Dogecoin Foundation board member Jens Wiechers has debunked claims that Dogechain is an affiliated product, saying “paid media” have disseminated false information that the two are connected.
This follows an earlier tweet from Dogecoin developer @cb_doge, who posted that Dogechain is “another knockoff token,” while giving DOGE holders the heads up on influencers promoting the project.
Also Read: Dogecoin Is Working With Ethereum’s Vitalik Buterin On Community Staking.
What is Dogecoin And How this is a Phishing Plan?
Incidentally, DogeChain is also the name of Dogecoin’s official block explorer.
Dogechain is billed as a layer 2 scaling solution enabling DeFi, NFTs, and gaming. However, per its whitepaper, DogeChain is built on the Ethereum-compatible Polygon Edge “private label” framework, not the Dogecoin network.
Dogechain claims to complement the original by bringing smart contract functionality, thus opening up additional use cases beyond just payments.
Dogechain claims to complement the original by bringing smart contract functionality, thus opening up additional use cases beyond just payments.
“WIth Dogechain, Dogecoin holders can do more than simply hodl and wait for Dogecoin to moon!“
Like the original, Dogechain’s stated philosophy revolves around inclusivity and valuing participants. The team also emphasized its “community-first approach,” saying there was no VC allocation of tokens.
“Dogechain stands for fairness and equal opportunity for all. Our goal is to create a blockchain that is truly owned by the people.“
Token distribution of “$DC” will occur “later this year” via an airdrop of snapshotted DOGE balances. The exact mechanics of the process will follow, with interested parties encouraged to join the Discord.
However, CoinMarketCap currently shows three tradable tokens with similar names: DogeChain, DOGECHAINU, and DOGECHAIN, all of which opened trading on August 16.
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