Dogecoin Update Includes Solana-Like Web3 Features
2 min readBitcoin scaling protocol QED proposed a major upgrade for Dogecoin on Friday . The move could transform the meme coin network into a high-speed platform capable of running complex decentralized applications, similar to Ethereum or Solana.
The protocol, which recently raised 6 million USD, aims to achieve this goal by increasing the network’s capacity and adding smart contract functionality.
QED is also developing a zero-knowledge (ZK) rollup, which could increase DOGE transaction speed and capacity.
Dogecoin to Become First PoW-Secured Chain at Feature Parity with Ethereum
“A brilliant aspect of DOGE is the empathy it has garnered around the world, which now manifests itself 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 incredible DOGE 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 at its peak.”
QED is working with major Dogecoin mining pools including AntPool, ViaBTC, and F2Pool to implement the proposed upgrades. Founder Carter Feldman said the ultimate goal is to “make Doge STRONK!”
Dogecoin Seeks Ethereum Killer Status With New Update
The executive noted that while DOGE has a huge fan base, current limitations have prevented the development of new valuable applications. However, the upcoming ZKP integration has the potential to change that by creating useful applications for DOGE users.
“The introduction of an application layer means that the populist movement of user-centricity can be taken to the next level.
“Dogecoin suddenly becomes a viable alternative to the PoS chains that dominate applications today, offering a combination of stronger security, powered by Proof of Work, and the best community vibes in the industry. As for price action, it’s clear that we believe that unlocking this latent potential will cause a very significant increase in demand for the world’s favorite meme coin.”
Dogecoin could become a launchpad for crypto projects
Furthermore, Feldman believes that the incorporation of ZKP technology will elevate DOGE brand recognition to a level similar to that of Bitcoin. Furthermore, he predicts that DOGE transaction capacity will increase, which will allow it to process payments on a scale comparable to credit card networks.
Feldman said one of the most exciting outcomes QED Protocol expects is the creation of the first fully on-chain DEX for trading DOGE. “You’ll certainly find the standard DeFi fare — staking, collateralized stablecoins, and lending protocols for higher yield,” he said. “But perhaps most interesting are new applications that leverage Doge’s unique status as the world’s most popular meme coin.”
“DOGE will be the launchpad for the monetized memes of the future. And we hope Dogecoin will be the launchpad for the next wave of meme coins and NFTs,” he added.
