- Dogecoin’s latest protocol upgrade has been introduced through the libdogecoin update.
- The update is set to make the premier memecoin more functional and competitive.
The Dogecoin Foundation through one of the memecoin’s core developers Michi Lumin has announced the launch of libdogecoin 0.1.2, the latest improvement to the protocol. According to the details shared by Lumin, the new improvement is a very big one as it seeks to enhance the overall functionalities of DOGE as a self-sovereign digital currency.
Dogecoin is one of the oldest digital currencies founded which began as a joke with its theme enshrined in the Shiba Inu breed of dog. Since its inception in 2013, Dogecoin has grown to become the 9th largest digital currency, with a market capitalization of $9.94 billion.
The Dogecoin ideology has birthed a lot of other competing memecoins, chief of which is Shiba Inu (SHIB). As the broader Web3.0 ecosystem surges on to new milestones, so have some of these protocols that started as a joke now pivoting to brandish more advanced use cases, with many technically leaving Dogecoin behind.
On the libdogecoin Update
The latest update embodied in the libdogecoin introduces a number of fixes that is truly reflective of the tenets and ideologies of Dogecoin. According to the details shared, libdogecoin provides support for BIP39, a standard that is widely used by Bitcoin wallet and other wallets to create and restore addresses.
The BIP39 support now permits the creation of seedphrases to and from keys.
“libdogecoin now supports generation of seedphrases to and from keys, in many lanuages. For non-devs, this functionality is available in the included ‘such’ executable as a utility and can be used to generate mnemonic phrases,” Lumin said in the long-form tweet describing the new improvements.
Other supported improvements are embodied in the BIP32, BIP44, and SLIP44 standards respectively.
As a major improvement, libdogecoin now permits the generation of QR Codes for use in mobile applications. This is a trend that is already very common with other mainstream protocols and bringing it to Dogecoin is helping to make DOGE a more functional Proof-of-Work (PoW) protocol.
As a way to ascertain the broad-based enhancements made to the Dogecoin protocol, Lumin reassured that the libdogecoin update corrects many bugs that will make the protocol more malleable for developers as well as users in the ecosystem.
Dogecoin and the Memecoin Competitiveness
Dogecoin is by far the largest memecoin by market capitalization but in terms of growing utility, it is competing with Shiba Inu.
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While it is safe to say that Shiba Inu has grown much more in terms of its integration on payment platforms, the launch of Shibarium has set the memecoin apart as the smart contract enabler among the protocols of its kind.
While Dogecoin is not designed to be supportive of smart contracts, it has its own benefits including support from Elon Musk and other mainstream brands that might help it continually outshine SHIB in the short to mid-term.
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