Very Dogethereum pipedream teleporting many dogecoin onto Ethereum raising innovation beyond awake. Ethereum much confirm Dogecoin event!
In reality Truebit was born from an acute need not only to amplify the virtues of teleportation but specifically to check Dogecoin’s Scrypt proof-of-work inside Ethereum, a task well outside practical memory limits of a smart contract. Now, when such bridge, why not Dogecoin fork, what is “state-of-the-wow,” and how many shiba inu fit inside the #ArtProject? For answers to some of these questions, I invite you to read “Retrofitting a two-way peg between blockchains,” my joint work with Michael Straka and Dan Boneh of The Stanford Center for Blockchain Research. Here Truebit verification of bulletproofs combines with parametrized tokens to form a trustless collateralized peg. Bulletproofs save valuable on-chain space and eliminate interaction without involving zero-knowledge, while cryptoeconomic invariants guarantee secure passage of DOGE to Ethereum and back without alterations to underlying mining protocols.
What can one do with a retrofitting, two-way peg between Dogecoin and Ethereum?
- Catapult DOGE-like tokens, or WOW, onto Ethereum and hodl them.
- Trustlessly trade WOW tokens through decentralized exchanges.
- Add smart contract functionality to Dogecoin.
- Use data from the Dogecoin blockchain in Ethereum smart contracts.
- Squint until the two-way peg becomes a bridge between Bitcoin and Ethereum.
Conversely, let us augur an exodus of tokens spilling out of Ethereum into a more diffuse system landscape. Opposite-direction, trustless, but self-governing two-way pegs allow token network effects to propagate across a broader ecosystem while preserving native value and functionality. The time has come for coins, tokens, and data to break free of their chains. Blockchains of the world unite!