There are many people, cryptocurrency investors alike that still consider Dogecoin (DOGE) a ‘joke’ at least according to the New York Times report published late 2017. Although the publication that described Dogecoin as a half-baked Bitcoin copy that was developed to dupe gullible people has already been amended; the damaged caused by the misinformation is yet to be repaired. However, Dogecoin seems to be to do fine all the same.
One of the four Dogecoin founders, Ross Nicoll, has spent time clearing the myths that were popularised by the New York Times publication. In fact aside from the infamous myths, Dogecoin is in the middle of a project dubbed Doge-Ethereum bridge project. This ongoing development will allow Dogecoin to ride on Ethereum in order for it to be utilized in smart contracts. The project is testing the Ethereum network and is seen as a turning point for DOGE. It will elevate Dogecoin to the standards traders and merchants across the crypto world would like to see. Besides, the Dogethereum Bridge will tremendously scale up Dogecoin transactions improving usability.
Nicoll goes ahead to dispel the negative rumours stating that Dogecoin like any other cryptocurrencies undergoes updates, occasional releases as well us usability which is commonly stress tested. On the contrary, Dogecoin (DOGE) is coming up as one of the most used cryptocurrencies in payments. Similarly, it is among the top ten used coins for sending payments.
A quote from one of Nicoll’s interviews reads, “We are very very careful with everything we do. We’re taking code that is well tested … keeping half a billion dollars of people’s money over four years stable. . . We’re doing very very very well,”
Dogethereum (DOGX) Hard Fork
There is an impending hard fork referred to as Dogethereum (DOGX) later this year. Dogecoin has never been hard forked. DOGX will be the first hard fork on this sensational cryptocurrency. It is also quite interesting that the approaching hard fork uses the same name as the ongoing Dogethereum Bridge Rinkeby project mentioned earlier.
Dogethereum (DOGX) will be an entirely new decentralised cryptocurrency that will be formed from a snapshot of the original Dogecoin (DOGE). The developers behind the new coin have described it by saying, “Dogethereum is the new decentralised digital currency, it will be founded on a snapshot of popular Dogecoin, based on ETH algorithm with the fastest speed of transactions, smart contracts,”
A new coin created by forking the original coin is always welcome in the cryptocurrency market and especially for the holders of the original coin. However, the Dogecoin developers have recently distanced themselves from the approaching hard fork. The information was conveyed via a tweet on Dogecoin’s Twitter account. And it read:
“Very clarification: The Dogecoin Core developers are not involved in nor endorse the upcoming Dogethereum (DOGX) “hard fork”. It is also *not* related at all to the DOGE-ETH-Bridge project! As always, be careful, shibes.”
The clarification comes at a time when there is growing confusion in the community. Both the projects have the same names, and they are still ongoing. The New York Times report correction did very little to repair the misinformation that had already spread. However, Dogecoin (DOGE) enthusiasts still believe in the vision of the coin to be among the top coins used in payment processing. The Dogethereum Bridge project brings it a step closer to its goals.