The Dogecoin Foundation has published a “trailmap” outlining its future objectives. The release’s core message is that the initiative is community-driven and administered for the benefit of all stakeholders.
The initial pillar of the Dogecoin Manifesto, to create $DOGE a functional cryptocurrency, is critical to this current push ahead.
The Foundation uses the purchase of coffee and the payment of rent as instances of how utility might be used to encourage adoption. And, if you look at the context, there’s a focus on payments, or what they term “a serious worldwide money for individuals.”
Meme coins are becoming less popular.
Despite the fact that projects sometimes downplay the importance of price, it maintains a major criterion for determining the achievement of project objectives.
While $DOGE had an amazing start to 2021, gaining almost 15,000 percent YTD at its high on May 8, bears have gained the greater edge since.
Throughout this drop, the $0.1543 level has provided good support. However, $DOGE has been hovering perilously near to this level since the beginning of December, indicating a severe lack of enthusiasm in the project.
Shiba Inu’s ascent has made the scenario even worse for $DOGE investors. $SHIB even attempted to overtake $DOGE in the market cap rankings at one point, compounding salt to wound.
It is suggested that this is due to the fact that meme coins are no longer in use, and the hoopla around them has subsided. To rebuild investor trust, the Dogecoin Foundation is boosting utility via a variety of development efforts.
The Dogecoin Foundation is fighting hard with utility.
To begin, the GigaWallet initiative aims to increase adoption. The Dogecoin Foundation claims that its old desktop wallet is inadequate for retail integration. In order to address this issue, it presents a novel API solution in the GigaWallet.
According to the Foundation, GigaWallet would empower customers to keep ownership of their $DOGE via a “Keyring App and SDK,” allowing mobile apps to trade without retaining user keys.
Furthermore, there are plans for “community staking” underneath the direction of Ethereum co-founder Vitalik Buterin.
Buterin proposed migrating Ethereum code to transform Dogecoin from a proof-of-work (PoW) consensus process to a proof-of-stake (PoS) one in early September.
The plan for “community staking” gives no indication of such a significant shift. However, it is expected that this concept would work in much the identical manner as Ethereum does currently, with ETH 1.0 running as a PoW chain and ETH 2.0, a PoS chain under construction, paying the staking rewards. In other words, two versions that are compatible with each other are operating concurrently.