If you're in the Dogecoin ecosystem, you quickly realise that it genuinely is a community full of people who love the token. It's placed on an almost cult-like pedestal, worthy in their eyes of worship.
So how do you improve on something that most people think is already perfect? DogeLayer's co-founder, Wind, says he has the answer.
Today, we speak to him to understand more about the DogeLayer project and its unique value proposition.
HX: Hi Wind, thank you for speaking with me today, Im glad you could find the time.
Wind: Thank you Huixin, it's a pleasure to be here.
HX: Let's get right to it. Dogecoin has had quite the journey from a memecoin to a top 10 cryptocurrency by market cap. What are the key uses of Dogecoin?
Wind: Currently, Dogecoin has minimal practical utility, mostly serving as a speculative asset. One of DogeLayer's primary objectives is to cultivate a thriving ecosystem for Dogecoin, encompassing but not limited to DeFi and payments. Dogecoin, with its short block interval (around 1 minute), unlimited issuance, exhibits strong monetary attributes.
HX: I see. What are some of the current limitations of Dogecoin? What are some incidents that alerted you to these limitations and prompted you to come out with solutions?
Wind: I think Dogecoin faces limitations in transaction capacity, with a TPS of around 30. During periods of heightened market activity, we’ve seen Dogecoin transactions experience delays. Furthermore, Dogecoin lacks a key feature: comprehensive programmability. This renders it incompatible with various dApps.
HX: Yes, I can see how it might be a problem. How do you think Dogelayer would benefit potential users? What do you feel is the most significant improvement?
Wind: As Dogecoin's Layer 2, DogeLayer boasts exceptionally fast transaction speeds. When used for payments, users can experience confirmation within seconds. So we think this is a tangible improvement.
HX: I see, so DogeLayer will lean more towards payments. What are some updated functions of Dogelayer? How are these functions complementary to Dogecoin?
Wind: DogeLayer features complete programmability, allowing for the seamless porting of familiar DeFi dApps. This facilitates Dogecoin users in participating and profiting from the many activities within DeFi.
HX: Why did you choose Proof-of-Authority as your consensus mechanism? Given the strong ethos of decentralisation within the wider Web3 and crypto communities, do you feel that going against the ideology of decentralisation is a bad thing or potential obstacle?
Wind: The use of PoA is an initial strategy for the project, with potential adjustments based on practical considerations. It’s a purely practical choice - PoA, being simple and stable, is advantageous for the project's early development. I think there are upsides to both decentralisation and centralisation, and it’s about utilising the unique benefits of both.
HX: How do you pick the pre-approved validators? How do you define "established reputation" and why do you think these criteria are sufficient to ensure that the "pre-approved validators" are not malicious actors?
Wind: That's a good question. We understand it’s really an incentive problem, so A DAO will be established exclusively for managing PoA nodes and cross-chain funds. Membership in the DAO requires genuine commitment of resources, through staking as well as contribution in other areas to support DogeLayer.
HX: Are the number of validators for Dogelayer fixed? Can someone who fits the criteria for being a validator be promoted to a validator even after DogeLayer is launched?
Wind: No, the number of validators is not fixed, and they remain subject to periodic assessment by the DAO, including the addition of new members and the removal of underperforming ones. So you can see here that there is a “renewal” process of sorts, where we continually get better, and more efficient validators within the network.
HX: Interesting. And I think we are interested in you as well. As a founder of Dogelayer, what is your degree of involvement with Dogecoin? Do you know the founder of Dogecoin personally etc or have you spoken to the Dogecoin community about your project?
Wind: Our contributions to the Dogecoin ecosystem include various projects and code, such as the recent adaptation of the Bitcoin wallet, Electrum, to Dogecoin. This is all open-source, and publicly available on GitHub. There has been no direct contact with Dogecoin's developers.
HX: How did you first get involved in crypto and how involved are you in the crypto community? Is this your first project?
Wind: I've been personally engaged in crypto-related projects since 2017. One of these projects have already been listed, and at some point entered the list of the top 50 cryptocurrencies by market capitalisation.
HX: I think our readers will also like to know more about your team. How was your team formed? How did you meet? Why did you choose each other for this project?
Wind: Our team is all over the world. Being globally distributed, we conduct regular conference calls for communication and coordination. I think the most common denominator between us is really a keen interest in Dogecoin’s development. Being Shibes ourselves, we decided to pool our talents together to make something happen for the community. We collectively aspire for the Dogecoin ecosystem to do well, as well as its recognition as a genuine currency.
HX: Perfect, that makes total sense. And that’s all the questions I have for you today. Once again, thank you Wind, for joining us for our interview today.
Wind: You're welcome.
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