s roadmap. The slogan repeated several times on the official site is in fact: utility -> adoption! But how is the Doge team working to ensure that adoption actually happens?
Adoption through GigaWallet and Libdogecoin
One of the ways the Doge team is working to achieve mass adoption is through the Gigawallet service. The Gigawallet project is an open-source initiative that aims to make the process of accepting crypto as a payment method as simple as possible. Thanks to this service, which can be set up in seconds by a developer, sellers will be able to receive Doge transactions as easily as they receive payments in other currencies. If you are thinking of buying a new pair of headphones, or a case for your smartphone in Dogecoin, perhaps you will be able to do so soon! The other project the Doge team is working on is Libdogecoin. Libdogecoin will be a library of best practices for the complete implementation of Dogecoin protocols. The library will be written in the C programming language and will allow anyone to build Dogecoin-compliant products without having to worry about deeper specifications or cryptographic functions.
The roadmap of Elon Musk’s favourite crypto is largely focused on expanding the infrastructure to help DOGE become a more robust payment solution. The team does not seem to have any plans to work on other features as some rumours suggested. In the meantime, a new blockchain named Dogechain was founded in the last few days. This network was built on Polygon Edit, a framework that can be used to build blockchains quickly. The Doge development team has already stated that it has nothing to do with the project.
The number of transactions, users and active wallets grew incredibly in the network’s first days. Users have been attracted by the large number of tokens launched on the network, almost all of them Doge-themed. Beware however, in projects like this, which enjoy instant and seemingly unfounded hype, risk is always just around the corner!
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