The teams behind a Dogecoin DOGE$0.08206 wallet, an application network and merchant payment tools are combining to form Dogecoin Labs in an effort to give DOGE holders more places to spend and use their coins.
Dogecoin Labs, formed in partnership with the Dogecoin Foundation, will own and operate MyDoge, DogeOS and Such App, according to an announcement shared with CoinDesk. Jordan Jefferson, founder of MyDoge and DogeOS, will lead it as CEO.
The plan connects three parts of a potential DOGE business ecosystem. Developers build applications on DogeOS, holders find them through MyDoge and merchants use Such App to accept payments. Such App’s beta already supports invoices and in-person QR payments, while its connection to DogeOS remains in the planning stage.
Dogecoin is one of the oldest cryptocurrencies, created in 2013 as a joke and featuring a shiba inu image. The token has advanced 3.9% in the past 24 hours and was recently trading around 8.2 cents.
MyDoge said it has grown to more than 500,000 users without paid acquisition. Its recently released V3 update connects the wallet to applications being built on DogeOS. The announcement does not specify how many wallet users are active or have tried those applications.
The foundation and House of Doge, its commercial arm, are contributing intellectual property and development teams. The foundation will continue its open-source development support, advocacy and community work, while Labs concentrates on products and commercial opportunities.
DogeOS opened its public test network on Sept. 30, allowing developers to build Ethereum-style lending services, exchanges and games using test DOGE. Dogecoin itself handles coin transfers, so those applications run on a separate system.
Three weeks later, DogeOS’s public user guide still marks its featured applications as “coming soon.”
Its planned security link to the Dogecoin blockchain also needs further work. DogeOS wants Dogecoin’s own network to check mathematical proofs that its applications ran correctly. A proposed rule change enabling that remains a draft. Until the link is implemented, users will have to rely on DogeOS’s selected operators and hardware to check that the applications work.
Read More: Dogecoin gets DeFi testnet as DogeOS bets miners will eventually secure its apps
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
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