Originally published on: September 26, 2024
QED Protocol and Nexus are teaming up to revolutionize the Dogecoin network by introducing smart contracts through a layer-2 scaling solution. This innovative technology, known as zero-knowledge virtual machine (zkVM), aims to equip Dogecoin with the capabilities to compete with Ethereum and Solana in the smart-contract realm.
Unlike Bitcoin, Dogecoin operates on a proof-of-work blockchain with more lenient transaction verifications and no cap on total supply. However, the lack of smart contract support has limited its potential for growth in the rapidly evolving crypto landscape.
By launching a high-throughput zkEVM on Dogecoin, QED and Nexus plan to strengthen the network and empower developers to create a wide range of high-performance applications. From decentralized exchanges to NFTs, this move will unlock new possibilities for the world’s foremost memecoin network.
The meme-inspired Dogecoin, initially created in 2013 as a parody of Bitcoin, has grown into a juggernaut with a market capitalization of around $17 billion. While it is widely known for its meme status, Dogecoin is also utilized for micropayments and tipping.
With QED Protocol’s expertise in scaling solutions on the Bitcoin network and Nexus’ modular approach to zero-knowledge proofs, the collaboration is set to propel Dogecoin into a new era of innovation. This partnership comes at a time when scaling solutions on PoW blockchains are gaining momentum, with Bitcoin L2s securing approximately $1.4 billion in total value locked in September.
Daniel Marin, CEO of Nexus, expressed confidence in the project’s potential to revolutionize other ecosystems thanks to advancements in zero-knowledge technology. The Dogecoin smart contract integration is a significant step towards unlocking the full potential of this beloved memecoin and making it a force to be reckoned with in the crypto world.