GOAT Network announced Wednesday, a Bitcoin layer-2 scale project, that its users would soon be able stake Dogecoins (DOGE), offering them crypto rewards, to help secure the network.
Users will be able to accrue rewards in the form of Bitcoin, which is used to pay transaction fees on GOAT Network, as well as GOAT Network’s planned token, the project's Core Contributor and Metis co-founder Kevin Liu told Decrypt In an interview
“To secure the network, we need some tokens to be staked,” Liu said. “Bitcoin is a natural selection, but our model supports multiple assets.”
Project aims to solve Bitcoin’s challenges of scalability, yield and sustainability. However, there are questions regarding its technical feasibility as well as the promise of sustainable returns.
GOAT Network’s decision to add Dogecoin to its fold is part of a long-term process that was motivated by the company’s overarching goal for cryptocurrency’s most important asset: providing a stable yield by leveraging Bitcoin to ensure network security.
Liu claims that GOAT Network users will be able to start locking their Dogecoins early in December as part of a pre-mining period.
Later, a spokesperson from GOAT Network clarified the situation. Decrypt The project is set to accept assets on December 2 via Bitcoin and Binance BNB Chain. The project will be accompanied by a “Mining Rewards Rate of 30%,” the spokesperson added.
GOAT Network, a Bitcoin-focused project that has been experimenting with DeFi solutions (decentralized finance), claims to have a unique model.
Shortly, this project asserts that it’s not under a centralized authority’s control to organize, batch and execute transactions through the GOAT Network.
“Instead of the chain’s governing foundation hoarding all operational control and revenue, this model allows for control sharing among several individuals and entities,” According to a Statement
As proof-of-work networks, Bitcoin and Dogecoin don’t use their respective assets to secure the network and validate transactions. Each network is powered by power-hungry computers that constantly perform complex calculations.
Liu explained that Dogecoin was included as a decentralized asset, which could be delegated by the network that is yet to launch. This decision was based on Dogecoin’s $59 Billion valuation and decentralization.
Liu also acknowledged the role that Elon Musk, CEO of Tesla Motors Inc. has played in reviving Dogecoin’s popularity. Social media The a Proposed government agency.
When GOAT Network launched this spring, it claimed to have 5,000 Bitcoins in pledges of support from institutions who would run GOAT Network Nodes. Press Release. The press release claimed that GOAT Network’s launch will be accompanied by a “leading” The decentralized exchange is a decentralized application that can be used for lending, staking or other applications.
Liu was a co-founder of the Ethereum layer-2 scale solution Metis prior to GOAT Network. According to DefiLlamaMetis’ smart contracts have assets worth around $60,000,000.
While it’ll take time to determine how GOAT Network debuts this year will play out, the team is keen to tap Dogecoin users as a token source for securing their network. The project is also promising to give back tokens and revenue that has yet to be generated.
Sebastian Sinclair edited the book