Dogecoin, currently ranked as the 21st largest currency in the official ranking list, has been gaining a serious momentum for weeks now in the market and off charts even before the release of Dogethereum demo that everyone seems to be talking about these days.
The live demo is said to be successfully tested in a live presentation made by the team on September 5th as originally announced, where the team even talked about what’s next for Dogecoin.
However, it seems that many people are misunderstanding the concept of Dogethereum, misinterpreting what this mechanism really represents and even confusing it for the “upcoming” DOGX hard fork, which was previously announced only to be soon aborted.
So, what exactly Dogethereum is and what the crypto community expect from this addition to the Dogecoin chain?
Dogethereum.net and Dogethereum
Browsing through numerous articles that are covering the matter of Dogethereum, one can find a handful of information confronting one another and serving different information about what Dogethereum actually is which is no wonder, given the fact that there are actually two Dogethereum projects.
It seems that many crypto community members are struggling to scrap some reliable information on the project which demo was announced for September 5th, having a group of crypto enthusiasts believing that there would be an airdrop of DOGX taking place on the mentioned date.
The airdrop didn’t happen as there are no DOGX coins to be airdropped. Originally, it was imagined that DOGE will fork to DOGX while the Dogecoin network will be split in two, having one called Dogethereum.
This is not so far from the truth as there are two Dogethereum projects, one of them represented by Dogethereum.net as hard fork project derived from Dogecoin. In case you visit the webpage you can clearly see Dogethereum being described as a “cryptocurrency”, enabled to run peer-to-peer transactions across the globe, also offering smart contract operations.
The project claims that Dogethereum is based on Dogecoin snapshot and Ethereum engine, further adding that every Dogecoin owner already owns Dogethereum, which is needless to say, pretty confusing given the fact that the official team of Dogecoin is promoting Dogethereum project as a bridge between Ethereum and Dogecoin that enables interoperability and direct ETH/DOGE swaps, much like atomic swap operations.
The official team even published a live demo of Dogethereum bridge, showcasing its functionality in a live demonstration, during which they have never mentioned anything about forking, DOGX or Dogethereum.net, only promoting the project as a bridge for swapping tokens in an efficient and cost-effective way.
In case you decide to pay a visit to the second Dogethereum project that can be found under “Dogethereum” on Github, you will see that the project is described in a different matter, promoting Dogethereum as “a system that allows Doges to be moved from the Dogecoin blockchain to the Ethereum blockchain and back”, which pretty much clarifies everything.
So, why there are two Dogethereum projects, with Dogethereum.net copyrighted for 2018 as “Dogethereum Project”?
It’s actually simpler than it might seem: DOGX currency and Dogethereum fork were planned for April of the current year as released in the news as the last post on Dogethereum.net.
That is how the last news post stated that in less than 24 hours, on April 17th of 2018, Dogethereum will be launched, which of course, never happened, having the project rebranded into a bridge between Ethereum and Dogecoin.
That means that Dogecoin gets to be the only DOGE in the market as far as this case scenario concerned, while Dogethereum is not in any way a hard fork that will result in the new currency – it is a bridge between ETH and DOGE, meant to enable swaps between the two currencies.
Dogecoin is one of the oldest cryptos in the market, issued back in 2013 an receiving a major respect from the crypto community since the crypto is represented with the iconic meme-famous Shiba Innu, otherwise known as Doge, while the term of Dogethereum was presented years back by Vitalik Buterin as a concept of interoperability between Ethereum chain and Dogecoin network.
What is Next for Dogecoin?
As the team behind DOGE had presented a live demo of Dogethereum, that way marking the first live test as successful, the team also took some time to discuss the future of Dogecoin developments.
That is how they have announced that the team will still be working on improving Dogethereum project before it becomes available to the public while making sure that the implementation is “rock solid”.
The reason why the community will have to wait until Dogethereum is fully operable and available for public use is due to the DOGE team taking precaution against another DAO drama.