• EthereumFair (ETHF) has outlined plans to fork the largest meme coin based on the Bitcoin network, Dogecoin, for several reasons.
• The top reason for the Dogecoin fork is to maintain the proof-of-work (PoW) algorithm consensus by extending its compatibility with Ethereum’s algorithm.
• The future effect of forking Dogecoin could divide the meme coins community and cash inflows, which in turn affects the underlying value.
EthereumFair To Fork Elon Musk’s Dogecoin
EthereumFair (ETHF) – a recent fork of the original Ethereum network that intends to maintain the Proof-of-Work algorithm consensus – has outlined plans to fork the largest meme coin based on the Bitcoin network, Dogecoin.
Reason For Dogecoin Fork
The top reason for the Dogecoin fork is to maintain the proof-of-work (PoW) algorithm consensus by extending its compatibility with Ethereum’s algorithm. Reportedly, it will maintain a 1:1 ratio on the ledger with a total supply of approximately 132,670,764,300 DOGE units.
Effect On Value Of New Dogecoin
However, the value of this newly formed Dogecoin will not necessarily be same as that of original one and will depend on market dynamics including demand and supply.
Future Outlook For Original & Forked Coin
The future effect of forking Dogecoin could divide the meme coins community and cash inflows, which in turn affects its underlying value. However, with Elon Musk’s support from his Twitter handle@elonmuskOriginalDogeCoin is expected to gain more traction along way.
Benefits To Mining Community
DecouplingDogeCoin from LiteCoin’s mining dependency to Ethereum’s algorithm will allow more ETH graphics card miners to participate in network.