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How does Dogecoin utilize the ERC20 token standard?

avatarMcClanahan BeckerMar 18, 2022 · 3 years ago3 answers

Can you explain how Dogecoin incorporates the ERC20 token standard?

How does Dogecoin utilize the ERC20 token standard?

3 answers

  • avatarMar 18, 2022 · 3 years ago
    Dogecoin does not utilize the ERC20 token standard. ERC20 is a token standard on the Ethereum blockchain, while Dogecoin is a separate cryptocurrency that operates on its own blockchain. Dogecoin was created in 2013 as a fun and lighthearted digital currency, and it does not rely on the ERC20 standard for its functionality.
  • avatarMar 18, 2022 · 3 years ago
    No, Dogecoin does not use the ERC20 token standard. ERC20 is specific to the Ethereum blockchain, and Dogecoin operates on a different blockchain. Dogecoin has its own unique features and functionality, separate from ERC20 tokens.
  • avatarMar 18, 2022 · 3 years ago
    While Dogecoin itself does not utilize the ERC20 token standard, it is possible to create wrapped Dogecoin (wDOGE) tokens that are ERC20 compatible. These wrapped tokens represent Dogecoin on the Ethereum blockchain and can be used in decentralized applications (DApps) and smart contracts that support ERC20 tokens. However, it's important to note that wDOGE tokens are not the same as Dogecoin itself and are only a representation of its value on the Ethereum network. BYDFi, a decentralized exchange, offers the option to trade wDOGE tokens alongside other ERC20 tokens.