Doge-Eth Bridge On The Horizon

Estimated read time 3 min read
  • Blue Berry states: The most rationalized Doge-Ethereum bridge is supposed to come into operation this year bringing forth WrappedDoge (wDoge).
  • The decentralized bi-directional bridge is supposed to enable the transfer of Dogecoins from the Dogecoin blockchain to the Ethereum blockchain and vice versa.

According to  BlueBerry, the team behind the development stated that the Doge-Ethereum bridge will go live this year. This comes as inspiration from (WBTC) Wrapped BTC.WBTC  has four years of existence and zeroes records of ever being hacked.

Users of the bi-directional will benefit from smart contracts, decentralized finance protocols, and non-fungible token marketplaces.  The team behind the development will include The Dogecoin Foundation, Blue Pepper, MyDoge, and BitGo, they will be responsible for governing the protocol.

Bluepepper outlined the snags with developing the bridge: Blockchain bridges have become key places that attackers are targeting making it hard for developers to tussle with a lot of strike transmitters that could be in use for hacking the bridge.

Blueberry also outlined other difficulties such as the rise in Ethereum gas fees and the hesitation by the required actors to participate.

Billy Marcus, co-founder of Dogecoin stated in a tweet late last year that the creation of the theDOGE-ETH bridge will help the most popular meme coin.

 wrapped BTC (WBTC) explained

Wrapped BTC was launched on Jan 2019. WBTC is actually an ERC-20 version of Bitcoin. One is able to convert WBTC into BTC as both values are the same.

Users are able to track the amount of BTC sent to their WBTC walletson the Bitcoin blockchain and at the same keep track if those records match those in the Ethereum blockchain.

Wrapped Bitcoin Proof of Assets

Wrapped tokens generally help users connect two networks that are from different blockchains. Bitcoin, the king of crypto is built on Bitcoins blockkchain while Ethereum is built on Ethereums blockchain meaning that these two networks are not from  the same blockchain. Hence the need for wrapped BTC.

With this, Bitcoin  users are able to use WBTC on the Ethereum Blockchain and vice vesra.Using WBTC, helps investors enjoy services provided by both crypto worlds.

Digital asset trust company and security company, Bitgo and WBT DAO have joined forces in the controling of WBTC. Bitgo holds and stores all the bitoins sent to merchants in exchange for minting WBTC. A merchant refers to a party within the DAO, to which wrapped tokens are minted an wrapped.

Currently merchants in the DAO include Kyber Network, Republic Protocol, Dharma, Airswap, Ethfinex, Set protocol, and Prycto. The minting of wrapped bitcoins is a set of transactions between a merchant and a custodian. Users do not take part in this process. A  custodian is reliable for providing security for the wrapped bitcoins.

It is important to note that while merchants only initiate the minting and burning processes, custodians perform the essential role of converting these digital assets.

You May Also Like

More From Author

+ There are no comments

Add yours