What is Dogechain? How it works? A detailed guide

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On August 13, 2022, a team of developers launched Dogechain. Barely 72 hours after launch, Dogechain reported impressive growth statistics. Over 20,000 new wallets created and over 200,000 transactions confirmed. Dogechain has enjoyed a positive reception from the cryptocurrency community. But what exactly is Dogechain?

Dogechain is an EVM-enabled blockchain built using Polygon SDK to create an efficient connection between Dogecoin (DOGE) and Web3. Dogechain’s infrastructure allows DOGE holders to transfer their DOGE to a blockchain with more possibilities and enjoy more opportunities using their DOGE.

Dogechain presents developers with a platform to build DeFi, GameFi, NFT, and other decentralized applications with DOGE as part of its core economic system. Being compatible with EVM (Ethereum Virtual Machine), developers on Ethereum and other EVM blockchains can easily create new applications or link their existing applications to Dogechain without modifying their original code or learning new programming languages.

Dogechain runs the Proof of Stake (PoS) algorithm and offers a scalable, fast, and cheap blockchain for DOGE holders who want to explore more use cases for their DOGE and the rest of the cryptocurrency community. The Dogechain community hopes to build state-of-the-art NFT, DeFi and Web3 platforms and also maintain the core characteristics of the original DOGE community.

How does Dogechain work?

The only particularity of the Dogechain is the interactivity features that allow connection with the DOGE blockchain. Other than that, Dogechain is similar to Polygon chain and other EVM-enabled PoS chains.

Moving your DOGE to Dogechain involves a special transition process that allows you to wrap your DOGEs. The wrapping process allows you to create a new token tied to the value of DOGE on Dogechain. For example, when you wrap 100 DOGE using Dogechain’s bridging feature, you will receive 100 Wrapped Doge (wDOGE) on your Dogechain wallet. The wrapped DOGE is linked to the DOGE value and can be easily linked between the two platforms.

Compared to DOGE, wDOGE on Dogechain can be used for blockchain governance, payment of transaction fees, and as utility tokens on Web3 platforms.

How to Add Dogechain to MetaMask

Metamask and Clover wallet are the only supported wallets for the Dogechain network at the time of writing this article. You can automatically add Dogechain to your MetaMask Chrome extension by visiting Dogechain’s bridge.

dogechain bridge

Click “Connect Wallet” and follow the previous instructions.

Manually add the Dogechain network

Log in to your MetaMask, click on the network bar in the upper right corner of your wallet and select Add network from the drop-down menu.

add dogechain network on metamask

In the form that appears, fill in the following accordingly:

Click save and the Dogechain network is now accessible through your MetaMask wallet.

How to use Dogechain

First you will need to link your DOGE tokens to Dogechain:

  1. Visit the bridge platform. Connect your wallet and choose the desired route for your transaction.
  2. Since you are connecting Dogechain, the route shown should be from Dogecoin to Dogechain.
  3. Click Confirm to reveal the DOGE forwarding address. Send the amount of DOGE you want to fill to the address provided.

Make sure to send more than 100 DOGE. Only DOGE should be sent to the DOGE address.

dogechain blockchain bridge

You will receive wDOGE in your Dogechain wallet after 6 block confirmations on the blockchain. wDOGE can be used like Ethereum.

Is Dogechain safe?

At the blockchain level, Dogechain developers have adopted several protocols and smart contracts to refute malicious operator attacks and penalize defaulters when possible.

The cutting protocol was deployed to improve the security of the Dogechain via automated disciplinary actions against failing validators. The slashing contract will penalize validators for missing blocks or attempting to validate multiple blocks simultaneously. This and other security algorithms ensure that the blockchain operates without security vulnerabilities.

However, much of Dogechain’s infrastructure is still in its early stages of development and could be subject to instabilities, severe malfunctions, and exploitation. DOGE holders should take the time to master the bridging procedure to avoid losing assets through erroneous bridging. Also, try to be more careful when interacting with blockchain protocols and platforms that are derived from it.

Dogechain Token (DC)

The Dogechain (DC) token will be the native currency of Dogechain. While waiting for the official launch of the token, the Dogechain developers will work to build the majority of Dogechain’s utility around the DC token and also create an environment where the DC token will initially coexist with the wDOGE token as the two main Dogechain tokens. However, over time, the DC token will be the go-to token for every operation on the Dogechain.

The total supply of DC tokens was pre-mined when the Dogechain network launched. 60% of the total supply will be distributed as block rewards to validators and stakers, as well as airdrops to DOGE holders. The remainder of the supply will be used to fund marketing and development programs for the Dogechain ecosystem.

DC token holders will be able to pay transaction fees, vote on governance proposals, and set up validator nodes using DC tokens. Validators on Dogechain will need to lock at least 10,000,000 Dogechain tokens to run a node.

Dogechain governance model

Dogechain operates as a Decentralized Autonomous Organization (DAO). To participate in governance activities, DC token holders must lock their tokens for up to 4 years.

Holders will receive Governance Tokens (VeDC) based on the number of DC tokens locked and the lock period chosen. Holders who lock their tokens for the maximum period (4 years) will receive VeDC four times the locked amount.

In other words, if you lock 10 DC tokens for 4 years, you will receive 40 VeDC. VeDC is used on the governance portal to vote on active proposals or create improvement proposals.

DOGE and Dogechain

dogecoin

DOGE and the original DOGE blockchain were created for two main purposes: a simplified payment system and to add fun to the former.

The creators of DOGE focused on developing a blockchain that rivaled Bitcoin’s payment technology and opened the cryptocurrency to a wider population through a friendly and generous community. DOGE’s usefulness ends here, unfortunately. The DOGE blockchain lacks the facilities for emerging technologies such as DeFi, GameFi, and NFT. So, Dogechain is an attempt to change that and extend the usefulness of DOGE.

Dogechain complements DOGE. It continues where DOGE left off. With Dogechain, DOGE finds use cases in the most modern applications of blockchain technology.

DOGE holders can now explore more opportunities with their DOGEs instead of just keeping them in their wallet, paying for services or contributing to philanthropic exercises. On Dogechain, DOGE holders can link their DOGEs and use them on DeFi platforms, blockchain gaming platforms, and yield farms.

Dogechain and Memes

DOGE holds meme culture in high regard. Dogechain will also seek to continue this tradition. DOGE has brought fun to the “payment technology” era of blockchain technology and cryptocurrency. Dogechain hopes to bring the same vibes to the Web3 era of blockchain technology evolution.

Dogechain maintains the dog theme and witty atmosphere that DOGE provided. It will also attempt to maintain community engagement and provide a low barrier of entry for cryptocurrency and blockchain enthusiasts. Through the airdrop of Dogechain tokens to DOGE holders, Dogechain will build on the same community that brought fun, generosity, and community participation to the first cryptocurrency blockchain community. Dogechain will attempt to continue fostering the culture of memes on Web3 lands.

Final Thoughts

Dogechain represents a new dimension for DOGE and the DOGE community – a new set of utilities. It turns DOGE into a versatile token. The DOGE community is a known leader in the meme coin industry, Dogechain is another case of dictating new directions for similar projects.

Dogechain will build on the reputation created by DOGE and its community. It will also try to overcome this and build an ecosystem good enough to support its own development and improve the value of DOGE and its own token – DC.

It should be noted that Dogechain’s technology is still in its early stages of development. Its core protocols and algorithms may be subject to irregularities, users are advised to exercise extra caution when using. As with any new technology, care must be taken for vulnerabilities.

To learn more about meme coins and how they became famous, read this article guide!

Joel Agbo

Joel Agbo

Joel enjoys discussing cryptocurrency and blockchain technology. He is the founder of CryptocurrencyScripts. Follow the author on Twitter @agboifesinachi

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