After spiking up by over 50% in the course of 24 hours on the first day of September, Dogecoin (DOGE) is seen dropping by -13% the next day as the market seems to be divided in another wave of drops.
However, the interested the crypto community is showing for DOGE goes beyond a single day decrease against the fiat, as the previously announced project Dogethereum is set to be released, although the idea of forking the Dogecoin chain was dropped.
Dogethereum should be released in several days and should represent the bridge between the Dogecoin network and the largest blockchain-based platform, Ethereum.
Dogethereum, Dogecoin, and Ethereum Bridge to be Released
As announced several months back, Dogethereum should have brought a new hard fork for Dogecoin and DOGE, that way giving birth to a new currency, DOGX.
However, as of June the Dogethereum project as it was introduced was no longer due to become alive. That is how the team updated the public on the announced Ethereum and Dogecoin bridge, by stating that the originally planned hard fork will not take place.
Dogethereum was supposed to become a new decentralized currency set to outshine the overall performance of the favorite Shiba Inu crypto asset, representing a hard fork from Dogecoin that was supposed to based on the Ethereum algorithm.
However, the team switched their original vision so the new intended currency, DOGX, is no longer an option.
Instead, Dogethereum project is scheduled to be released in early September as a bridge between Dogecoin network and Ethereum platform.
The team announced the release of the official Alpha release of Dogethereum in a Medium post published on August 17th, explaining that the bridge should allow Dogecoin to be moved to Ethereum, also enabling ETH cross-chain transfers to Dogecoin network.
The bridge is said to be operating based on Superblocks concept, stating that the bridge, Dogethereum, will be introduced in form of a demo on September 5th.
The project took more than a year, marking the project as complete after 13 months of hard work. The team that brought the Ethereum/Dogecoin bridge to the crypto community is compiled of Coin Fabrik, Catalina Juarros, Ismael Bejarano and Oscar Guindzberg.
It has been stated that the previous vision of creating a hard fork currency DOGX out of the original DOGE coin was put on hold in the end due to the failed syncing of wallets and several more issues that appeared during the internal testing.
However, Dogecoin already has an amazingly strong community that possibly wouldn’t have approved the hard fork to DOGX if it would lead to a split as it was originally intended.
Moreover, still showing an amazing progress in the market despite the recent drop on September 2nd, Dogecoin will be touching a new milestone on September 5th with Dogethereum bridge after 6 months of being inactive in the field of releasing new updates and developments.
In the long run, the ability to freely move DOGE to Ethereum platform and vice versa will have a major impact on the utilization of Dogecoin, expecting to see another bull run from DOGE in the upcoming days.
Dogecoin with Smart Contract Functionality
While the first Dogethereum project intended on crafting out a brand new currency that would run on Ethereum platform, naming the new currency DOGX and splitting the Dogecoin chain in two, the other project also named Dogethereum has a purpose of opening the doors of new functionalities for this DOGE.
By releasing the Alpha version of the Dogethereum bridge, Dogecoin will be using Ethereum smart contracts, that way posing an increased functionality for the project. With the bridge, all functionalities present in smart contracts of ETH platform become available for Dogecoin community, including multi-signature wallets and bounty contracts.
Ethereum, on the other hand, can take advantage of the fact that Dogecoin represents a coin that is already established with low levels of volatility, that way representing a more than a decent payment method for cross-chain and on-chain transactions.
It is expected that DOGE will see a positive impact on the price with the latest project, especially with the fact that there won’t be any hard fork splits, although the two different projects came from the same core team.
Although Dogecoin (DOGE) is dropping by -16% in a single day on September 3rd, the currency is still showing positive returns on weekly and monthly charts, going up by over 90% against the fiat in a single week and gaining over 115% on the year to date chart.