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Dogethereum: The Upcoming Hard Fork of Dogecoin

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The announcement that Dogecoin had become a test asset for inter-coin Rinkeby testnet of Ethereum had created quite a sensation in the cryptocurrency world.

Dogethereum (DOGX) is expected to form a separate chain by moving away from Dogecoin later in 2018. This would lead to the creation of the first hard fork of Dogecoin. Dogethereum shares the name with the Dogethereum Bridge also known as Rinkeby project. In February 2018, the developers of the truebit protocol had sent Dogecoins to the Rinkeby test network of Ethereum. It is considered to be a critical turn as it again brought Dogecoin in front of the investors and traders.

The cryptocurrency experts say that Dogethereum Bridge developed as a constituent of Ethereum’s truebit technology whose aim is to assist the largest altcoin scale to fulfill the demands of the user.

Dogethereum is new decentralized digital currency, it will be founded on a snapshot of popular Dogecoin, based on ETH algorithm with the fastest speed of transactions, smart contracts,” developers described on Bitcointalk.

Breaking down “Dogethereum”

The cryptocurrency developers will create Dogethereum on the powerful Ethereum algorithm due to its significantly high transaction speed. The developers have chosen the Ethereum platform also because of the availability and functionality of smart contracts. The objective of the company is to direct the present Doge currencies in another direction. The purpose is also to remove ASIC mining that will boost speed and also make it more navigable.

The Workings of Dogethereum (DOGX)

The cryptocurrency developers revealed that DOGX will not be pre-mined and even pre-sale(d). Therefore, people owning Dogecoin will receive Dogethereum in the ratio of 1:1. From the creators of DOGX, “Our goal is to give Doge currencies a completely new development vector, without mining on ASIC, but with speed and simplicity. The community manages the project, so there will be no ICO, no preliminaries, and no other manipulations.”

Dogethereum will retain some of the features from its parent Dogecoin after the hard fork occurs. Till now, the Dogecoin blockchain has proved to be a ‘trustworthy’ platform for the cryptocurrency investors and traders. Currently, according to coinmarketcap.com, the market cap of Dogecoin is approximately $399 million USD and the volume is $6 million USD. (As of 16th March 2018) The cryptocurrency traders/investors will get the same amount of DOGX that can be utilized on the Ethereum based wallets. The users will have the same ease of access and receive the same benefits.

The project has been completely fuelled by the community and does not have any ICOs (Initial Coin Offerings) or premiums. Neither does it contain any hidden fees, agendas or manipulations. Sources say that DOGX is in the hands of a highly specialized and trained team of cryptocurrency developers and real-time economists are closely following the activities so as to study the impact it will have on the cryptocurrency market. It is also said that commissions, fees, and stakes do not have any involvement or have been predefined.

The project will at least initially be free for everyone and will use GPU mining. The target is to increase the profits of the users. Real-time experience and application of their smart contracts in the cryptocurrency industry will decide the elevation in the token prices.

The idea initially, behind the Dogethereum project, was to bring all the dogecoins to the Ethereum network such that they will work as ER20 tokens till the time they return back to the Doge network. The cryptocurrency experts believe that after the discussed technology has been developed fully, 90% of the scalability issues of Ethereum will be solved. The success of this project will also mean that the users can use any token on any blockchain network. They will no longer require an exchange platform. Dogethereum will thus be launched with many new features in the cryptocurrency industry.

We will be updating our subscribers as soon as we know more. For the latest on DOGE, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Danny James Ford via Flickr

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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