Dogecoin Logo

Dogecoin has started as a fun currency. The hallmark of the cryptocurrency is a Japanese Shiba Inu dog that was previously an Internet Meme. Despite the rather funny background, Dogecoin is characterized by its strong community, which has always attracted attention through donations.

In addition, the transaction fees at Dogecoin are very low and are usually less than 0.01 US dollars.

Here the Quick Facts

Abbreviation: DOGE

Algorithm: Proof-of-Work Script Based

Coins: Currently 115 billion Dogecoin (number unlimited)

Dogecoins History

Dogecoin was launched as a fun currency on December 6, 2013. Initially, only programmer Billy Markus from Portland Oregon stood behind the project. Shortly after the start, he was supported by Jackson Palmer, who also bought the domain Dogecoin.com.

From the beginning, it was openly communicated that Dogecoin is a fun currency. This becomes already quite clear if you look at the homepage and the videos of Dogecoin. The font on the homepage, for example, is Comic Sans and the videos are made rather amateurish. Nevertheless, the cryptocurrency with the likable Japanese Shiba Inu dog quickly found many fans on platforms like Reddit. Amateurism has also become a trademark of Dogecoin.

On December 19, 2013, Dogecoin then rose for the first time by over 300% within a few hours. Only a few days later the cryptocurrency lost 80% of its value again. One of the reasons for this was that it became known that Chinese banks were no longer allowed to trade Bitcoin and that miners took advantage of the fact that Dogecoin had very little mining difficulty.

Already on December 25, 2013 Dogecoin had its first hack. Millions of Dogecoins were stolen from the online wallet Dogewallet. However, the community held together and launched an appeal for donations. After only 2 months the stolen credit could be completely replaced for the victims. This is also a sign of how much the Dogecoin community holds together, even if they all look at the cryptocurrency with a wink.

In February 2014, the first Dogecoin machine was installed at an event in Vancouver. A short time later, 2 Bitcoin machines in Tijuana, Mexico also support Dogecoin. The cryptocurrency already had a market capitalization of over 60 million US dollars at that time.

In April 2015, Jackson Palmer initially withdrew from the project. He no longer wanted to be associated with the fact that a fun currency has such a high market capitalization.

Dogecoin experienced its peak in January 2018 when the cryptocurrency reached a market capitalization of 2 billion US dollars.

Technology from Dogecoin

Dogecoin is based on the so-called Luckycoin. This is named after the fact that the Mining Reward is generated randomly for each new block found. However, Dogecoin later abolished the random Mining Reward and replaced it with a fixed value. Luckycoin is based on Litecoin. Compared to Litecoin there were a few adjustments. While Litecoin finds a new block every 2.5 minutes, Dogecoin finds one every minute. This allows Dogecoin to process more transactions per second than Litecoin. This is reflected in the low transaction fees, among other things. So far, the network has rarely been so full that the transaction fees have risen to over 0.01 US dollars.

Both Litecoin and Dogecoin rely on Proof-of-Work and the Scrypt algorithm to mine new blocks. The special thing about the Scrypt algorithm is that it can also be mined by normal computers. It is therefore difficult for mining hardware manufacturers to produce special hardware or even ASIC miners.

Tokens from Dogecoin

Initially, the maximum possible Dogecoin was limited to 100 billion. However, this limit was lifted in February 2014. There are currently over 115 billion Dogecoins in circulation. The number of tokens is subject to inflation, as new tokens are distributed to the respective miners for every new block found (every minute).

On most Exchanges and Online, Dogecoin is often abbreviated as DOGE.

Donations

In the past, the Dogecoin Community has repeatedly drawn attention to itself through fundraising campaigns in which various projects were supported. In addition to the reimbursement of the hacked coins in December 2013, the following actions are particularly worth mentioning.

The Jamaican Bobsleigh Team was supported for the Winter Olympics 2014. The Dogecoin community collected more than 36,000 US dollars to enable the team to travel to Russia and participate in the Olympics.

Under the name, Doge4Water money was collected for a well in Kenya. About 30,000 US dollars were collected from 4,000 different donors.

The Dogecoin community also supported NASCAR driver Josh Wise. A total of 55,000 US dollars were collected. Josh Wise drove with the Dogecoin logo for some races.

Dogethereum

Their Logo

A new development that goes live on September 5, 2018 is Dogethereum. As the name suggests, it is a Dogecoin variant based on Ethereum. This makes Smart Contracts possible. Dogethereum is not a normal ERC-20 token, but the code is mostly based on the Ethereum code.

All Dogecoin owners who owned Dogecoin at the time of the snapshot (shortly before September 5th) can also claim their Dogethereum.

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