Dogecoin, created in 2013 from a mixture of litecoin and the meme with the dog breed Shiba inu, today, plays a major role in the cross-platform bridge Dogethereum connecting blackany Dogecoin and Ethereum. It differs from other similar projects, for example, BTC Relay linking Bitcoin with Ethereum in that it allows holders to broadcast not only to make payments in other cryptocurrencies, but also to transfer this currency to the ether. “It does not need a mediator. This can be done completely independently,” — says the participant of the project.
This decision became possible thanks to the technology Truebit. 5 Feb tokens Dogecoin were successfully transferred to the test Ethereum network — Rinkeby and returned back. “We want to get coins from blockchain Dogecoin and place them on Ethereum in the format token-ERC-20 — said co-founder Truebit Jason Teutsch. — Can be reverse translation”.
This coin is in some way locked in the Dogecoin network, so they cannot be spent until they are transferred back with Ethereum. However, the computational complexity was to prove that the holder owns Dogecoin air “on the other side of the bridge.” Thus, the bridge has prompted the developer of Ethereum Foundation and co-author Truebit Christian Reitwiesner to create a layer built on top of Ethereum bloccano, to improve scalability. Truebit makes verification of the calculations outside the main blockchain, requiring a much smaller capacity.
Truebit goal is to create a market in which participants are rewarded for the computing work on their computers. “People will declare their personal interest in such calculations and the income from them,” — says the developer Truebit Sina Habibian. The participants perform the function gcd Ethereum, which normally produce the calculation and verification of each smart contract. White paper Truebit calls this system “the verification in the form of a game”.
According to the developers, the bridge Dogethereum differs from the decentralized exchange through atomic swaps and more like a sidechained. In contrast to such solutions, the scalability of Ethereum as Raiden and Sharding technology Truebit designed for any Ethereum computing: not only transactions, but also video, as well as machine learning. In this it is most captures the essence of Ethereum which aims to be “not merely a financial cryptocurrency”. Bridge Dogethereum was the first case of practical application Truebit: “We created the first version Truebit Lite. It shows that all the basic functions Truebit work. This is a big step,” said Teutsch. Platform trade power Golem already announced its intention to use TrueBit instead of the Ethereum blockchain.
Habibian also noted that when testing Dogethereum used the first, strongly simplified version Truebit. If you delve into the technology it is built on the web Dogecoin, a smaller version of the blockchain, which carries most of the data on Doge and allows you to safely move the coins with the chain on the chain. The developer has not announced the time frame in which the start of the full version in Ethereum, but said that in the coming months is scheduled to release on the basis of the test. In addition, the project has become a partner of a decentralized platform Aragon and services for the video broadcast based on Ethereum LivePeer. “When Truebit will be finalized to the end, Ethereum will be possible any calculations,” said Habibian.