Everybody believed that a cryptocurrency with a name based on a meme is no more than a joke, but Dogecoin is still here and it’s now playing an important role in testing a “serious technology”.
The experiment was a success
Specifically, truebit, a highly-anticipated technology, successfully sent Dogecoin to Ethereum’s Rinkeby testnet, where it transformed into a distinct asset on that blockchain. Basically, this is a historical premiere, which marks the completion of a long project, considered by developers a stepping stone towards a broader interoperability of digital assets.
The test, known as the “dogethereum bridge”, is actually the first release for truebit, which can solve ETH’s scalability problems. The latter is well known for being one of the network’s biggest problem until date.
Going a bit into details, the platform can’t support so many users right now. This happens because of all the data Ethereum needs to store in its database, distributed globally, as it requires more than three times as much data as Bitcoin. This aspect makes it more difficult for users to run.
Despite being a lesser-known scaling solution, truebit is an ambitious attempt, as it can actually scale any type of Ethereum computation, instead of just transactions, like raiden and sharding do. This part is essential since the coin like to consider itself more than just a simple financial cryptocurrency.
The future is bright for truebit
In the near future, truebit is expected to scale video, machine learning or any time of computation, while dogethereum is actually the first use case until now.
“We built a first version of that, which we’re calling ‘truebit lite.’ It demonstrates that all the core pieces of truebit work. It’s a big milestone for us,” said Jason Teutsch, truebit co-founder.
The team behind the project is expected to release an updated version soon and, again, we’re very curious to see if this will have an impact on the prices.