- Critics dismiss memecoins for lacking substance and practical uses.
- Dogecoin aspires to break the memecoin stereotype.
- The Dogecoin Foundation is making headway in expanding DOGE’s real-world use cases.
Memecoins have found a unique place in the crypto world, drawing in passionate communities and offering investors the potential for outsized gains. Yet, they often face criticism, with skeptics dismissing them as short-lived projects without real-world value or practical use.
Dogecoin, the original memecoin, is working hard to shift this perception by pursuing the goal of becoming “a currency for the people.” This initiative aims to transform DOGE from an internet sensation into a practical cryptocurrency billions use.
Dogecoin For Payments
The Dogecoin Foundation (DF) provided an update on its plan to boost DOGE’s utility, announcing the completion of Step 1. This phase centered on streamlining Dogecoin’s integration with third-party platforms, such as merchants, charities, and exchanges.
Further progress is seen in stage 2 of the roadmap, which the Dogecoin Foundation reports is 90% complete. This phase focuses on enterprise wallet integrations, targeting businesses that handle DOGE transactions on behalf of users, such as exchanges, gaming applications, and social media platforms.
However, the DF acknowledged that it is just 10% toward achieving its scaling goals. This crucial stage focuses on boosting the network’s throughput to enable global payment capabilities. Key tasks include increasing block speed and size, enhancing decentralization, and tying up “Project Sakura.”
Is DOGE Going Proof-of-Stake?
According to “Chief Idiot Officer” Jimmie, Project Sakura, or “Proof of Doge,” relates to Dogecoin transitioning from Proof of Work (PoW) to Proof of Stake (PoS). PoS is noted for its lower energy consumption and environmental benefits compared to PoW. Advocates argue that PoS could make Dogecoin more sustainable and efficient.
However, some within the Dogecoin community have expressed concerns about this shift. Critics point to potential issues with PoS, such as the risk of validator censorship, as witnessed with certain Ethereum PoS validators enforcing OFAC regulations on Tornado Cash transactions.
On the Flipside
- Dogecoin is the second biggest PoW chain by market cap.
- DOGE’s market cap valuation peaked at $73.8 billion in the week ending May 9, 2021.
- Dogecoin’s currency for the people plan was first mentioned over three years ago.
Why This Matters
Dogecoin’s ambitious transition has been a long-term project, with limited progress in scalability demonstrating the challenges of blockchain development.
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