It was created and accepted as a joke, but the news, as well as Bitcoin's dominance, has led to an enhancement in the token's reliance and reputation and created a plethora of followers. This has led a lot of people to accept the token, and furthermore, news has also contributed to its growth and implementation in apps as well as reliance. Furthermore, its limitless supply keeps the price stable, and it has one of the largest communities with over 2.1 million followers on its Reddit page.įurthermore, Dogecoin is mined through the sage of the Proof-of-work (PoW) hashing algorithm known as Scrypt, which was based on Litecoin, and is much easier to mine than Bitcoin.įurthermore, Tesla CEO Elon Musk has supported the cryptocurrency token on the social media platform Twitter, raising its price, and due to this enhancement in perception, a lot of investors have started to gain interest in this altcoin. As such, many newcomer investors tend to jump in on it quickly.ĭogecoin offers fast transactions as well as low transaction fees, which contributed towards its widespread adoption. It is an easy cryptocurrency to get into and an easy one to mine. Dogecoin had this cap of 100 billion DOGE, which could ever be mined however, it was removed and had, in turn, made a limitless supply available. When it comes to its community, it's big, and it even goes by the name of "Shibes." They use cryptocurrency as a means of supporting their favorite creators. It has an exchange rate and can be bought, traded, sold, and even exchanged for FIAT currency. It simply became something else over time.įurthermore, the Dogecoin cryptocurrency gets its name from the Doge internet meme, and it originally was intended to mock the cryptocurrency industry.ĭogecoin is used in online commerce and has been primarily used as a means for tipping online creators and rewarding them for their work. However, the unique story here is the fact that both of them left in 2015 after deciding that the cryptocurrency was not aligned with their values. However, in 2014, merged mining was introduced, which means that this mining process was integrated alongside Litecoin's process, and anyone that mined Litecoin now had the opportunity to mine Dogecoin at the same time, all of which is made possible without impacting the operational efficiency of either network or blockchain.ĭogecoin was launched in December of 2013 by two people: Jackson Palmer and Billy Markus. In exchange for contributing this much work to the network, they are rewarded with newly minted DOGE tokens. This means that anyone has the ability to dedicate computer power and become a validator on the dogecoin network, and engage in mining. It borrowed the scrypt-based, proof-of-work (PoW) consensus algorithm, which is how it enforces the consensus from the network of computers which run the software. It is a Proof-of-Work (PoW) cryptocurrency, and it has had enormous swings in value based on factors such as social media presence and headline attention.ĭogecoin is fully based on the code of the defunct Litecoin (LTC) fork known as Luckycoin. It has a strong following to this very day and a fan base that does not stop supporting it. It was used as a tipping mechanism for multiple years. However, due to the fact that they saw more and more altcoins pop up just about everywhere, the developers known as Jackson Palmer and Billy Markus decided that they would like to implement their own unique spin on the industry.Īs such, Dogecoin began as a joke and had almost no value. It was developed when its developers began to explore Bitcoin as well as the possibilities that the cryptocurrency world offers. Dogecoin is a cryptocurrency that was developed as a "meme" based on a Litecoin fork, originally created in 2013 and later abandoned by the developers.
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