DogeOS Launches Public Testnet to Bring EVM Smart Contracts to Dogecoin
Summary
- 'DogeOS' said it launched a public testnet based on a zero-knowledge (ZK) rollup, allowing EVM smart contracts to run in the Dogecoin ecosystem.
- DogeOS said it aims to support a range of applications including trading, lending, stablecoins, prediction markets and gaming, with transaction fees paid in DOGE.
- DogeOS raised $6.9 million in a funding round led by Polychain Capital, and Dogecoin was trading at about $0.094 in Binance's USDT market, roughly 60% below its level a year earlier.
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DogeOS, an application layer aimed at expanding the Dogecoin ecosystem with smart contracts and decentralized applications, has launched a public testnet.
The Block reported on October 30 that DogeOS unveiled a public testnet built on a zero-knowledge, or ZK, rollup. The network is designed to let Ethereum Virtual Machine, or EVM, compatible smart contracts run in the Dogecoin ecosystem, with transaction fees paid in DOGE.
DogeOS is targeting a range of applications including trading, lending, stablecoins, prediction markets and gaming. The applications run on DogeOS, while the network state is settled on the Dogecoin network.
DogeOS currently secures the network using a trusted execution environment, or TEE, validators and a permissioned sequencer. Dogecoin itself does not yet directly verify DogeOS's ZK proofs. To change the bridge's state, a valid proof, signatures from a majority of validators and the signature of a TEE signer are required, Chief Executive Officer Jordan Jefferson said.
The team is also pursuing an upgrade that would allow Dogecoin Core to verify ZK proofs directly. In July last year, the DogeOS development team submitted a Dogecoin Core upgrade proposal that would let Dogecoin miners verify execution proofs themselves, but it has not yet been deployed on the live network.
DogeOS was built by the team behind the Dogecoin wallet MyDoge. It raised $6.9 million in a funding round led by Polychain Capital in May last year. Jefferson said the team is currently focused on the public testnet to give developers time to build and test applications while the network is being validated. He added that a mainnet timeline would be disclosed in line with future development milestones.
Timothy Stebbing, a director at the Dogecoin Foundation, said he hopes DogeOS will help spur new utility and become a gateway for the next 100 startups to build on Dogecoin.
Dogecoin was trading at about $0.094 in Binance's USDT market. That is roughly 60% below its level a year earlier.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.