In this article, we will discuss DogeChain, the Proof of Stake Blockchain built on Polygon Edge of the popular memecoin, Dogecoin (DOGE).
What is DogeChain that is not a product of Dogecoin? What does DogeChain do? What does DogeChain offer?
What is DogeChain, How Does It Work?
DogeChain is a Tier-2-enabled smart contract for Doge that allows users to use Dogecoin to pay gas fees on the network. Dogecoin has been heavily backed by Elon Musk, although it originally came out as just a joke. It still maintains a certain price according to the conditions of the market and remains one of the top 10 cryptocurrencies by market cap even during the current bear market.
Dogechain is a Proof of Stake blockchain built on Polygon Edge, a framework and SDK that allows developers to create EVM-compatible blockchains that can print NFTs, create tokens, and host decentralized applications (dApps).
The most important feature of DogeChain is that it can interact with the Doge network and connect via Dogecoin for these activities. Dogechain aims to revitalize the DOGE community and create new opportunities with this new functionality now available.
First, it’s important to point out what Dogechain is not. Dogechain is not an extension of the Dogecoin project.
How DogeChain Works?
Polygon Edge, an Ethereum scaling solution on which Dogecoin is built, has a built-in decentralized Ethereum bridge and tokens on the chain are ERC-20 standards. This means that tokens created on Dogechain must be compatible with the overall Ethereum ecosystem and can leverage Ethereum smart contracts on-chain. This is technically a feature that makes it possible for other EVM chains to establish bidirectional bridges to Dogechain to facilitate asset transfers.
Crucially, instead of surrendering to Polygon’s shared security provided through Polygon Edge, Dogechain has full sovereignty over the network and maintains its own set of validators using IBFT PoS, which is both fast and scalable. This is a confirmation of a transaction as long as two-thirds of the nodes agree. However, the size of the new validator set is unknown as Dogechain moves to Proof of Authority after launch. Despite its decision to remain dominant in the network, Dogechain may be connected to Polygon Supernets in the future.
In addition to these, it should be noted that you cannot use DOGE directly on Dogechain. Instead, Dogechain created a bridge to facilitate the transfer of tokens to the dogecoin blockchain. A multi-signature smart contract holds DOGE sent to the chain in escrow (burning) and in turn creates wDOGE at a one-to-one ratio. In this way, DOGE holders can bridge their tokens to Dogechain and receive wDOGE in return.
