- Dogecoin recently introduced a testnet, which will help developers to check their dapps without even deploying their codes onto the blockchain.
- The community is also launching an EVM-compatible smart contract chain also known as the Dogechain.
- As of this writing, The Dogecoin is trading at 0.058 USD.
The Role Of Testnets
Whenever the term- Software development is mentioned in a corporate, we tend to think about testnets. And why not?
After all, Testnets allow a piece of software code to be tested in an environment that is private, cheap, and modifiable.
This is particularly useful in the world of blockchain. It allows the developers to check their dApps, commonly known as the decentralized apps without deploying them to the world. Many crypto enthusiasts or users can actually test those dApps and are paid for their contribution.
What is this Dogechain?
Keeping this in mind, The Dogecoin community introduced the concept of Dogechain, an EVM-compatible smart contract chain to increase the power of Doge. This is in reference to the fact that the existing technology behind Dogecoin is not capable of supporting the modern web3 concepts such as dApps and NFTs.
The whole vision behind Dogechain is to introduce and increase rewards for users as well as amplify functionality for developers.
The fundamental principles on which the whole Dogecoin community works are:
- Proof Of Stake Consensus
- Cross-Chain Compatibility
- Decentralized Governance
- EVM-Compatibility
Dogecoin is being interpreted wrongly by many as a competitor of Dogecoin. In reality, it aims to empower and enhance the utility and contract capability of the Dogecoin.
Some of the use cases of the Dogechain after increasing the utility of Dogecoin are as follows:
- Minting and trading NFTs on marketplaces using $DOGE as gas fees.
- Engaging in the blockchain gaming world and taking advantage of GameFi chances.
- On decentralized exchanges, traders may trade tokens and speculate on their value.
- Staking, leasing, renting, and liquidity mining are some of the DeFi utilities that may be accessed.
- Participating in the metaverse with Dogechain-powered NFTs.
- Volunteering in DAOs and contributing to the finance of whole communities.
This Dogechain is ready to open up a new era for crypto enthusiasts and investors complementing the usability and potential of the Dogecoin.
Source: https://www.thecoinrepublic.com/2022/06/16/dogecoin-increasing-its-utility-through-testnets/