What Is Dogechain? The Smart Contract Platform for Doge

Dogechain is a Proof-of-Stake blockchain that’s built on Polygon Edge, a framework and SDK that lets developers or investors to build EVM-compatible blockchains that can mint NFTs world wild, create tokens and host decentralized applications (Dapps). Its unique feature is its ability to interact with the Doge network and port over Dogecoin to use for these activities. With this new functionality now available, Dogechain wants to invigorate the $DOGE community and unlock new occasion.

Doge chain is not built on the Dogecoin network (which isn’t smart contract enabled). It’s also not a “layer 2” for Doge in a technical sense, that’s simply a marketing slogan. It was neither created by the Doge foundation or the original founders.

With that out of the way, let’s clear cut on what Dogechain is. It’s a project that is creating usefulness for $DOGE, moving it away from simple transactions. The founding team believes that giving Dogecoin holders access to advanced functionality using their $DOGE will help onboard the many casual holders of the meme token to the greater world of Web3, uncover them to the potential of smart contracts and all the different verticals implemented by programmable tokens.

How Does DogeChain Work?

You can’t use $DOGE directly on Dogechain. Instead, Dogechain has built a bridge to facilitate the transfer of tokens from the dogecoin blockchain. A (3-of-5) multi-sig smart contract holds the $DOGE sent to the chain in escrow (burning) and mints $wDOGE at a 1:1 ratio in return. In this way, investors of Doge can bridge their tokens to Dogechain and, by doing so, receive wrapped Doge ($wDOGE).
It’s this token, pegged to the price of Doge, that acts as the gas for the chain. It opens the ability for investors to pay for Dapps, smart contract execution, NFTs and more using their Dogecoin. The chain has another native token, $DC, which we’ll dive in later.
Investors must have at least 100 $DOGE to be able to bridge to Dogechain. They can, at any time, return their $wDOGE to the smart contract to reclaim their $DOGE. Yet the unwrapping process can take some time.

Polygon Edge, the framework Dogecoin is built on, also has a decentralized Ethereum bridge built in, and tokens on the chain adhere to ERC-20 standards. This means that tokens generated on Dogechain should be compatible with the general Ethereum ecosystem, and Ethereum smart contracts can be deployed on the chain. This technically makes it possible for other EVM chains to build bi-directional bridges to Dogechain to facilitate asset transfers. Some have already announced their intention, but the bridge between Dogecoin and Dogechain remains the most widely used one for most of investors world wild.

What Makes Dogecoin Unique?

Retail crypto users holding pocketfuls of Dogecoin can get their teeth stuck into DeFi and NFTs with almost no barrier to entry.

Developers who can code for Ethereum can code for Dogechain too, so more Dapps on the nascent platform may spring up soon. Dogechain’s JSON-RPC API is designed to be familiar to anyone who currently codes for EVM chains like Ethereum, Avalanche and Fantom. DEXs on the platform already exist allowing investors can trade $DOGE for new tokens being created on Dogechain, and development is progressing rapidly.

The team behind the project recently hosted a Twitter space outlining some of the projects already being built on the chain. by saying the actual innovation is creating an ecosystem for DOGE and the ability to port it to a fast, scalable, Proof-of-Stake, EVM-compatible network where the coin can be used within an emerging ecosystem, rather than just as means of wealth storage. let us know in comment section what you guys thinks about this innovation?