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.
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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
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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