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According to Blue Pepper, the Dogecoin-Ethereum bridge is likely to go live in 2022. To the unfamiliar, Blue pepper is the entity behind the development of the Dogecoin-Ethereum. Using the bi-directional bridge, the users will be able to move DOGE to the Ethereum blockchain (and vice-versa). The meme-coin will be used in decentralized finance protocols, smart contracts and non-fungible token marketplaces.
The genesis members of the decentralized autonomous organization (DAO) who will be governing the protocol are Blue Pepper, MyDoge, BitGo and the Dogecoin Foundation. But Pepper also developed the top problems with the development of a Dogecoin Bridge.
The foremost problem in front of developers is how to combat the huge solidity codebase and a massive attack vector that could be utilized for hacking the bridge.
Attackers’ top target currently are blockchain bridges, which have suffered losses worth billions of dollars in crypto. Earlier this year, North Korean hackers attacked Axie Infinity’s bridge. The bridge lost a massive $625 million. As per Chainalysis, so far in 2022, blockchain bridges account for the majority of stolen crypto funds. A vulnerability in the smart contracts ensures that hackers will leverage it hence making blockchain bridges so vulnerable.
The increasing Ethereum gas prices and the required actors not willing to participate are other challenges faced by the Dogecoin bridge developers. Michi Lumin, a core developer at Dogecoin Core, in late May informed about the meeting he had regarding the bridge. Recently, Billy Markus, the co-founder of Dogecoin, claimed that the creation of the bridge will prove to be highly beneficial for the meme cryptocurrency.
In other news, Billy Markus has blocked Jackson Palmer on Twitter. Jackson Palmer is among the critics of crypto. Palmer is often seen criticizing Elon Musk, who is an ardent supporter of Dogecoin. Many believe it could be one of the reasons why Markus blocked Palmer. At the time of writing, DOGE was trading at $0.0682, up 2.18% in the past 24 hours.
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.
