Dogecoin (CCC:DOGE-USD) was recently pronounced by the Dogecoin Foundation as a modern-day “Denarius” coin — as in the Roman days. It was worth about a day’s wages but was used as a universal currency through the whole Roman empire. The Foundation wants Doge crypto to be just like this.
The Foundation wants the DOGE crypto to be able to be used anywhere in the world. Dogecoin should be able to be spent to buy anything, just like the Denarius in Roman times.
Here is an additional interesting point that the Foundation made: “A Denarius had no smart contracts, no scriptability, no DAPPs, and yet this coin once controlled the world. We believe Dogecoin is on a similar trajectory, yet this time it’s not the face of the Emperor controlling a centralised currency, but a friendly Doge welcoming all to a decentralised and liberated currency for the people.”
The point is a cryptocurrency doesn’t need smart contracts capabilities or NFTs (non-fungible tokens) to be a useful and universal cryptocurrency. That, in essence, is the goal set for Dogecoin — to be a modern-day “Denarius.”
The Dogecoin Roadmap
On Dec. 23, Cryptoslate wrote about Dogecoin’s “trailmap” detailing its plans going forward. Moreover, the Dogecoin Foundation is pushing for utility via a series of development projects.
One of these projects is a new digital wallet in which you can store Dogecoin. They call it the Gigawallet project. It can be up in seconds and will allow developers to quickly add Dogecoin transactions to their platform. The goal is to make it perform “as easily as they might with any polished payment provider.”
The Gigawallet will allow payment providers, retailers, game developers, and social platforms to rapidly integrate their payment portals with Dogecoin.
A second project is a form of “staking.” It will allow Doge crypto holders to earn interest through a second version of Dogecoin, sort of like there is a second version of Ethereum (CCC:ETH-USD).
This will be a pro0f-of-stake system, like the Ethereum 2.0 project, rather than the existing proof-of-work system to validate transactions. The point is it will allow Dogecoin to have greater scalability as well as “community staking” as the idea is known. It will also pave the way for new and faster nodes in which transactions can be validated.
The Foundation has other projects as well, including a “makeover,” with an upgraded FAQ section and a “Dogepedia” site.
Where This Leaves Investors in Doge Crypto
Dogecoin has had a rough several months. As of Jan. 16, it was trading at a little over 17 cents per Doge crypto token ($0.1726). But this is well off its recent peak on Oct. 28 at 33.04 cents. That represents a decline of 16 cents or about 48% from its recent peak in just two and a half months.
That implies that Dogecoin can be quite volatile — and this is a correct assumption. But if the Foundation’s goal is to make Doge crypto into the next Denarius, some of these changes in the Foundation’s Trailmap have to get underway.
But more important than anything, to be the next Denarius, Dogecoin has to be a universal form of digital payment. It has been making strides in this regard, but still has a long way to go.
As I pointed out in my Dec. 20 article on Dogecoin, this is also a major goal for Elon Musk. His companies are already accepting Dogecoin as a digital form of payment, at least for online goods, in some cases.
As more companies follow suit, it’s possible that Doge crypto could eventually become the next Denarius.
On the date of publication, Mark R. Hake did not hold any position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.