Why not LiteCoin, “the silver of cryptocurrencies”, or DASH, which supports anonymous transactions? And why do we need a second full-fledged cryptocurrency? Why not make do with the declared “FOIL-mVolt” pair?
We could say that this is the founders’ evil will, or make an excursion into the DOGE history, but... In fact, there are several reasons, and they are all interesting in their own way.
Trading for FOIL can be represented as a leisurely weekend fair with tents full of goods and sedate sellers. And DOGE is like a transit caravan, visiting hundreds of places in search of profit.
Anyway, DOGE is still an extremely convenient way to transfer funds from exchange to exchange. And instead of fighting this, it’s easier to give users a familiar tool in their hands, is it logical?
The situation is about the same with other DeFi elements of the ecosystem. Fast deposit/withdrawal of funds will allow users to instantly increase their financial
We are often asked why DOGE coin occupies such an important place in the FOIL ecosystem.
To begin with, DOGE doesn’t compete with FOIL in terms of functions in the FOIL Network ecosystem. Yes, you can sell or buy an NFT on the marketplace for both FOIL and DOGE, but this is only the external, visible part. In fact, even a simple purchase of an NFT implies a different approach from the two cryptocurrencies.
FOIL is convenient for long-term trading without haste and fuss. Most likely, the owners of this currency will be mainly the authors of their own NFTs. They’ll wait for a good price and get the mVolt tokens that are necessary for creating NFTs.
Selling for DOGE will work quite differently. Initially, DogeCoin was very often used for arbitrage trading and transferring funds between exchanges, so it is more likely to be used by those users who own assets on a variety of exchanges, and who have neither the desire nor the time to conduct a dozen transactions, swap the usual DOGE for FOIL and only then buy the NFT they like. They are masters of fast trading and quick profit-making. They can start funds from several exchanges, buy NFTs, put it up immediately more expensive and transfer the rest back to the exchange, since the price of DOGE has grown and they need to return to trading.
participation in governance and lending on the blockchain, without competing with FOIL.
The competition between cryptocurrencies was discussed. Now let’s talk what DogeCoin can give to the FOIL ecosystem, and what the FOIL Network can give to DOGE holders.
Let’s start with the well-known facts. DOGE has a great friendly community. And the coin is widely distributed both on the main exchanges and among users. It’s difficult now to find a cryptocurrency owner who doesn’t have DOGE at all.
And we don’t want to give up on this even when creating our own project.
So, what can DogeCoin give to the project?
And now the opposite. What can the FOIL Network project give to DOGE holders?
● A familiar tool for arbitrage trading.
● Prevalence on the main crypto exchanges.
● A wonderful community.
● Additional support for the whole liquidity of the project.
● DeFi-tools with the ability to use DOGE as a native currency.
● NFT marketplace and the ability to quickly buy and sell NFT for DogeCoin (de facto, this could be called the first NFT exchange on DOGE) .
● An equally wonderful FOIL community.
● The opportunity to participate in a project that really develops the cryptocurrencies’ possibilities.
In general, the synergy of DOGE and FOIL is formed. What is impossible (or very difficult) to implement on the DogeCoin blockchain is easily implemented using the FOIL network. Since DOGE is a truly decentralized and social cryptocurrency, it’s unlikely that the DOGE blockchain will change beyond recognition for these opportunities.
By the way, about decentralization. Did you know that there aren’t really any truly decentralized DeFi tools right now? Google it if you don’t believe me.
Why is that? It’s very simple: full decentralization is possible only if a widespread cryptocurrency, which isn’t controlled by the service’s owner, is used in DeFi services.
And if it isn’t controlled by the service’s owner, then the creation of the service is under a big question. After all, real altruists who are engaged in creating really new and convenient cryptocurrency tools are extremely rare.
To create a fully decentralized DeFi system, a fully decentralized coin or token is required. It’s corny, but it’s true.
Therefore, with the introduction of DOGE as a full-fledged currency, the DeFi-tools of the FOIL Network turn out to be (drum roll) decentralized.
A simple example: centralized services like a web wallet or a trading platform are absolutely not required for the functioning of an NFT marketplace or a voting system. All these functions are taken over by the local FOIL node.
Therefore, to, for example, create, buy or sell NFT, you just need to install two wallets on your computer (DOGE and FOIL) and use the NFT marketplace without any restrictions, as long as there are at least two working nodes of FOIL and DOGE on the network.
And what do we conclude?
And DeFi-tools for DOGE and their own NFT-market is the, expected by many, elevator to DogeMoon.