A digital currency that was inspired by a popular doge meme has proved to be real. Dogecoin, the cryptocurrency in question was created in 2013 and is lately playing a significant role in the ongoing “serious” technology test. On February 5, it was one of the experiments that were advertised on Ethereum’s projects that are more ambitious.
On the same date, the technology Truebit directed the Dogecoin to Ethereum’s Rinkeby Testnet and eventually became an asset to the Ethereum Blockchain. The coin currency is dubbed “Dogethereum Bridge” and the test in a mission of solving Ethereum’s scalability problems.
It has proven hard to run them and support the increase of many users at the platform. It needs more than three times the data that can be stored at Bitcoin because Ethereum needs to store its data in a globally distributed database.
Though Truebit is less popular than other scaling solutions such as Sharding and Raiden, the technology is perceived to be more resourceful primarily because it is developed to any Ethereum computation apart from just the standard transactions. It is significant to the platform as it terms itself more of a digital financial currency.
According to Jason Teutsch, the co-founder of Truebit, the platform, in the long run, wants to ration the following; machine learning, video, and any other computation you may think of at the platform. Dogethereum is the first cryptocurrency to use this technology.