DogeCoin is one of the more interesting cryptocurrencies on the market today, and is surprisingly successful considering its origins. Started as a “joke” cryptocurrency that began on popular online discussion board Reddit, Dogecoin fused together the then-popular shiba inu “doge” meme and nascent cryptocurrency token issuance to create a coin that, despite being traded in an ironic fashion, now has a market cap of $112,090,337.
While DogeCoin can be considered successful as a cryvptocurrency, it’s now somewhat stale, and doesn’t offer any more applications other than use as a storage or transfer of value. DogeCoin also suffers from the same issues as legacy vanguard cryptocurrencies.
A new Ethereum-based token, EtherDoge, aims to modernize the concept of DogeCoin, and integrate features that are rapidly becoming standardized as we approach the second generation of the cryptocurrency revolution.
In this article, we’ll take a look at EtherDoge and find out what it is to help you determine whether it’s worth investigating.
What Is EtherDoge?
EtherDoge is a new doge currency that lives on the Ethereum blockchain, and is designed to address the flaws that DogeCoin suffers from. As one of the fastest growing and most flexible blockchain networks, Ethereum is extremely robust, and is one of the first Turing-complete blockchains.
EtherDoge takes advantage of this network to offer a token that provides a hashrate hundreds of times higher than that of DogeCoin, as well as a support community of hundreds of thousands of developers.
EtherDoge also benefits from the increased security offered by the Ethereum network. There are currently a number of applications built on top of the DogeCoin token, such as tipbots, but these solutions are typically closed source and non-contract enforced.
EtherDoge takes advantage of the Smart Contract functionality of the Ethereum Network and makes it possible to create applications that can be easily audited in minutes.
While EtherDoge can be viewed as an extension of the original DogeCoin concept and thus is not specifically an investment opportunity, it represents a continuance of a tradition in the cryptocurrency community and is an interesting application of Ethereum Network technology.