The Dogecoin Foundation's Trailmap: Progress and Achievements
The Dogecoin Foundation has outlined a comprehensive trailmap to enhance and develop the Dogecoin ecosystem. Despite recent price volatility, ongoing project developments bring optimism to the community and investors. Here's an overview of the Foundation's progress based on their trailmap:
Enhancing Dogecoin Development Accessibility
As a foundational step, the Dogecoin Foundation aims to facilitate development and establish a robust developer ecosystem. Initiatives like libdogecoin, supporting multiple programming languages, have enabled global developers to contribute to the DOGE network. Additionally, the thriving open-source community plays a crucial role in expanding this ecosystem. The Foundation reports 100% progress on this initial step.
This step is considered a vital foundation for Dogecoin's future, as more businesses consider accepting DOGE as a payment option. DOGE is thus evolving beyond a memecoin towards broader market acceptance.
Lowering Adoption Barriers for Businesses and the Unbanked
The second phase focuses on reducing adoption barriers for businesses and individuals without access to formal financial services, particularly the 1.7 billion unbanked people worldwide. Projects like the GigaWallet Payment Gateway and Ecommerce plugins have been introduced. GigaWallet aims to provide businesses an easy way to adopt DOGE as a payment method without complex technological infrastructure.
Furthermore, Radio Doge and Dogebox OS aim to bring Dogecoin closer to the masses. Radio Doge enables Dogecoin transactions in areas lacking internet access using radio technology. Dogebox OS is a runtime platform designed for seamless execution of Dogecoin-based applications. This phase has reached 90% progress, indicating significant strides in bringing DOGE into the commercial sphere.
Enhancing Dogecoin's Scalability as a Global Currency
As a digital currency, Dogecoin must efficiently handle millions of transactions to achieve global currency status. In this third phase, the Dogecoin Foundation is working on Project Sakura, which aims to improve the network's throughput. This involves updates to the Proof of Doge protocol, potentially increasing Dogecoin's block size and speed tenfold. Such enhancements boost decentralization and transaction capacity, crucial for meeting global currency expectations.
While currently at 10% progress, this project holds promise for significantly enhancing the Dogecoin network's efficiency and capacity in the future.
Challenges: Persistent DOGE Price Declines
Amidst these developments, the memecoin's price remains a concern for investors. Within the past 24 hours, DOGE has declined by over 6%, trading around $0.09222. Nonetheless, the underwhelming price performance may not reflect the long-term potential of the technological advancements being undertaken by the Dogecoin Foundation.