Published on september 27, 2024, 12:36 am
Image source: Fox News
```json [ "TLDR: QED and Nexus announced zkVM scaling solution for Dogecoin, enabling smart contracts and high-performance applications. This move aims to strengthen Dogecoin's position as a leading memecoin network globally, similar to Ethereum and Solana. The initiative represents the continuous evolution and expansion of capabilities in cryptocurrencies." ] ```
The zkVM scaling solution is poised to revolutionize the Dogecoin network, making it stronger than ever before, as announced by QED and Nexus. These blockchain developers are gearing up to introduce a layer-2 (L2) scaling solution that will pave the way for smart contracts on Dogecoin, according to a recent announcement.
The upcoming zero-knowledge virtual machine (zkVM) known as L2 is set to empower Dogecoin and position it to compete in the realm of smart contracts alongside major players like Ethereum and Solana. While Dogecoin operates on a proof-of-work (PoW) blockchain similar to Bitcoin’s structure, it distinguishes itself through less computationally intensive transaction verifications and an unlimited supply of Dogecoins (DOGE). Notably, unlike its counterparts, Dogecoin currently does not support smart contracts.
By ushering in a high-throughput zkEVM on the Dogecoin network, QED and Nexus aim to elevate the stature of this memecoin significantly. This strategic move is expected to fortify Dogecoin’s standing as a leading memecoin network globally. The incorporation of tools within the zkVM system will enable developers to create diverse high-performance applications on the network, ranging from decentralized exchanges to NFT platforms.
Since its inception in 2013 as a lighthearted take on Bitcoin, DOGE has evolved into a digital asset with a market capitalization surpassing approximately $17 billion. Widely recognized as the first “memecoin,” DOGE serves various purposes beyond meme culture, including micropayments and tipping services.
QED Protocol has already paved the way for zkVM scaling solutions on Bitcoin by supporting smart contracts and facilitating low-latency transactions. On the other hand, Nexus operates Nexus zkVM, utilizing zero-knowledge proofs within its modular scaling network.
The proliferation of scaling solutions on PoW blockchains such as Bitcoin signifies significant progress within the crypto space. Recent data indicates that value locked on Bitcoin’s L2s surged to around $1.4 billion in September alone. Daniel Marin, CEO of Nexus, emphasized that innovations in zero-knowledge technology hold promise for replicating similar advancements across different ecosystems beyond Dogecoin.
As developments unfold within the cryptocurrency landscape, it becomes evident that innovative solutions like zkVM are driving transformative changes across various blockchain networks. This latest initiative stands testament to the continuous evolution and expansion of capabilities within the burgeoning world of cryptocurrencies with promising prospects ahead for investors and enthusiasts alike.
Original article posted by Fox News
