Why does Doge chain need DRC20 inscriptions?

Source: Doge chain

As a project rooted in MEME culture, DogeChain has a natural irony towards mainstream and dominance. At the same time, its launched DRC-20 protocol draws strengths from the currently most popular BRC-20 and ERC-20, compensating for their weaknesses, and is set to become the most suitable protocol for inscriptions in the future.

Technical Features of Doge chain

Doge chain is an EVM Layer 2 ecosystem built using Polygon Edge. It aims to establish efficient connections between DOGE and Web3. With Dogechain, DOGE users can deeply engage in various mainstream Web3 activities such as NFT minting, GameFi, DeFi, liquidity mining, staking, and DAO governance.

Currently, Dogechain has the following four characteristics:

1. IBFT PoS consensus mechanism: It adopts a verification system led by nodes holding more tokens, enhancing decentralization and improving the penalty collection function for security and transparency within the blockchain;

2. EVM compatibility: It can interact with applications and games deployed on the Ethereum network. Developers can also build more solutions on the Dogechain network.

3. Cross-chain compatibility: It allows users to stake and exchange DOGE and participate in various ecosystems.

4. Decentralized governance: The Dogechain project is entirely community-driven, so the framework is decentralized.

Advantages of Fairness in Inscriptions

The essence of the inscription fire lies in its provision of a low-threshold right for ordinary people to issue assets, while enjoying simplicity, fairness, and convenience.

Unlike the various pre-mining and reservation operations in ERC-20 ecosystem projects when issuing tokens, which are essentially unfair for retail investors with limited power to participate in project launches.

In contrast, BRC-20 projects, expressed through inscriptions, deploy token contracts, mint, and transfer tokens by utilizing the Ordinal protocol to set inscriptions in JSON data format. Under JSON, everyone is equal, with the only distinction being the participants' speed of action—first come, first served.

This undoubtedly brings a new wave of Fair Launch to the entire Web3 context.

The Innate Meme Characteristics of Doge

Unlike the nature of ERC-20 that naturally welcomes large holders, the Bitcoin ecosystem and inscriptions themselves are community-driven, placing greater emphasis on fairness of participation and user sentiment. This characteristic resonates with the MEME narrative we are familiar with: the well-being of the community is paramount, and broad support from community users is essential for the conscientious development of ecosystem projects.

DOGE is the culmination of the MEME narrative. Founded in 2013 with a theme of satire, DOGE has garnered favor from the market and many big names, including Elon Musk.

Initially, critics argued that meme coins lacked practicality and could not succeed in the long term. However, DOGE and other similar cases have proven this viewpoint wrong. As of now, DOGE has surged from $0.00008 in 2015 to a peak of $0.73, an increase of over 110,000 times. Numerous derivative tokens related to DOGE have also emerged, such as AIDOGE and BABYDOGE. Elon Musk even plans to launch the "Doge-1" satellite funded by DOGE on January 12 next year.

Moreover, DOGE places great importance on MEME culture. Dogechain continues this tradition. DOGE has brought fun to the "payment technology" era of blockchain technology and cryptocurrencies. Dogechain hopes to bring a similar atmosphere to the Web3 era of blockchain technology development.

Technical Features of DRC20

DRC20 is a standardized protocol for fungible tokens based on the Cardinals protocol. The DRC20 protocol inherits the technical characteristics of BRC20 and addresses some of the issues faced by the BRC20 protocol, achieving a higher degree of decentralization and improving transaction efficiency.

Currently, DRC-20 has the following features:

1. On-chain ledger. Compared to the centralized storage of the BRC-20 ledger, where users cannot find corresponding inscription information if they do not index according to wallet rules, the DRC20 inscription ledger will be placed on the ETHF chain, while transactions occur on the Doge chain. Even if the wallet is lost, users can still find the corresponding inscriptions, ensuring absolute security of assets.

2. Fast transaction speed and low fees. Currently, with lower fees on Dogechain, the daily transaction volume on the chain has surged, surpassing Bitcoin and Litecoin at one point. The speculative frenzy of the BRC20 token standard has gradually spread to the Doge chain.

3. Implementation of the UTXO model, with inherent MEME properties. BTC, LTC, and Doge chain are all cryptocurrencies without smart contract functionality, allowing developers to create various programmable tokens and financial products. Moreover, DRC20 comes with MEME properties, which presents a development opportunity.

In summary, Doge chain not only ensures fair entry for users but also possesses community enthusiasm that the BTC ecosystem lacks, making it more suitable for the development of the inscription ecosystem.