Dogecoin is a cryptocurrency that has been in the top 10 cryptocurrencies for a while even its reputation as a meme coin. In fact, the market cap of Dogecoin is around $10,5B (bigger than other L1 like Solana/Cardano) with a strong community around the world. Since the team behind it is moving on to other projects, dogecoin is lacking improvement even having a lot of room to grow. Unielon - a wallet that supports cardinal protocol on Dogecoin (DRC-20) - is rejuvenating Dogecoin by bringing innovation to Dogecoin Ecosystem

Tldr: This article aims to provide you with information about Cardinal protocol, DRC-20, and their effect on the dogecoin ecosystem; in order to understand the potential of DRC-20 and what UniElon helps to build so we can reach that potential.

What is Cardinal protocol, DRC-20 and why is it worth your attention?

In Dogecoin, the smallest indivisible unit is defined as an “Elon,” where 1 Dogecoin equals 100 million Elons. Just like with Bitcoin, 1 Btc equals 100 million Satoshis (Sat)

The Cardinals protocol is a system that assigns sequential numbers, called “Cardinals,” to Elons/Sats, starting from 0 and incrementing in the order they are mined. These Cardinals give each Elon a unique identity.

Additionally, the act of inscribing text, images, audio, and video files onto Elons is referred to as “inscription,” and all files inscribed on Elons are collectively known as Cardinals NFTs, with images and text being the primary formats currently.

And these are the things that set Cardinal NFTs apart from the other NFTs solutions.

As the market’s understanding of the Cardinals protocol deepens, people are gradually realizing that it is a true on-chain NFT solution; you can see the widespread growth of BRC-20 Tokens in the last couple of months and it doesn't look like it will stop anytime soon.

DRC-20 is a homogenous token specification protocol based on Dogecoin, officially launched by the Doge Wow community on May 9th. As a new experiment on the Cardinals protocol, DRC-20 aims to explore the potential of asset tokenization on the Dogecoin network.

With the widespread circulation of the BRC-20 protocol, an increasing number of BRC-20 tokens have emerged on the chain. So, what are the differences between DRC-20 and BRC-20 tokens in comparison?

Understanding the potential of the DRC20 token and the starve for innovation from the Dogecoin community, UniElon is the first open-source wallet that allows users to Inscribe/mint/trade DRC20 token and cardinal NFTs on the Dogecoin network.

Unielon went mainnet in early July and after 20 times of upgrading, users now can trade DRC20 tokens with swifty transactions and minimal gas fees. To date, Unielon has launched over a thousand projects, with over 300 projects completing 100% of their minting and a total minting volume surpassing an impressive 1,800,000+. These shining numbers and achievements reflect the vitality of the Unielon wallet and the active participation of its users.

Unielon is not just a wallet; it represents an important milestone in the construction and development of the DogeCoin community. Its successful launch not only provides a convenient and secure DRC20 token trading platform but also signifies the further expansion and enrichment of the Dogecoin ecosystem. Looking ahead, both DRC20 and Unielon give us ample reasons to anticipate more surprises and possibilities in the future.

Stay tuned and join our next AMA between Web3daily and Unielon to learn more about DRC20 and its potential!

#WEB3daily #DRC20 #UNIELON #DOGECOIN #MEME