Doge-on-Doge: A Mining Protocol on ICP with a Twist

Doge-on-Doge (DOD) is the latest experiment to surface in the world of Internet Computer Protocol, and it’s gaining traction. Built on the Internet Computer Protocol (ICP), DOD is a proof-of-work (PoW) mining protocol, open sourced, unlike the OG BOB. Its core mission is to make mining more accessible and fair by decentralising the process through shared mining. This idea is fresh, addictive, fascinating, and seems to be stable so far, even though it’s still early days.

DOD’s fundamental concept revolves around creating a platform where miners and non-miners alike can participate in the process of mining, regardless of their hardware capabilities. It’s levelling the playing field in an industry traditionally dominated by powerful machines and enormous energy consumption.

The concept of DOD is simple and innovative: it’s all about meme culture and shared mining. Instead of users needing expensive mining rigs to participate in block rewards, DOD offers a marketplace where miners submit the proof of work, and “minters” pay to share the block rewards. This essentially democratizes mining, allowing anyone with ICP cycles to get involved. In contrast, BOB requires miners to compete for the reward, with only the winner securing it, rather than distributing it among participants.

The beauty of DOD lies in its fairness and decentralisation. It’s fully implemented in smart contracts and completely open-sourced, meaning there’s no hidden agenda or centralised authority controlling the rewards. DOD’s structure ensures that every participant, whether a miner or a minter, plays by the same rules, making it a transparent system.

How Does DOD Work?
The shared mining marketplace splits participants into two main groups: minters and miners. Each group plays a vital role in the ecosystem:

Minters: They are the ones funding the mining process by paying cycles as mining costs. In return, they receive block rewards in DOD tokens, distributed proportionally based on their contribution.

Miners: Miners are responsible for submitting proof of work and solving mathematical problems. The miner who submits the proof at the lowest cost receives the cycles paid by minters as mining rewards. It’s a clever system that ensures fairness while maintaining the efficiency of the network.

The current numbers are promising. DOD has a circulating supply of just under 18 million tokens, with a burn of over 8.9 million, indicating a strong commitment to maintaining value through deflationary mechanisms. There are already 42 active minters and seven active miners, with over 100 participants registered in both categories. The total supply is capped at 400 million, ensuring long-term value scarcity.

Minting Costs and Rewards
For minters, the cost of minting is 0.000828 ICP cycles per DOD. That’s the cost to participate and share in block rewards. The more you contribute in terms of cycles, the larger your share of the rewards when a block is mined. And with block rewards set at a generous 10,000 DOD per block, there’s ample opportunity for participants to earn. The total supply of DOD is capped at 400 million, so while the rewards are generous now, they’ll become scarcer over time as halving occurs every 20,000 blocks, or roughly every 14 days.

Mining difficulty adjusts daily, based on the number of participants and other factors. It’s all set up to ensure that the process remains efficient and doesn’t spiral out of control with rising participation.

A Fair Launch with No Pre-Mining
One of the standout features of DOD is its completely fair launch. Unlike many blockchain projects, there was no pre-mining, and no portion of the tokens was set aside for developers or early investors. This is crucial for the decentralised ethos that DOD is championing—it’s a level playing field for all, right from day one.

The Burning Mechanism
One of the more unique aspects of DOD is its burning mechanism, designed to ensure long-term value. Half of the mining costs are permanently burned as cycles, which helps maintain deflationary pressure on the token. The other half is used to mint new DOD tokens in the next block, which are also burned. It’s a clever system that prevents excess supply from flooding the market while keeping the process of mining going.

Getting Started with DOD
For those looking to get involved, the process is relatively straightforward.
Minters: Minters start by transferring ICP to the principal in the DOD dashboard. Once transferred, they top up cycles, configure the mining cost per block, and then wait for blocks to be mined. Rewards are distributed proportionally to the mining cost contribution.

Miners: Miners, on the other hand, use a web miner to submit proof of work. The miner with the lowest mining cost receives the cycles paid by minters, which serves as their mining reward. It’s a competition of sorts, but one where efficiency is rewarded over raw computing power.

What’s the Goal of DOD?
At its core, DOD is about more than just creating a new blockchain. It’s an extension of ICP’s broader mission to decentralise the web and empower users to control their digital assets. By making mining more accessible and fair, DOD aims to draw in a broader base of participants, strengthen the ICP ecosystem, and further promote the principles of decentralisation.

Moreover, every step forward with DOD helps spread the word about ICP and its potential. The more people get involved, the more they learn about ICP and the possibilities it holds, creating a win-win for both the ICP community and the participants in DOD.

The Road Ahead
It’s early days for DOD, and while it’s already showing signs of stability and excitement, the long-term future remains unknown. Like any new protocol, there are bound to be challenges along the way, and it will be interesting to see how the system evolves as more people get involved.

That said, the foundational principles of fairness, decentralisation, and transparency are rock solid. DOD has the potential to become a game-changer in the mining world by offering an alternative to traditional PoW blockchains. It’s an experiment worth watching—and, for those already involved, worth mining.

Whether DOD goes on to become a major player in the blockchain space remains to be seen, but the potential is clear. As more participants ape into the shared mining marketplace, DOD is proving that mining can be fair, accessible, and decentralised—all while furthering the ICP cause.

DOD makes mining interesting, just like its pioneers Bob and Burn. With its fair launch, innovative shared mining marketplace, and deflationary mechanisms, DOD is off to a promising start. The future may be uncertain, but for now, DOD is holding its own—and that’s more than enough to keep people mining.

Subscribe

Related articles

Silicon Valley Gears Up for ICP’s Web3 Week

ICP Hub United States is gearing up for a...

Caffeine AI Brewing for a Q1 Launch, Demo Videos Coming Soon

Dominic Williams, founder of DFINITY, recently provided insights into...

Motoko’s Advantages in AI Development on the Internet Computer

Dominic Williams, founder and chief scientist of DFINITY, has...

NFID Wallet: Users Take the Reins in Web3

Following the successful conclusion of NFID Wallet's Service Nervous...
Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

LEAVE A REPLY

Please enter your comment!
Please enter your name here