Dogecoin Should Be Cardano Sidechain, Says Charles Hoskinson

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Author Profile

Share

Copied

Last updated:

October 23, 2023 08:31 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Cardano founder Charles Hoskinson has put forward the idea of Dogecoin becoming a Cardano sidechain, claiming that he is willing to do the migration for free. 

The Input Output CEO made the statement after speculating that there is now a high probability that Twitter and Dogecoin merge after the recent buyout of the social media platform by Elon Musk, an unconditioned supporter of Dogecoin.

“Now that Twitter is in the hands of Elon Musk, I can see a real possibility that doge will somehow merge with the platform,” Hoskinson said. 

When asked whether the meme coin would be converted to a proof-of-stake (PoS) network or proof of useful work (PoUW), an alternative approach to proof of work (PoW) that aims to replace excessive usage of hash functions with tasks that bring additional real-world.

“Should be a Cardano sidechain. I’d do the migration for free. Hell I’d even add smart contracts,” he said in response. 

Should be a cardano sidechain. I'd do the migration for free. Hell I'd even add smart contracts

— Charles Hoskinson (@IOHK_Charles) October 28, 2022

The idea of adding other blockchains as a sidechain to Cardano is not entirely new. In a recent live stream, the founder noted that Cardano could be the network of blockchains with several sidechains connecting to it.

Dogecoin Focus of Attention as Elon Musk Buys Twitter

The leading meme coin has once again become the focus of attention after Tesla CEO Elon Musk took over the social media platform Twitter on October 27 after acquiring it for $44 billion. 

On October 27, in a letter to advertisers, Musk said that he acquired Twitter to “help humanity.” “It is important for the future of civilization to have a common digital town square,” he said. 

Elon Musk has been a vocal supporter of Dogecoin. The billionaire has consistently promoted the meme coin on Twitter and is deemed largely responsible for the rise of the coin. He even made it a means of exchange for some specific Tesla merchandise.

Before completing the buyout of Twitter, Musk hinted that Dogecoin would be part of the social media platform once he takes over. However, he is yet to outline any concrete plans for the joke cryptocurrency.

Meanwhile, the price of Dogecoin has seen a significant boost over the past couple of days thanks to the increasing hype around the mem coin. As per data by CoinGecko, Doge is trading at $0.12619, up by around 20% over the past 24 hours. 

Furthermore, the token is up by a whopping 111.2% over the past week, defying bear market expectations. However, it is still down by more than 80% compared to its all-time high of $0.731578 registered in early May 2021.