The Dogecoin-Ethereum bridge is expected to be launched in 2022. It will allow users to move Doge and Ether cryptocurrencies between the two blockchains.
The Dogecoin-Ethereum bridge is expected to go live in 2022, according to Blue Pepper, the organization behind its development, according to U.Today. The bi-directional bridge will allow users to move Doge and Ether between two blockchains, which is very convenient. Doge will be used in smart contracts, decentralized finance protocols, and non-fungible token markets.
The Dogecoin Foundation, Blue Pepper, MyDoge, and BitGo will be the first members of a decentralized autonomous organization (DAO) that will be in charge of running the protocol.
Blue Pepper also outlined the main challenges associated with the development of the Dogecoin bridge. Developers have to grapple with a massive Solidity codebase and a huge number of attack vectors that could be used for hacking the bridge. Blockchain bridges have become one of the main targets for hackers. For example, earlier this year, North Korean hackers allegedly drained Axie Infinity's bridge, stealing $625 million. According to Chainalysis, blockchain bridges account for the majority of crypto funds that were stolen in 2022. If there is a vulnerability in smart contracts, it is almost certain that a hacker will exploit it, which is why blockchain bridges are so vulnerable.
Other issues faced by the Dogecoin bridge developers include rising Ethereum gas prices and the reluctance of the required actors to participate.
At the end of May, Dogecoin Core developer Michi Lumin said that he had had a meeting regarding the bridge. Dogecoin co-founder Billy Markus claims that the creation of the bridge would help the cryptocurrency.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
