The developers of the Dogecoin Foundation announced that before the end of the year the Doge-ETH bridge will be launched, which will allow moving DOGE from the Dogecoin blockchain to the Ethereum network and vice versa.
How noted graphic designer and user interface developer for Dogecoin Foundation and MyDoge Inc. under the pseudonym DogeDesigner, the bridge will allow wrapped DOGE (wDoge) coins to be sent to the Ethereum blockchain, as they will be compatible with the network.
These coins will be able to be used in a range of smart contracts, decentralized finance (DeFi) protocols, and NFT trading platforms. Earlier, Dogecoin co-founder Billy Markus said that the bridge between Dogecoin and Ethereum will empower DOGE holders and strengthen the position of this coin.
“Our goal is to create a fully decentralized two-way bridge. We will not create a new blockchain or a new coin, and we are not thrilled about burning DOGE. Therefore, we strive to ensure that the bridge is inexpensive for users and node operators,” the developers said.
Work on the Doge-ETH bridge began in 2017 and was funded by grants. Its creation was inspired by the Wrapped Bitcoin Bridge (wBTC), which has not yet been exploited. In addition, the decision to create Doge-ETH was made due to the limitations of the Dogecoin scripting language, which makes it difficult to host many decentralized protocols.
The developers said they worked on the project with Google Web3 cloud engineer Ross Nicoll, Ethereum co-founder Vitalik Buterin, and Solidity lead developer, known on Github as Chriseth.
The Dogecoin project continues to receive support from influential figures in the cryptocurrency space, including billionaire Elon Musk. This summer, he announced that he would support DOGE despite the market drop. Musk stressed that the “meme cryptocurrency” blockchain can process many more transactions than the Bitcoin network.
Source: Bits
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