Dogecoin (DOGE) has possibly the most unusual origin for any cryptocurrency in circulation today, beginning as a joke currency based on an internet meme.Get Wallet
What is Dogecoin?
Dogecoin (DOGE) has possibly the most unusual origin for any cryptocurrency in circulation today, beginning as a joke currency based on an internet meme. The Doge Meme consists of both pictures and videos of a Shiba Inu (柴犬) named Kabosu, with various pieces of coloured text expressing the dog’s emotions in the much-ridiculed font Comic Sans. These short phrases often use intentionally incorrect grammar, usually confusing adjectives used for either countable or uncountable nouns. The Doge meme usually reflects cute emotions or admiration but is also used when it is impossible to accurately explain what is happening in the picture. The DOGE project was conceived as a joke but surprisingly acquired a large following.
Project founders IBM programmer Billy Markus and Adobe product manager Jackson Palmer wanted to create a cryptocurrency that would not only be available for everybody (with the low value for 1 DOGE), but also stay away from the history of Bitcoin used in drug sales. Dogecoin was based on Luckycoin, which in turn was based on Bitcoin’s fork Litecoin.
Dogecoin’s launch was realized in just a couple of weeks, after online advertising exploded like a bomb. It was started as a joke for people going crazy over new digital coins but quickly turned into a serious currency. Two months after DOGE was presented to the public, its capitalization became $50 million. By mid-2015, there were already 100 billion coins in circulation.
Palmer quickly became worried about the commercialization of their joke. He never earned or stored DOGE for himself, refusing to receive money from advertising, and he also refused a $500,000 investment proposal from an Australian venture capital company. Palmer announced that he was leaving Dogecoin because he could not take his joke seriously in 2015.
How does it work?
Dogecoin developers have never sought to create any innovative technologies or do anything unusual or new. DOGE is a simple platform for cryptocurrency transactions with Kabosu the Shiba as its symbol. The creators specifically wanted the price of DOGE to remain low so that it could be easily used on the Internet.
Dogecoin has a low price, fast transaction speed, very low fees (only 1 DOGE per transaction), and people actually use this cryptocurrency in their daily lives, not just as an investment or trade asset (like Bitcoin). People are using DOGE as an ordinary digital asset, not for profit. Low fees provide an opportunity to make transfers to any country anonymously and almost for free. Dogecoin has become one of the most popular coins for donations and payment of services on the Internet. It is anonymous, decentralized, and as secure as Bitcoin without any scaling problems. Dogecoin is also supported by a huge number of cryptocurrency exchanges and various services.
The Dogecoin cryptocurrency is based on Litecoin, with some differences: Each new block is generated in less than 1 minute, which is 2.5 times faster than on Litecoin. It also provides a higher transaction speed. Similarly, online verification takes about 6 minutes. For comparison, on the Litecoin network verification takes approximately 15 minutes, and on the Bitcoin network a transaction could take up to several hours if the transaction fee is too small. The reward for each block was set randomly. In 2014 it was changed and the reward became fixed. Initially, the total issue was supposed to be limited to 100 billion DOGE’s, but later it was announced that the number of DOGE would be unlimited. The circulating supply is 124,247,322,461 DOGE.
Mining difficulty is recalculated every 240 blocks, based on the Scrypt algorithm - an adaptive cryptographic process that creates keys based on a secret value (password) using a hash function. This algorithm was created as an alternative to the classical SHA-256 encryption method, allowing developers to protect the system from mining using ASIC-equipment. Interest in DOGE coin grew when ASICs started working with the Scrypt algorithm in 2014. The mining process has become more complicated for miners using a CPU or GPU. The Proof-of-Work (PoW) consensus protocol protects the network from attacks and spam.
The Dogecoin community is a fun, lively place. They love to joke and exchange various memes about cryptocurrencies. The Dogecoin subreddit has over 120,000 members. You can read all Dogecoin news here. The community (they call themselves “shibes”) is usually very positive, friendly, and welcoming. They sincerely consider DOGE to be the best cryptocurrency in the world and believe that one day it will become more popular than Bitcoin. “Doge is life. Doge is love. Doge straight to the moon”.
The Dogecoin community even founded a nonprofit organization called The Dogecoin Foundation, fundraising for charity companies. The community organized fundraising of $50,000 for the Jamaican bobsleigh team that qualified for the 2014 Winter Olympics but didn't have the funds to participate in the competition. After the first success, the community began collecting donations to build a well in the Tana river basin in Kenya (collaborating with Charity Water. In total, they managed to raise $30,000 for World Water Day (March 22). The community also raised some 67.8 million dogecoins (about $55,000 at the time) to fund NASCAR racer Josh Wise on March 25, 2014.
As previously mentioned, DOGE is often used as payment for goods and services. How to earn and buy DOGE Dogecoin faucets are websites that give out a small amount of DOGE for user activity; for example, performing simple actions such as passing a captcha. A typical crane works according to the following algorithm: the user is registered via e-mail on the crane website, binds the address of DOGE-wallet, passes captcha, and receives a reward. You can buy Dogecoin on an exchange of your choice and manage it in Guarda Wallet.
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