The history of smart contracts began with Ethereum, as it extended blockchain's use case beyond online payments. These self-executed contracts brought about a revolution in the cryptocurrency industry by empowering builders to deploy decentralized applications (dApps) and exponentially increase the use cases of blockchain technology.
On Ethereum, these smart contracts are computed and executed by the Ethereum Virtual Machine (EVM), which acts as a decentralized computer and has millions of executable projects. It enables anyone to run code within a trustless ecosystem, where the outcome is predictable and guaranteed.
Ethereum's smart contract technology led to the innovation of ICOs, DeFi, NFTs, and more, thus making it the leader of this category, with thousands of applications and protocols running on its blockchain, collectively holding billions of dollars.
However, the increased adoption of DeFi, blockchain games, and NFTs has also led to a considerable uptick in transactions on the Ethereum network. This has resulted in network congestion and extremely high fees, making the blockchain unusable during periods of high activity for small users.
It is widely known that Ethereum struggles with scalability, and can only process a meager 15 transactions per second (TPS) - and this is where sovereign EVM-compatible blockchain Dogechain comes into the picture. Being EVM-compatible means developers can seamlessly port Ethereum dApps onto the blockchain.
EVM Compatibility
There's no doubt that Ethereum has its issues. Yet today, thousands of dApps still run on the Ethereum blockchain, and are widely used by the broad market. To offer these users lower transaction costs and faster settlement, but in an EVM-like code execution environment, Polygon produces solutions that provide EVM compatibility.
This EVM compatibility makes it easy for Ethereum developers to migrate smart contracts without ever having to write the code from scratch. Thus, these builders benefit from code portability and established development standards that have already proven their robustness on Ethereum.
The Polygon Edge framework allows developers to create sovereign blockchains like Dogechain, along with facilitating user interaction with related blockchain-based entities.
Besides allowing developers to move their existing code, dApps, and protocols from Ethereum to Dogechain easily and freely, this also further implies that tokens created on Dogechain are equally compatible with the existing Ethereum ecosystem.
Polygon Edge is currently providing Dogechain developers with Ethereum smart contract portability, allowing them to build dApps using widely-adopted tools and libraries. This additionally enables users to transfer assets to and from any EVM-compatible network, most notably Polygon and Ethereum mainnets.
This makes sense, given the fact that today, several layer one and layer two solutions are active in the market. With the crypto future being multi-chain, the space needs an ecosystem of interoperable blockchains that are able to seamlessly communicate with each other.
Dogechain is already using Polygon Edge to plug into the most crucial player in the smart contract ecosystem and port their Dogecoin into the ever-growing ecosystem of DeFi and NFTs.
Complementing Dogecoin
Dogechain arose out of the growing desire to provide millions of users of the original meme coin Dogecoin - which is used only as a form of online payment - with added utility. It is a sovereign blockchain that imbues Dogecoin with smart contract capability.
Since Dogecoin first came into the picture in 2014 with an entertainment narrative, millions of investors have joined its ecosystem, which has grown exponentially with the likes of Elon Musk, Mark Cuban, and Snoop Dogg all endorsing the cryptocurrency.
One of the most popular crypto assets, Dogecoin, has nearly the same chances of survival in a bear market as Bitcoin and Ethereum. Yes, you read that right! In contrast, an estimated 90% to 99% of the digital assets never get to see their second bull market.
While DOGE has gained mainstream recognition and adoption, its fundamentals have remained stagnant, relative to the multitude of tokens that have evolved.
Because Dogecoin has a single use case (a means of payment for exchanging goods and services online), users cannot readily use their tokens in all the innovations that are happening in the crypto space.
This lack of smart contact functionality has left Dogecoin out of all gaming, DeFi, or NFTs. Not to mention, using the proof-of-work (PoW) mechanisms also translates to difficulty scaling for mass usage.
As a proof-of-stake blockchain, Dogechain seeks to bring scalability, security, robustness, and utility to Dogecoin. But rather than acting as a competition, the EVM-compatible Dogechain aims to complement the original Dogecoin cryptocurrency.
Bringing More Utility
Overall, Dogechain aims to increase the use cases of Dogecoin by "providing it with much-needed utility," says the project team.
To accomplish this, it relies on the Polygon Edge framework to build its standalone, EVM-compatible blockchain. Dogechain uses IBFT PoS as its core consensus algorithm, with an expected average block time of 2 seconds. Meanwhile, the expected number of validator nodes in the chain will be 21 at a minimum. You have to stake over 10 million DC tokens in order to qualify to become a validator.
As a result of being an EMV-compatible blockchain, developers can use Dogechain to deploy dApps that serve multiple purposes, including DeFi, NFTs, blockchain games, social media, and more.
This requires Dogecoin users to wrap their DOGE coins using Dogechain's bridge smart contract to receive an equal amount of wrapped ERC-20 DOGE tokens ($wDOGE), which can then be used to interact with the Ethereum and Polygon networks.
Dogechain also has its native token "DC", a community-focused token that serves as a primary governance token for the blockchain. All 1 trillion of DC supply will be pre-mined at mainnet. Aside from wDOGE, users will also be able to pay transaction fees on Dogechain with a DC token.
As a community-first project, 60% of the total supply of DC tokens is directly distributed to the community.
All of this will go a very long way in empowering Dogecoin holders to participate in the NFT market, partake in lucrative GameFi opportunities, join DEXs, participate in DAOs, join the upcoming metaverse revolution, and access advanced financial instruments such as staking, lending, borrowing, and liquidity mining.
* This is a contributed article and this content does not necessarily represent the views of techtimes.com
