Dogecoin Proposes Ethereum Bridge through MyDoge Wallet

A Dogecoin development group has announced a plan to upgrade the memecoin protocol to create a bridge to Ethereum. The proposal was submitted by DogeOS, which is an app layer for Dogecoin created by the MyDoge wallet team. This protocol upgrade would introduce native zero-knowledge proof verification capabilities. According to the team, the OP_CHECKZKP proposal is a significant technical advancement for Dogecoin. It transforms the proof-of-work blockchain from merely a payment system into a platform that can support decentralized finance (DeFi), gaming, identity, and other verifiable on-chain applications. DogeOS is designing a unique zero-knowledge mechanism for Dogecoin that aims to facilitate trustless interoperability with Ethereum, the largest blockchain platform for smart contracts. With the introduction of zk-rollups, Dogecoin would be able to manage thousands of off-chain transactions per second, all verified on-chain through compact cryptographic proofs. Tim Stebbing, director of the Dogecoin Foundation, stated, "Dogecoin gaining the ability to integrate with ZK L2s is the kind of interoperability we need to build ecosystem utility, allowing the L1 to focus on being the fastest, best, most fun blockchain and means of exchange for all humanity." Currently, DOGE is trading at $0.26, reflecting a decrease of about 4% on the day. The coin reached a high of $0.71 in May 2012. Recently, Bit Origin, a penny stock firm, purchased its first tranche of DOGE after securing up to $500 million in equity and debt to establish a corporate Dogecoin treasury. *Disclaimer: The Block is an independent media outlet that provides news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Bitget serves as an anchor LP for Foresight Ventures. The Block operates independently to deliver timely and reliable information about the crypto industry.*