DOGE Ordinals (Doginals): What Opportunities Would They Present For Dogecoin and Dogechain?
The term “Ordinals” was first heard in January 2023, an idea of a developer we could call Casey Rodarmor.
Originally, Ordinals are a new way of inscribing extra data on the smallest unit of Bitcoin, the satoshi. Hence, digital assets can be created and managed on the Bitcoin blockchain.
However, Ordinals are considered an imminent step into the next phase of Web3, the decentralized and user-centric web, because they enable Bitcoin to become a layer for various applications and use cases that were previously limited to other platforms.
Web3 aims to empower users with more control, privacy, and ownership of their data and digital assets, as well as to foster a more open and collaborative internet. Ordinals are aligned with this vision, as they allow users to create, transfer, and trade digital assets directly on the Bitcoin base layer, without the need for intermediaries, custodians, or third-party platforms.
But really, Ordinals is beyond Bitcoin. Other blockchains can utilize Ordinals especially those with no smart contract capabilities. Dogecoin is one of these blockchains.
Smart contracts are self-executing agreements that run on a blockchain and enable complex logic and functionality. However, Bitcoin and Dogecoin do not support smart contracts natively, which limits their potential for innovation and adoption.
Ordinals solve this problem by allowing users to inscribe data and logic directly onto individual Satoshis or DOGEs, effectively creating Bitcoin-native or DOGE-native smart contracts. This way, Ordinals can enable new possibilities for blockchain-based applications, such as NFTs, gaming, DeFi, and more.
The introduction of Ordinals to Bitcoin has been controversial due to the fact that they are slow down the chain and make the transaction fees go up. DOGE Ordinals will have considerably lesser fees.
DOGE Ordinals
These ordinals, which we could call Doginals, will enable digital assets to inscribed into the smallest unit of Dogecoin and managed on the Dogecoin blockchain.
Can Doginals overthrow the Dogechain’s utility provision for Dogecoin?
Doginals are a novel and innovative way that offer a simple solution for inscribing any content on the Dogecoin network, and enable new possibilities for blockchain-based applications, such as NFTs, gaming, DeFi, and more.
However, I don’t think Doginals are not a threat or a competitor to Dogechain.
Dogechain provides a smart contract enabled layer for Dogecoin where DOGE is also used as gas fees on the network. It is a separate and independent blockchain that is compatible and interoperable with Dogecoin, but also offers additional features and functionalities that really, Doginals cannot provide.
For instance, Dogechain can be interoperable with other blockchains, but Doginals would be limited in that feature. However, both Dogechain and Doginals aim to increase the utility and adoption of Dogecoin.
Dogechain’s Possible Creation of Doginals
This is an interesting and hypothetical scenario that could offer several opportunities for Dogechain and the Dogecoin community.
1. Creating Doginals can simplify and streamline the creation and management of digital assets for the Dogecoin ecosystem.
By using DOGE Ordinals, Dogechain could create and manage digital assets on the Dogecoin base layer, without relying on smart contracts or layer-2 solutions. This could reduce the complexity and cost of interacting with Dogecoin.
2. Doginals would expand and diversify the range and scope of digital assets on Dogecoin blockchain.
Prior to now, we’ve only had $DOGE tokens. With DOGE Ordinals would enable the inscription of different types and categories of digital assets onto the Dogecoin chain.
It could be images, videos, game assets, or any form of NFTs; more like DRC-721, which could enable new possibilities for blockchain-based applications, such as gaming, DeFi, and more.
3. The creation of Doginals would attract and increase the user base and community of Dogecoin and Dogechain.
Dogechain’s creation of DOGE Ordinals would draw more interest to Dogecoin given that it will have more utility than it has presently and to Dogechain as the creators of the Ordinals.
It is quite similar to Dogechain as a blockchain that powers DOGE only that Doginals will run directly on top of the DOGE blockchain while being powered by Dogechain.
In summary, Dogechain and Doginals are complementary and synergistic technologies that aim to increase the utility and adoption of Dogecoin. Together, they can unlock new potential and opportunities for Dogecoin and its community, and make Dogecoin more than just a memecoin.
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