Dogecoin may have begun as a joke currency, but it is serious when it comes to advancing new technology. Earlier this month, Doge partnered with Ethereum to test the long-awaited scalability technology TrueBit. “A historic first, the transaction marked the completion of a years-long project developers see as a stepping stone toward the interoperability of crypto assets more broadly.”
TrueBit offers a computational boost to the smart contracts provided by Ethereum. Developed by Christian Reitwiessner and Jason Teutsch, TrueBit can offer scalability solutions by using other distributed networks to increase the computational power and speed of Ethereum processes.
Doge and Ethereum tested the waters of TrueBit this month by initiating the “dogethereum bridge” to make a transaction of dogecoin to ethereum. The dogethereum bridge has been a three-year effort by creators and developers to decrease the expense required to move a coin from one chain to another and back again.
TrueBit created a smaller version of the Doge blockchain to run its test. The goal was to move dogecoin to ethereum and back again, and in the process, “locking coins on dogecoin so that they cannot be spent until they are sent back from Ethereum”. In addition, once the transfer is made, the user must be able to prove they are the owner of the new currency.
The success of the test shows that the technology bridge is underway, but there is still much to be done. The test transfer occurred in a very simplified way with help from altruistic participants providing computational power. Although not ready for widespread implementation, the success of the TrueBit test is nonetheless a boost for the technology.
While we’re looking toward the future with scalability solutions for our preferred currencies, we can take a moment to thank the Doge internet meme and blockchain enthusiasts for their assistance in this piece of crypto progress. With that, we say, “Such crypto. Very currency. Wow.”