As part of its future outlook, Blue Pepper disclosed that the team is currently looking for alternative decentralized ways to bridge Dogecoin to Ethereum and other chains.
Developers have since 2017 been building the Doge-Eth bridge to enable users to move tokens across the Dogecoin and the Ethereum blockchain. According to Blue Pepper, an entity behind the project, the idea is far from creating new tokens or burning Doge. This is a “fully inexpensive decentralized bi-directional bridge” meant for the use of users and bridge node operators. Blue Pepper further mentioned that the team is currently working on a simpler project to meet the expectation of the Dogecoin community who have been waiting for the bridge to go live for years. However, they will keep working on developing their long-term vision.
wDoge bridge, which is said to be a new bridge design inspired by WBTC design, is expected to go live in 2022 according to the report.
“After many years of working on the Dogecoin-Ethereum bridge, we expect to launch wDoge bridge in 2022 enabling doge users to use smart contracts, Defi protocols, NFT marketplaces, etc,” said BluePepper.
WBTC has never been hacked in its 4 years of existence in the crypto industry, and currently has the highest Total Value Locked. This is very important considering how blockchain bridges have become primary targets for attackers. Earlier this year, Axie Infinity’s bridge lost around $625 million to hackers.
For smooth execution, the protocol would be governed by DAO, BitGo, and Blue Pepper. The role of Blue Pepper is to operate as the genesis merchant and the primary community member controlling the minting and burning of wDoge. BitGo would, on the other hand, operate as the genesis custodian and ensure that the Doges used to mint wDoge are protected. Finally, DAO would be the top authority of the protocol. Along with other active members in the community, “be BluePepper, BitGo, MyDoge, and The Dogecoin Foundation” would make up the genesis members of the DAO.
One of the main campaigners for the bridge has been Billy Markus, a software engineer who co-founded DOGE. In 2021, he mentioned that Doge needs NFTs and ETH bridge to be a more widely used cryptocurrency and even get the interest of more users into its ecosystem.
As part of its future outlook, Blue Pepper disclosed that the team is currently looking for alternative decentralized ways to bridge Dogecoin to Ethereum and other chains.
“We’ve just finished research analyzing the use of Zero Knowledge tech in the bridge. We are also investigating other technologies including FlyClient and Drivechains that might allow us to create a simple, robust, secure, and decentralized bridge,” they added.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
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