Dogecoin is a peer-to-peer digital currency. It uses the same cryptography that Bitcoin uses to transfer money over the internet without requiring any trust or third parties. The design of Dogecoin means that it is an open, public, and decentralized cryptocurrency.
The currency can be sent directly from user to user for much less than a cent each. Dogecoin was created by programmer Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a wider demographic of users than Bitcoin.
Dogecoin’s mascot is inspired by the Shiba Inu dog breed. The symbol for the currency is Doges and the official logo features an illustration of a Japanese boy with the caption “Doge” written in Japanese.
Dogecoin has become known for its users’ willingness to adopt different aspects of popular culture, such as the Doge meme, with their own projects and creations. The community modified the Dogecoin blockchain to support a record-breaking fundraiser in early 2014 that helped Dogecoin reach a $50,000 goal.
Some more information is here about sogecoin.
There is also an online marketplace called DogeMarket where users can buy and sell goods using Dogecoins. One of Dogecoin’s early funders, Eric Nakagawa, has been co-heading a project called Wow Such Business along with Jackson Palmer that aims to create opportunities for merchants to accept the currency online.
Here some points are discussed-
1. History of Dogecoin
Dogecoin was created by programmer Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a wider demographic than Bitcoin. The website Dogecoin.com was registered on December 6, 2013. In the beginning, the currency used the script DigiByte.
On December 8, 2013, Dogecoin was announced on the Bitcointalk forums via a post by user suchstarship. In January 2014, Doegcoin was taken down temporarily while it merged with its replacement DogeCoinDark (DOGED). On March 31, 2014, after much controversy between the developers of Dogecoin leading to conflicts and accusations of plagiarism, a message was posted on the Dogecoin website stating that it would be sunsetted on May 20, 2014. On April 1, 2014, it was announced that the developers had successfully created a new cryptocurrency called “Dogecoin” (code-name USDT).
2. Features of Dogecoin
Dogecoin is based on the Scrypt algorithm and uses a proof-of-work system for coins, but contrary to Bitcoin, Scrypt is much less ASIC-resistant due to the large amount of memory required to compute the block hashes.
This has prompted GPU miners to develop methods of mining using OpenCL and similar APIs in order to better compete. The fact that it has very little money supply and low transaction fees makes it one of the best virtual currencies for payments (aside from Bitcoin) but with a smaller community supporting it as compared to Bitcoin.
3. The Usability of Dogecoin
Dogecoin is based on the cryptocurrency Litecoin, which allows you to send it to a Dogecoin address. Furthermore, you can add a custom message to your transaction and get a “tip” from the community.
Transactions are instant and are included in the blockchain for about an hour (it is estimated that for every 100k transactions in BTC, there are only about 10k transactions in DOGE). This means that when your transaction has been included in the blockchain, it is available to send with almost no fee attached.
4. The Value of DOGE
Dogecoin is not subject to high levels of volatility and is used as both a virtual currency and a tipping system on many popular websites. In April 2014, Dogecoin’s value relative to the US dollar was nearly double that of Bitcoin (which was already more valuable than most other alternative digital currencies). As of December 2016, Dogecoin has a market capitalization of USD 19,756,634 while the total number of coins in circulation is 100 billion.
Dogecoin is the favorite among a lot of people because of its humor, low value per coin and its potential to be used as a tipping system for social media networks. The popularity of Doge in this part of the world might now fade due to the recent crackdown on cryptocurrencies and strict regulations put forward by Asian countries.
However, Doge will never lose touch with its culture and community, which is something that Bitcoin will never have. It has also created awareness around cryptocurrencies, making it a great gateway into the crypto-world for first-time learners who are unaware of how it works.
In spite of all these growing threats over cryptocurrency exchanges and different platforms, people have not lost hope in it.