Dogecoin: the DOGE-ETH bridge and the desire for compatible NFT markets

You are currently viewing Dogecoin: the DOGE-ETH bridge and the desire for compatible NFT markets

The co-founder of Dogecoin, Billy Markus, has shared two solutions that would help the crypto meme: a bridge to make DOGE and ETH communicate and the use of this technology for NFT marketplaces as well.

The idea could be inspired by suggestions published early last month by Ethereum co-founder Vitalik Buterin himself.

Dogecoin wants to strengthen its ecosystem

Yesterday, Billy Markus shared his thoughts on the social network of crypto-lovers, Twitter. Here is how he would describe his idea:

“Two things I believe would help Dogecoin:
1) Completion of DOGE-ETH bridge
2) NFT platforms (e.g. Opensea) allowing for the DOGE-ETH token to be used for purchases.
NFTs purchasing is high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility”.

Essentially, Markus sees himself in favour of building the bridge between Dogecoin and Ethereum, so that crypto users have the option to convert DOGE into its new version based on the Ethereum standard. 

In this way, DOGE could safely “run” on Ethereum’s blockchain and enter compatible NFT marketplaces, i.e. all marketplaces that will accept DOGE-ETH bridge as a payment method.

Billy Marcus follows the advice of Vitalik Buterin

This tweet from Marcus at the end of September was inspired by advice given a few weeks earlier by Ethereum co-founder Vitalik Buterin.

Buterin is said to have proposed to switch DOGE to the Proof-of-Stake or PoS protocol, using Ethereum’s code. 

Not only that, in order to safeguard Dogecoin’s sound ethics, Buterin also added that this could be done without cancelling DOGE’s annual PoW issuance of €5 billion, but that it be put into some sort of DAO to fund public goods.

A serious intention of cooperation that of the Russian computer scientist, who could create the DOGE-ETH bridge that has been much discussed lately.

Dogecoin ETH
DOGE drops from $0.30 to $0.20.

Dogecoin closes September in the red

Markus responded to this positive tweet by raising the spirits of supporters of the crypto-meme par excellence, in the temporary absence of support from the notorious CEO of Tesla, Elon Musk.

In 2021, Musk would have helped spread DOGE with his supportive tweets, but that hasn’t happened for a while. A week ago, Musk reportedly even criticized his favourite crypto.

In response to a tweet, Musk said that:

“it would be Super important for Doge fees to drop to make things like buying movie tix viable”.

Somewhat negative sentiment is also reflected in Dogecoin’s Fear and Greed index, which for the past ten days has dropped from the Neutral Zone to the Fear Zone, with yesterday recording a score of 26.

DOGE’s price also reflects a September close in the red, with the last three weeks of the month recording a drop from $0.30 to $0.20.

 

The post Dogecoin: the DOGE-ETH bridge and the desire for compatible NFT markets appeared first on The Cryptonomist.