Dogecoin was developed in 2013 by Jackson Palmer and Billy Markus, who decided to create a tongue-in-cheek take on altcoins, which were steadily gaining popularity amongst crypto speculators at the time.
Dogecoin began as a “meme coin” that poked fun at the buzz around new altcoins entering the market. Initially, Dogecoin had little to no value, and it was initially used as a tipping mechanism to thank users on social media and online forums like Reddit.
One notable aspect of Dogecoin was that it borrowed the scrypt-based proof-of-work (PoW) consensus algorithm used by the now-defunct Luckycoin, which borrowed much of its own technology from Litecoin.
PoW mechanisms create consensus using a network of computers that run the software. This allows anyone with a valid computing device and an internet connection to dedicate computing resources to become a validator on the Dogecoin network. In exchange, validators receive mining rewards in the form of additional Dogecoin. The PoW mechanism also ensures Dogecoin offers quick transactions and low fees, which contributed to its adoption by cryptocurrency enthusiasts.
The Dogecoin community is well-known and refer to themselves as “Shibes”. Today, Dogecoin is still used to tip online creators. It’s also used, albeit infrequently, for eCommerce, as users can buy goods and services using Dogecoin at select merchants.
Dogecoin launched with a maximum supply of 100 billion DOGE, though the cap has since been removed, making the supply essentially limitless.
People Also Ask: Other Questions About Dogecoin
When Was Dogecoin Created?
Dogecoin (DOGE) was created in 2013, with its technology based on Luckycoin and Litecoin.
In 2014, merged mining was introduced, allowing miners to choose whether they want to mine Dogecoin or Litecoin.
Is Dogecoin Still Worth Buying?
When you compare Dogecoin to cryptocurrencies such as Bitcoin, Dogecoin is worth just a fraction of Bitcoin’s value.
However, if you take a look at Dogecoin from a historical point of view, the token has grown over time, thanks to its loyal following.
Dogecoin’s low cost makes it more accessible than other, more expensive cryptocurrencies. Be sure to always do your own research before buying any cryptocurrencies.
Why Is Dogecoin Going Up?
Dogecoin has one of the strongest and most dedicated communities out there. As such, it has received publicity from public figures who have either bought the cryptocurrency themselves or just endorse it through social media channels like Twitterthrough social media channels such as Twitter. These waves of publicity have been a driving force behind Dogecoin’s growth, as its price is prone to fluctuations whenever it enters the spotlight on social and news media.
How to buy Dogecoin?
You can also trade Dogecoin with other cryptocurrencies on the BitMake trading platform.