This will enable DOGE to be used on Flare and any other chain connected to Flare
Torch network states that it includes Dogecoin as FAsset. In this way, the decentralized network intends to bring full utility of smart contracts to the Dogecoin ecosystem. Flare states that when this feature goes live, it will allow DOGE to be used on Flare and any other channel connected to Flare through its LayerCake bridging system.
Flare shared this in response to a recent tweet posted by Dogecoin creator Billy Markus on things that add utility to Dogecoin. F-Assets are key components of the Flare Network. While Spark (FLR) is the network’s native token, users can bring F-assets onto the network to utilize as well. This unlocks smart contracts for the assets, essentially bringing utility to non-smart contract crypto. This also allows users to participate in DeFi and other network applications with their crypto.
Apart from Dogecoin, other F assets in the Flare network are Litecoin (LTC), XRP (XRP) and Stellar (XLM). As covered by U.Today, Tesla CEO Elon Musk opined that the same Dogecoin cryptocurrency would gain utility if more businesses started accepting it. Musk also added that using Dogecoin to tip creators would be “nice.” The entrepreneur recently suggested allowing Twitter users to pay for Twitter Blue subscriptions with the help of Dogecoin after acquiring a 9.2% stake in the company.
However, Musk argues that creating a bridge between Ethereum and Bitcoin is not needed despite potential use cases in the Web3 sector.
Last week, the first Internet-less Dogecoin transaction was sent via RadioDOGE, marking a historic moment for the meme cryptocurrency. RadioDoge focuses on using low-cost radio technology (HF/LoRaWAN), combined with the global Starlink satellite network to provide cheap, large-scale access to Dogecoin to people who live beyond the reach of internet infrastructure. regular.
Dogecoin’s objective, according to the Dogecoin Foundation, is to make DOGE the de facto worldwide currency for exchanging goods and services. It says it is currently working on some projects aimed at bringing the Dogecoin Ecosystem to a state of readiness for rapid grassroots adoption, citing the fact that 1.7 billion people in the world are unbanked.
