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Blockchain developers QED Protocol and Nexus are preparing to launch a layer-2 (L2) scaling solution designed to bring smart contracts to the Dogecoin network, according to a Sept. 26 announcement.&nbsp;
The planned L2, a zero-knowledge virtual machine (zkVM), aims to “enable the world’s oldest and most popular memecoin network to compete in the smart-contract realm with the likes of Ethereum and Solana,” QED and Nexus <a data-ct-non-breakable="null" href="https://www.businesswire.com/news/home/20240926951226/en/QED-Protocol-Partners-with-Nexus-to-Scale-Dogecoin" rel="null" target="null" text="null" title="null">said</a> in a statement.&nbsp;
Dogecoin operates on a proof-of-work (PoW) blockchain network similar to Bitcoin’s but with less computationally intensive transaction verifications and no upper limit on total Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/doge-price-index">DOGE</a>) supply. Dogecoin does not support smart contracts.&nbsp;
Launching a high-throughput zkEVM on Dogecoin will help “to make the world’s foremost memecoin network ‘STRONKer than all the others,’” QED and Nexus said.&nbsp;
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 Source: Dogecoin
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-yield-opportunities-booming-what-to-watch-for" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-yield-opportunities-booming-what-to-watch-for">Bitcoin yield opportunities are booming — Here’s what to watch for</a>
In 2024, the memecoin market <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/meme-coins-play-important-role-in-crypto" rel="" target="_self" text="null" title="https://cointelegraph.com/news/meme-coins-play-important-role-in-crypto">became one of the fastest-growing sectors</a> in the crypto space.
Smart contract platforms for memecoins are often highly profitable, with Solana’s Pump.fun surpassing $100 million in revenues in August.&nbsp;
The Dogecoin zkVM aims to “include tools that empower developers to create a wide variety of high-performance applications on the network that could include everything from decentralized exchanges to NFTs,” according to the announcement.&nbsp;
Initially launched in 2013 as a satirical commentary on Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>), DOGE now commands a total market capitalization of approximately $17 billion, according to data from CoinMarketCap. DOGE is widely considered the first “memecoin” but is also used for micropayments and tipping.&nbsp;
QED protocol has already developed a zkVM scaling solution on the Bitcoin network designed to support smart contracts and low-latency transactions. Nexus operates Nexus zkVM, a modular scaling network using zero-knowledge proofs.&nbsp;
Scaling solutions settling on PoW blockchains such as Bitcoin are proliferating. According to data from DefiLlama, the total value locked (TVL) on Bitcoin’s L2s surged to approximately $1.4 billion in September.&nbsp;
“What we are doing with Dogecoin can certainly be replicated in other ecosystems… thanks to recent breakthroughs in zero-knowledge technology,” said Daniel Marin, Nexus’ CEO.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/saudi-arabia-riyadh-crypto-city-guide/" rel="" target="_self" text="null" title="https://cointelegraph.com/magazine/saudi-arabia-riyadh-crypto-city-guide/">Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide</a><advertisement>
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QED, Nexus aim to bring smart contracts to Dogecoin

Cointelegraph

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