Tuesday, December 6

Dogecoin-Ethereum Bridge To Be Launched This Year

Blue pepper shared some views on the long-awaited Dogecoin-Ethereum bridge in a recent blog post. The Dogecoin co-founder, Billy Markus once suggested two factors that make Dogecoin become a more widely used cryptocurrency and also make it attractive to the users.

He also reiterated that the upcoming Dogecoin-Ethereum will enhance Doecoin’s improvement.

Read Also: XRP Ledger Updates Its Validators From “nay” To “yay” On The XLS20 Amendment In Support Of the Community

Benefits of the Dogecoin-Ethereum bridge

According to the blog post, the Dogecoin-Ethereum bridge will permit users to move Doge to the Ethereum blockchain and likewise the Ethereum to Dogecoin blockchain as it is bi-direction.

As stated in the blog post, the genesis members of the decentralized autonomous organization (DAO) that will be governing the protocol will include the Dogecoin Foundation, Blue pepper, MyDoge, and BitGo.

Read Also: Dogecoin And Few Other Coins Got New Trading Pair As Announced By Crypto.com

In the same premise, the Blue pepper highlighted the possible issues that may arise in the course of creating Dogecoin’s bridge which includes;

  • The bridge codebase is large, there are various moving parts and things to take care of like the big surface attack and there are a lot of race conditions.
  • Also, the top crypto hacks are not targeting the exchanges again but the bridge.
  • The rise of Ethereum price and gas price are expensive in the past few years.
  • It may be hard to convince the required actors (relayers, operators, challengers) to participate.

According to the post:

”Developing the bridge is just half of the challenge. To make it useful, an ecosystem should be created on top of it. Doge whales should provide initial liquidity, it should be integrated with centralized exchanges (e.g. Binance), DEXs (e.g. Uniswap), and DeFi protocols (e.g. Compound).”

As the Dogecoin-Ethereum launch is approaching, the developers awaited feedback from the community on any possible things to be fixed.

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