Dogecoin cryptocurrency was created on December 8, 2013, by Billy Markus, a programmer from Portland. Marcus planned to create a cryptocurrency that would be happy to be used by a large number of people from different segments of the population. Besides, the creator of Dogecoin wanted to distance himself from Bitcoin, which at that time was associated with the drug trade. Dogecoin is a meme cryptocurrency, the community of which treated it as a kind of fun candy wrapper, but with practical benefits.
Why Dogecoin has grown
It all started with a joke tweet from Elon Musk that he is the CEO of Dogecoin. The joke was appreciated by the community and the DOGE course grew as a result. A little later, the sensational movement of Wall Street Bets picked up the baton, which used the profit made on the growth of GameStop and AMC shares to “pump” Dogecoin cryptocurrency. At some point, the price of cryptocurrency began to naturally fall at a rapid pace, but the famous hip-hop artists Snoop Dog and Kiss Gene Simmons did not allow the coin to collapse.
What is the result? Several famous people and large retail investor communities had some fun and helped the cryptocurrency rise in value. Nothing supernatural.
Where can you buy Dogecoin?
The Dogecoin cryptocurrency was available for purchase on several cryptocurrency exchanges, mainly Chinese and American, where it is impossible to make purchases with currencies and even more with rubles. However, on February 10, regulated cryptocurrency tokenized asset exchange Currency.com announced the listing of the tokenized asset DOGE. You can replenish your account on the crypto exchange using RUR, BYN, USD, and EUR, after which you can purchase the DOGE, which is so popular today.
What are the key characteristics of Dogecoin?
Dogecoin is a branch of the Luckycoin cryptocurrency, which in turn is a branch of Litecoin.
Coin mining algorithm: AuxPoW (auxiliary proof-of-work, an alternative proof of work).
Hash function: Scrypt.
Emission: unlimited.
Block dwell time: 1 minute.
Reward size: 10,000 coins per block (initially, miners received a randomized reward of up to 100,000 coins, in March 2014 a fixed reward was established).
Difficulty algorithm: DigiShield.
Mining difficulty: adjusted with each block.
Inflation rate: 5.2 billion DOGE per year.
Transaction processing speed: 6 minutes.
Commission for transfers: 1 DOGE regardless of the amount.
How is Dogecoin Used?
Now that you know a little more about Dogecoin, it’s time to learn about its purpose. The Doge community uses its large size to support good deeds around the world.
- In 2014, the Dogecoin community raised $ 50,000 to help the Jamaican Bobsleigh Team qualify for the Sochi Winter Olympics.
- On World Water Day (March 22, 2014), Shibes devotees raised US $ 30,000 to build wells in the Tana River Basin, Kenya.
- Shibes even tried their hand at NASCAR (National Stock Car Racing Association). In March 2014, Shibes paid $ 55,000 to sponsor a rider named Josh Weiss. He raced in a Dogecoin-themed car!
- Dogecoin also has a huge social media user base. A lively Shibe group can be found on Reddit who donate coins to each other for posting good content. There are also campaigns to raise funds for the next charity event. Charities using Reddit as their main platform include SocksForTheHomeless and DogePizza.
Dogecoin technology
If you are interested in cryptocurrency technology, then you know a lot about cryptocurrency investments. After all, technology will help you identify Dogecoin prospects as an investment. Well, all cryptocurrencies are based on blockchain technology. A blockchain is a huge digital database (sometimes called a ledger) that stores information about transactions. Every transaction made with Doge is stored on the Dogecoin blockchain.
However, this information is stored in more than one place on the blockchain. Instead, it is stored on thousands of computers called nodes. This is why blockchain is named a decentralized network. It does not depend on only one main center.
