From Meme to Mainstream: Dogecoin’s DRC20 Token Standard Explained
Dogecoin is a cryptocurrency originally inspired by a popular internet meme featuring a Shiba Inu dog. The cryptocurrency was created in 2013 by software developers Billy Markus and Jackson Palmer, and quickly gained a following among enthusiasts due to its hilarious nature. The cryptocurrency has been taken more seriously over the years and has amassed a market capitalization of over 9 billion USD at the time of writing this article. The cryptocurrency has never been known to support custom tokens on its network, however, with the introduction of BRC20 on Bitcoin, and LTC20 on Litecoin, Dogecoin has followed suit with its own token standard support for a new DRC20 token. In this article, we’ll explore the nature of DRC20 tokens and guide you on how to mint and deploy one.
What is DRC20?
DRC20 is a new standard on the Dogecoin blockchain used to create custom and fungible tokens via inscription into units of elons. Elons are small units of Dogecoin’s native currency “DOGE”. They are similar to wei on Ethereum and satoshis on Bitcoin. The DRC20 standard paves the way for its community to become more innovative by creating tokens that can be used in voting systems, blockchain DApps and more.
Benefits and Features of DRC20 for Dogecoin
The groundbreaking move of DRC20 has opened doors to a multitude of benefits and features that propel Dogecoin’s journey to new feats by giving its blockchain:
- Additional use cases for Dogecoin
- Simplified Token Creation
- Community Development
- Ecosystem Expansion
Minting DRC20 Tokens
Download the DPal wallet extension for Doge and DRC20 tokens into your PC.
Next, visit https://drc-20.org to view all the existing DRC20 tokens in the Dogecoin ecosystem. Look for a DRC20 token of your choice and click on the Mint button.
Paste your DPAL wallet address and click on ‘Confirm input’. Next, input an amount of the selected DRC20 token to mint. An amount in Doge will be returned automatically in the second field. You are to have at least this amount or more in your DPAL wallet. Click all the checkboxes, agree to the terms of use, and click on confirm. A payment window containing a Doge wallet address will be provided to you. Pay the Doge amount to that address and come back to the window. After the transaction is confirmed, the DRC20 token you minted will go into your wallet. You can also use a credit card backed by Moonpay to mint DRC20 tokens on drc-20.org. To view your token balance, click on the ‘Balances’ tab and paste your wallet address into the input field and click on ‘Load Balance’. You can also view your balance in your DPAL wallet by navigating to the “Doginals” section of the wallet. It may take some time for your DRC20 token assets to appear in your wallet directly as the wallet is still in the early stages of development.
Deploying new DRC20 Tokens
The DPAL wallet provides a convenient way for deploying new tokens into the Dogecoin ecosystem. Open your wallet, click on the robot avatar on the top right corner, and click on Doginals:
Next click on ‘Mint Doginals’.
Click on ‘DRC20’ Stay on the ‘deploy’ tab. Give your token a tick name, supply and mint rate limit:
Now, click on ‘Inscribe’ and your transaction will be broadcasted to the Dogecoin network. Once your transaction is confirmed, go to the mint tab, input your tick and mint yourself some of your new DRC20 tokens!
Transferring DRC20 Tokens
On the same ‘Doginals’ page in your wallet, click on ‘Mint Doginals’, DRC20, and then transfer:
Click on ‘Inscribe’ and wait for the transaction to be broadcasted. Next, go to ‘DRC20 Transferable’ in Doginals:
You will see your inscription transaction. Click on ‘Transfer’ and then ‘Transfer 1 chek’. Paste the address to receive the DRC20 token and click on ‘Next’ and then ‘Send Transfer’. After inputting your wallet password, the address you pasted will receive the amount of DRC20 tokens in the inscription.
Conclusion
From its humble origins as a meme-inspired cryptocurrency, Dogecoin has defied expectations and emerged as a significant player in the crypto space. By embracing the DRC20 token standard, Dogecoin has undergone a transformative evolution, paving the way for its mainstream adoption and expanding its horizons beyond mere meme status. The DRC20 standard is experimental and still in the early stages of development. Users should have this in mind when interacting with the new token standard to ensure safe spending between other users.