Teaming up to implement smart contracts on Dogecoin, QED and Nexus launched
Excitingly for Dogecoin aficionados, blockchain inventors QED Protocol and Nexus are working together to provide a layer-2 scalability solution to the Dogecoin network. By means of a zero-knowledge virtual machine (zkVM), the new technology will enable Dogecoin to challenge smart contract systems like Ethereum and Solana, therefore transcending the memecoin from its beginnings.
Originally developed in 2013 as a lighthearted variation on Bitcoin, Dogecoin—with a market capitalization of over $17 billion—has become one of the most often used cryptocurrencies. Its promise in distributed banking and other blockchain uses has been hampered, though, until recently by lacking smart contract capability. Dogecoin will be able to handle highly performance applications such distributed exchanges (DEXs), non-fungible tokens (NFTs), and much more with this zkVM solution.
The zkVM scaling solution will equip developers with the means to create many apps on the blockchain of Dogecoin. According to QED and Nexus, this evolution will make Dogecoin a formidable competitor in the always expanding smart contract market, therefore “stronger than all the others.”
Though it relies on a proof-of- work (PoW) mechanism like Bitcoin now, Dogecoin does so using less energy-intensive processing. Smart contracts added through the zkVM might increase network capability without sacrificing security or efficiency.
Already illustrating the possibilities of zero-knowledge technology in scaling PoW blockchains, QED Protocol has developed a zkVM for Bitcoin. Conversely, Nexus runs a modular scaling network and is well-known for ensuring high-speed transactions and safe systems by use of zero-knowledge proofs. The two companies hope additional blockchain ecosystems may follow the success of this cooperation.
Recent developments in zero-knowledge technology are enabling Nexus CEO Daniel Marin to challenge blockchain scalability. He underlined that the acceptance of this technology by Bitcoin may result in significant advancements in memecoin operations and network building by developers. The zkVM solution will not only increase the usability of Dogecoin but also provide conditions for like enhancements on other platforms.
With billions in value trapped in different distributed apps and a growing memecoin market, this zkVM integration might help Dogecoin maintain its position in the bitcoin scene even further. By means of this cooperation, QED and Nexus hope to enable Dogecoin to be a more flexible and potent network, therefore arming its community with the means to produce a vast spectrum of creative blockchain projects.
