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Dogecoins eighth ‘trail map’ for success

The Dogecoin Foundation wants you to take Dogecoin seriously.

This is generally a statement that one would use to describe cryptocurrency projects that try to break through the noise long enough to let investors and developers know that they have built a better mousetrap.

Dogecoin, on the other hand, broke the noise and pulled many investors onto the shoulders of a superfan: Tesla and SpaceX CEO Elon Musk. His Dogecoin memes go to the Lion King and and and and moons – telling his 66 million Twitter followers that the cryptocurrency will become the “moon” by skyrocketing its price, and (somehow) promise that SpaceX will be “a literal Dogecoin.” on the literal moon ”.

Now it’s a real project with a new manifesto, new board and consultants and since December 23rd a new development roadmap – well, a “trailmap”, as the term “roadmap” conveys a rigid way forward, led by a single company or ‘lead’. “

It’s an eight-part project that starts with a redesign of the dogecoin.com website and ends with a partnership to create a decentralized point-of-sale (DApp) application that will make it usable as currency.

The aim is to make Dogecoin what the pseudonymous creator Satoshi Nakamoto wanted to do with his Bitcoin: a digital currency.

See also: Elon Musk Moons Dogecoin shows the power of its 66 million Twitter fanatics

According to Trailmap, “the manifesto was our attempt to capture everything the community wanted from the Dogecoin project: a ‘currency of the people, for the people and of the people’, something that humanity could really use to buy a coffee or to pay the rent. “

In case that didn’t sound like big dreams, the trailmap prologue compared the Dogecoin to the denarius, the Roman coin that could be spent across the empire for about four and a half centuries – and used by about one fifth of the world’s population at its peak.

Small steps

The Dogecoin Trailmap begins with the redesign of the website and the creation of a Dogepedia. Then comes the first serious part: Project Libdogecoin. This is the creation of a library of software components to make it easier for developers to work with Dogecoin.

Third is the creation of the Dogecoin standard, which essentially documents how the blockchain works. Then comes the Gigawallet, an enterprise-grade application programming interface (API) solution that, according to Trailmap, “can be set up in seconds and allows a developer to add Dogecoin transactions to their platform as easily as with any sophisticated payment provider.”

Then come more developer tools, a way to add Dogecoin blockchain nodes in remote areas, and then the big one – a move away from a bitcoin-style proof-of-work (PoW) validation process that adds new blocks of transactions to the blockchain . for proof of deployment. This is essentially a rewrite of the foundation of the blockchain, something that Ethereum is going through right now.

Continue reading: PYMNTS DeFi Series: What is Staking?

It has several advantages, all of which have some options for Dogecoin. It doesn’t require energy-intensive, polluting PoW mining and enables blockchains to scale to far more transactions per second. It also enables community members to earn validation rewards with huge hardware investments.

Snarky beginnings

The origins of Dogecoin can be traced back to a tweet from 2013 between two software engineers: Billy Markus, formerly of IBM, and Adobe’s Jackson Palmer.

Two designers knocked out the Dogecoin in a couple of hours and gave it the face of a silly Shiba Inu dog that was previously used as a popular meme format. Dogecoin’s mining program has been purposely messed up to deter people from mining DOGE as it is known on crypto exchange tickers.

After being picked up by Reddit, the project’s website drew a million visitors in a month, but eventually grew into a small but passionate and now quite affluent community.

Then came Elon. Snoop Dogg interfered, as did Mark Cuban.

Suddenly, a coin whose mascot is a grammatically challenged and monosyllabic dog cracked the top 10 cryptocurrencies by market capitalization – it’s currently # 12 with a market capitalization of $ 25 billion – in search of a purpose.

On August 16, a group of developers cheered on and supported by Musk and Ethereum founder Vitalik Buterin announced “with great excitement” the re-establishment of the long inactive Dogecoin Foundation, with “a renewed focus on supporting the Dogecoin ecosystem, community”. and promoting the future of the Dogecoin blockchain. “

Hold on for a moment. The cryptocurrency rose from $ 0.0045 to nearly $ 0.74 this year – up about 16,400% – before falling to its current 19 cents. It did this with no active foundation in place updating the code, assisting developers, marketing the token, and all the other things centralized blockchain projects had.

In addition to a board of five veterans of the developer / Dogecoin community, the Dogecoin Foundation now includes advisors appointed by Musk and Buterin and Markus.

When it all happens, Dogecoin won’t just be a joke that made up for it – it’ll be the first serious business tool in Comic Sans.

Related: In 2021, Crypto was preparing for its close-up

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NEW PYMNTS DATA: AUTHENTICATION OF IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

About:More than half of US consumers believe that biometric authentication methods are faster, more convenient, and more trustworthy than passwords or PINs – so why are they using less than 10%? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception and usage gap and to find out how companies can increase usage.

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