QED, Nexus aim to bring smart contracts to Dogecoin

Blockchain developers QED Protocol and Nexus are preparing to motorboat a layer-2 (L2) scaling solution designed to bring smart contracts to nan Dogecoin network, according to a Sept. 26 announcement. 

The planned L2, a zero-knowledge virtual instrumentality (zkVM), intends to “enable nan world’s oldest and astir celebrated memecoin web to compete successful nan smart-contract realm pinch nan likes of Ethereum and Solana,” QED and Nexus said successful a statement. 

Dogecoin operates connected a proof-of-work (PoW) blockchain web akin to Bitcoin’s but pinch little computationally intensive transaction verifications and nary precocious limit connected full Dogecoin (DOGE) supply. Dogecoin does not support smart contracts. 

Launching a high-throughput zkEVM connected Dogecoin will thief “to make nan world’s foremost memecoin web ‘STRONKer than each nan others,’” QED and Nexus said. 

Source: Dogecoin

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In 2024, nan memecoin marketplace became 1 of nan fastest-growing sectors successful nan crypto space.

Smart statement platforms for memecoins are often highly profitable, pinch Solana’s Pump.fun surpassing $100 cardinal successful revenues successful August. 

The Dogecoin zkVM intends to “include devices that empower developers to create a wide assortment of high-performance applications connected nan web that could see everything from decentralized exchanges to NFTs,” according to nan announcement. 

Initially launched successful 2013 arsenic a satirical commentary connected Bitcoin (BTC), DOGE now commands a full marketplace capitalization of astir $17 billion, according to information from CoinMarketCap. DOGE is wide considered nan first “memecoin” but is besides utilized for micropayments and tipping. 

QED protocol has already developed a zkVM scaling solution connected nan Bitcoin web designed to support smart contracts and low-latency transactions. Nexus operates Nexus zkVM, a modular scaling web utilizing zero-knowledge proofs. 

Scaling solutions settling connected PoW blockchains specified arsenic Bitcoin are proliferating. According to information from DefiLlama, nan full worth locked (TVL) connected Bitcoin’s L2s surged to astir $1.4 cardinal successful September. 

“What we are doing pinch Dogecoin tin surely beryllium replicated successful different ecosystems… acknowledgment to caller breakthroughs successful zero-knowledge technology,” said Daniel Marin, Nexus’ CEO.

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