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- Dogecoin is all set to concentrate on its usefulness with fresh projects’ development as elaborated in its ‘Trailmap’.
- Dogecoin kicked off 2021 with a massive head start and remained Bullish till May, gaining 15,000% YTD gains that went bearish after that.
- The GigaWallet project can boost the adoption of DogeCoin. Older desktop Wallet fails to meet the expectations, and hence a fresh API is proposed for the GigaWallet for resolving the issue.
Trailmap Released by DogeCoin for 2022
A ‘Trailmap’ has been released by the DogeCoin Foundation, which explains the strategies to move ahead and for the future. It was declared with the release of the ‘Trailmap’ that the project will be focused on improving the stakeholders and is community-driven. As per the announcement, “Dogecoin is a community-driven, consensus-based open-source project, and its direction is formed by the many individual and organisational contributors to the various projects of the Dogecoin blockchain & ecosystem.” The key to moving ahead is the fidelity regarding the initial pillar of Doge Manifesto in order to make Doge a utilitarian crypto asset. “Being useful, we value utility over technical brilliance.” as per the announcement. Instances of purchasing coffee and settling rent were given by Doge Foundation, where both the examples lead towards adopting the digital asset via utility. Interpreting it, the DogeCoin is focused on becoming a “serious universal currency for people.”
Meme Coins are No Longer Getting the Desired Support
Projects usually don’t give much attention to the prices, but it remains the significant metric for the evaluation of project’s success.
Doge started 2021 as a bull by attaining 15000% YTD gains till May, which was its peak. But the Doge soon got converted into a bear after its peak. $0.1543 level proved to be an assistant during the downtrend. But DogeCoin is down again in December, representing an absence of interest regarding the project.
The circumstances are complex for the Dogecoin holders due to the uptrend in Shiba Inu. Shiba Inu also took a massive leap in the market, leaving DogeCoin stunned at the bottom.
‘UnderDoge’ Counters with Utility
Adoption of DogeCoin can be elevated through the GigaWallet project. The desktop wallet fails to meet the expectations, so a fresh API is proposed for the GigaWallet for resolving the issue.
“The GigaWallet project is an open-source initiative aimed at filling that gap by providing a node / API solution that can be set up in seconds and allow a developer to add Dogecoin transactions to their platform, as easily as they might with any polished payment provider.” stated Dogecoin Foundation.
GigaWallet users will be allowed to retain Doge’s custody via “Keyring App and SDK,” so the transactions can occur on mobile applications without holding the user keys, added the Foundation.
“Community staking” strategies are also there under the direction of Vitalik Buterin, co-founder of Ethereum.
The idea came to light when a suggestion regarding porting Ethereum code to switch DogeCoin from PoW to PoS algorithm was given by the Ethereum co-founder.
Such fundamental change wasn’t specified in the plan for ‘community staking, but assumptions have been made that the idea will function similarly to Ethereum, where ETH 1.0 operates as a Proof-of-Work chain and ETH 2.0 operates as Proof-of-Stake chain in work gives rewards for staking.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
