Very few cryptocurrencies succeed in terms of branding. Dogecoin is one of the offerings which has successfully done so for many years. A team of developers is confident they can create a “different and better” version of this currency. The DogeCash project was born, which aims to create a new standard in the masternode industry.
The DogeCash Vision Explained
Unlike the normal Dogecoin, DogeCash does not allow users to mine the currency. Instead, it is a proof-of-stake and masternode hybrid. The main reason for creating this “offspring” is to improve upon transparency and community governance. It still embodies what makes Dogecoin unique, yet it is more investor-oriented at the same time. The use of proof-of-stake and masternodes can play a major role of importance in this regard.
Under the Hood of DOGEC
Community involvement is a major selling point of any cryptocurrency. Few currencies effectively succeed in harnessing the “wisdom of the crowd”, though. DogeCash wants to ensure the Dogecoin community is put at the front and center once again. This new ecosystem allows for periodic voting on platform developments, expansions, and even future partnerships. Especially this latter part can be quite valuable to succeed in the long run.
Key features of this new project include transparency, governance, scarcity, charity, and quality. The scarcity aspect is another feature which makes it very different from Dogecoin. Unlike the meme currency of the internet, DogeCash has a limited supply in place. There will never be more than 21 million DOGEC in circulation at any time. Dogecoin, on the other hand, has an infinitely inflationary supply at this time.
By focusing on charity, Dogecoin and DogeCash affirm their “relationship”. The DogeCash team is intent on giving back to charitable causes whenever the opportunity arises. Community members will be eligible to decide where the funds will go to exactly. All of this information will be made transparent whenever a vote takes place. Cryptocurrencies make a world of difference for charitable organizations around the world.
The Masternode Aspect
Setting up a DogeCash masternode serves multiple purposes. First of all, users will receive network rewards for doing so. Secondly, DogeNode owners will be given a voice in the future direction of the ecosystem. Users will need approximately 5,000 DOGEC to run a masternode on the DogeCash network. They will earn varying rewards for doing so. It is worth noting the masternode-based and proof-of-stake rewards decrease over time.
Looking Toward the Future
Without a clear roadmap in place, cryptocurrency projects are doomed to fail sooner or later. DogeCash has its duck in a row, with many future developments to look forward to. During Q1 of 2019, the focus lies with revamping the core wallet, introducing the first charity vote, and developing the platform. Later this year, all of these aspects will be refined and fine-tuned accordingly. Additional exchange listings will also be pursued moving forward. By late 2019, the Zerocoin and hardware wallet integrations should be completed.
|Total Supply||21,000,000 DOGEC|
|PoS or PoW||PoS|
|Increasing Collateral Requirement?||No but Reducing Masternode and PoS Rewards|
|Block Explorer||DogeCash Explorer|
Disclaimer: All information provided in this article is for educational and entertainment purposes only. MNMMG Does not offer investment advice and is not responsible for any financial losses sustained by its readers. MMG