- Proof-of-Work blockchain networks have come back to life.
- The Dogecoin network is experiencing many transactions with DRC20.
- It has surpassed that of Bitcoin and Litecoin transactions.
The crypto space has always welcomed new ideas to profoundly redefine the technologies of blockchain power. Presently, we are witnessing the revival of Proof-of-Work (PoW) blockchain networks like Bitcoin and Dogecoin.
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Over the past few weeks and months we have seen the Bitcoin and Dogecoin blockchain come back to life. This is all thanks to the two networks’ new Proof-of-Work (PoW) tokens, specifically DRC20 and BRC20.In detail, BRC20 tokens are fungible tokens built with ordinals on the Bitcoin blockchain. Similarly, the DRC20 token on the Dogecoin network is a token standard that is an Doge network alternative to the Bitcoin network’s BRC20.
According to the tweet above, the heat that came with BRC20 is slowly spreading to other Proof-of-Work (PoW) blockchains like Litecoin and Dogecoin. The tweet goes on to prove this fact with the graph it shared.
To highlight, the graph shows the many transactions being made on the Bitcoin, Litecoin, and Dogecoin blockchains. The graph shows undeniable proof that the rush in minting with these tokens over the past few days is indeed electric.
Clearly, we can see how the casting of DRC20 standard tokens on the Dogecoin chain has led to a boom in the number of daily transactions on the Dogecoin chain. In fact, this number shot up to a new all-time high of 650,000. This number even surpasses that of Bitcoin and Litecoin transactions at a point.
In responses to the tweet, we see that the crypto community is delighted to hear this quick adoption of the new PoW tokens. Some are expecting this adoption to rise up even further as their popularity picks up.
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