Instead of making changes to the base Dogecoin Core protocol, engineers at Metallicus have developed an independent parallel layer that runs on top of the Metal Blockchain infrastructure. According to Hayner, this new layer, known as DogecoinVM, does not alter the original Dogecoin Core or create a new coin. It is designed to fully preserve the original UTXO model.
Hayner also mentioned that existing Dogecoin wallets and keys will continue to function seamlessly with DogecoinVM. Users can still use their wallets with “D”-format addresses and private keys without any modifications, ensuring native compatibility and a smooth transition to the new solution.
Exploring the Future of Dogecoin with Metallicus
The technological advancement brought about by the shift to the Snowman consensus protocol (Proof-of-Stake) has significantly improved transaction finalization times to 0.15–0.25 seconds. This enhancement has made transaction throughput independent of rigid block-size limitations.
With the implementation of DogecoinVM, a two-way bridge mechanism has been established. Original $DOGE tokens are locked on the main network, while an equivalent collateral-backed token is issued within DogecoinVM at a 1:1 ratio, allowing for instant withdrawals.
While focusing on global expansion, Metallicus is prioritizing security by working towards SOC 2 compliance for the banking industry. The alpha testing phase is currently underway, with the source code available on GitHub. However, an independent security audit has not yet been conducted.
During this testing phase on the Metal Blockchain mainnet, deposits are capped at 100 $DOGE per user as a precautionary measure. Users are advised to keep their asset balances small to minimize potential risks.
Despite the cautious approach, Metallicus sees the current launch as a stepping stone towards real-world applications. Hayner emphasized the company’s goal of integrating fast cryptocurrency settlements into fintech, banking, credit unions, and social network X’s payment services in the long run.