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The developers of the Dogecoin Foundation reported that by the end of the year the Doge-ETH bridge will be launched, which will allow the movement of DOGE from the Dogecoin blockchain to the Ethereum network and back.
As noted by graphic designer and user interface developer Dogecoin Foundation and MyDoge Inc. under the pseudonym DogeDesigner, the bridge will allow you to send “wrapped” DOGE (wDoge) coins to the Ethereum blockchain, as they will be compatible with the network.
These coins will be able to be used in a number of smart contracts, in decentralized finance protocols (DeFi) and platforms for trading NFT. Earlier, Dogecoin co-founder Billy Markus said that the bridge between Dogecoin and Ethereum will expand the capabilities of DOGE holders and strengthen the position of this coin.
“Our task is to create a fully decentralized two-way bridge. We won’t be creating a new blockchain or a new coin, and we’re not thrilled with burning DOGE. Therefore, we strive to ensure that the bridge is inexpensive for users and operators of nodes, “the developers said.
Work on the Doge-ETH bridge began in 2017 and was funded by grants. Its creation was inspired by the bridge for “wrapped” bitcoins (wBTC), which has not yet been subjected to exploits. In addition, the decision to create Doge-ETH was made due to the limitations of the Dogecoin scripting language, which make it difficult to host many decentralized protocols.
The developers said that when working on the project, they collaborated with Google Web3 cloud technology engineer Ross Nicoll (Ross Nicoll), Ethereum co-founder Vitalik Buterin and lead developer Solidity, 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 said he would support DOGE despite the market’s decline. Musk stressed that the blockchain of the “meme cryptocurrency” can process much more transactions than the Bitcoin network.
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