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What is Dogecoin (DOGE)?
Dogecoin is an open source cryptocurrency, named after the popular DOGE Internet meme, which is an image of Siba-Inu, a hunting dog of a Japanese breed.
What are the key characteristics of Dogecoin?
Dogecoin – Luckycoin FORK LuckyCoin, which in turn is the Litecoin forko.
- Coin mining algorithm: Auxpow (Auxiliary Proof-OF-WORK, alternative evidence of work).
- Hesh-functions: Scrypt.
- Emission: unlimited.
- Out of the block: 1 minute.
- The size of the award: 10,000 coins per block (initially miners received rewards in a randomized way up to 100,000 coins, a fixed award was installed in March 2014).
- Difficulty algorithm: Digishield.
- Mining complexity: Corrected with each block.
- Inflation rate: 5.2 billion DOGE per year.
- Transaction processing speed: 6 minutes.
- Commission during translations: 1 DOGE regardless of the amount.
Who, when and why created Dogecoin?
Dogecoin was launched after the Australian Jackson Palmer, an employee of the Adobe Systems company, decided to joke on a rapidly growing cryptocurrency. On Twitter, he said that he would invest in a new digital currency and expressed confidence in him with imminent success. One of Palmer’s subscribers, a student Front Range Community College, suggested implementing an idea to life. The news of the “dogmother” began to disperse on the network, and Palmer decided to go from words to deed.
He bought Dogecoin domain.COM, created the basic version of the site, posted on the home page an image of a coin with his favorite DOGE meme and published a call: “If you want to bring Dogecoin to life, get in touch”.
The American programmer Billy Marcus contacted Palmer, who wanted to create a comic cryptocurrency that would have surpassed Bitcoin, and would also be distanced from the ambiguous history of other coins. He liked the idea of Palmer, and they decided to turn Dogecoin into a real cryptocurrency on the Bitcoin blockchain.
The genesis block was released on December 6, 2013, and on December 8, the official announcement of Dogecoin took place. A few hours after the appearance of the coin, a mining pool was created and the first block was formed.
The duet of the founders is still under the playful nickname “Sibetoshi Nakamoto”, but in 2015 Palmer left the project. Leading developer – Max Keller, other developers – Ross Nichall and Patrick Lodder.
How Dogecoin develops?
Shortly after the appearance of Dogecoin, her users began to engage in charity work through the Dogecoin Foundation organization created in 2014: they collected funds for sending the Jamaican Bobslei team in Sochi, to launch two water wells in Kenya, to eliminate the consequences of a floods in the cash also funded by NASCAR John Weiza.
Dogecoin has currently has an active community, is available on almost all exchanges and is supported by many multi -ore wallets.
One of the most popular Dogecoin use scenarios is a payment to social networks that create content or exchange it.
On September 5, 2018, the Dogethereum Bridge technology, demo versions of the Dogethereum (DOGX) project-based on smart contracts of the system that allows DOGE to move to the Ethereum blockchain, and potentially scalable to other compatible ecosystems.
Dogethereum is based on Dogecoin and works on the Ethash algorithm. During the launch of the DOGX project, all DOGE users received DOGX coins in a ratio of 10,000: 1 (10,000 DOGE per 1 DOGX). However, the main Dogethereum branch on GitHub has not been updated since September 2018, the social networks of the project have been abandoned, the volume of trading on a single exchange is a meager.