Dogecoin is a decentralized digital currency that allows you easily send money online. Think of it as an “Internet currency.”
“Doge” is our cheerful, friendly talisman! Shiba Inu is a Japanese breed of dog that has been popularized as an online meme and represents Dogecoin.
What does the company/project do?
Dog is an Internet meme that arose in 2010 after the Japanese kindergarten teacher published pictures of his rescue dog Shiba Inu, Cabos. One of the photos became a phenomenon of the Internet, and soon the Internet turned it into a memo, adding (often sealed) titles such as “many wow” and “so happy” to photos of Shiba Inu dogs. Meme lives in Dogecoin, where users often exchange information about a coin using similar subtitles.
Dogecoin is different from other digital currencies with an amazing, vibrant community consisting of friendly people like you.
Dogecoin is used with a wallet on your computer, smartphone or website.
You can use it to buy goods and services or exchange it for other currencies (both for other currencies and for traditional currencies, for example, US dollars).
One of the most popular applications for Dogecoin is the “payment” to Internet visitors who create or share great content. Think of it as a more meaningful “similar” or “advanced”, with a real value that can be used throughout the Internet.
A bit of history
DOGEcoin is a cryptocurrency founded on December 6, 2013, by enthusiastic programmers Jackson Palmer and Billy Marcus.
Both programmers were interested in cryptocurrencies, but they were not familiar yet. After Palmer bought the domain dogecoin.com, Marcus contacted him, who was already developing his own coin. For the basis of the Dogs, the currency Litecoin was taken. According to the idea, the authors wanted to make DOGE accessible to everyone, because of the low cost of Bitcoin.
The Dogecoin network was originally designed to produce 100 billion Dogecoins, but later it was announced that the Dogecoin network would produce endless Dogecoin.
On December 19, 2013, Dogecoin jumped nearly 300 percent in value in 72 hours, rising from 0.00026 US dollars to 0.00095 US dollars with the volume of billions of Dogecoin per day. This growth occurred at a time when Bitcoin and many other cryptocurrencies were based on China’s decision to prohibit Chinese banks from investing Chinese yuan into the economy of bitcoins. Three days later, Dogikoin experienced his first major crash, dropping by 80% because of the miners who seized the opportunity to use the very small processing power required at that time to extract the coin.
On December 24, 2013, the Reserve Bank of India warned Dogecoin users of the risks associated with them. On December 25, 2013, the first major attempt was made to kidnap Dogecoin, when millions of coins were stolen during an attempted hacking on the online platform of the Dogewallet wallet. The hacker got access to the file system of the platform and changed his send/receive page to send all the coins to a static address. This incident caused tweets about Dogecoin, making it the most famous altcoin on Twitter.
To help those who lost money on Dogewallet after its violation, the Dogecoin community launched an initiative called “SaveDogemas” to help donate coins to those who lost them. About a month later, enough money was allocated to cover all the lost coins. By January 2014, the volume of trading of Dogecoin shortly surpassed the fact that Bitcoin and all other cryptocurrencies were combined.
After the departure of Jackson Palmer in 2015, there were long rumors of the death of DOGE, but due to the powerful community and decentralization, the Mastiffs exist to this day. At this stage, several developers who support the coin in their spare time, promise to release a new update (the last fork was implemented in 2015) and assure that it is difficult to kill the cryptocurrency, especially Dogecoin.
Today DOGEcoin is a cryptocurrency with a large community, which repeatedly participates in raising funds for charity and supporting sports teams from poor underdeveloped countries.
Dogecoin and Litecoin
Dogecoin differs from Litecoin in several ways.
The time of blocking of Dogecoin is 1 minute, unlike 2.5 minutes of Litecoin.
The time to reassign complexity is once per block, and the reward is fixed based on the following block diagram.
However, when Dogecoin was first introduced, the reinstallation of complexity was every four hours, and the reward was a random number between 0 and the maximum determined by the block schedule. In a system in which a random number of coins were distributed, the rewards were calculated using the random number generator of Twister.
Although the original implementation of Dogecoin meant having a fixed number of coins per block only from block 600,001 (with 10,000 coins per block), the algorithms in Dogecoin were changed from 145,000 blocks, so there was always a fixed reward (giving 250,000 coins on the block up to block 200,001).
March 12, 2014, was announced version 1.6 of the client Dogecoin. Along with the possibility of a fixed fee per unit, the new client update also introduced a new complexity algorithm called DigiShield.
Interestingly, the authors laid down artificial inflation at Dogecoin at a rate of 5% per annum from the total issue of the Dogs (111 billion have been extracted today). This means that the miners will not be bored – every year they are waiting for 5 billion new coins, which at a certain time the algorithm itself releases the Dogecoin. The disadvantage is the long-growing price of coins because of their large number, advantage – you can buy a lot of coins.
Where can I pay DOGE?
There are two main ways to use Dogecoin:
Pay users on social networks.
If you are a user of the popular social media platforms Twitter and Reddit, you can always try out other users (using various bots-hints available there) for publishing information, educational, funny, entertaining or simply funny messages. Tips are often low, rarely go over $ 0.20 and are a good way to reward people for taking the time to get good content. Tipping not only rewards these people but also spreads the word and philosophy of Dogecoin. If the user does not have a Dogecoin wallet setting, some bots-hints even send information via a personal message on how to get it.
Products & Services
Many merchants who provide their products and services on the Internet already take bitcoin, and they often also take DOGE.
Making Money with Dogecoin
You can make money with Dogecoin in one of three ways:
Get a tip. Creating good content (whether it’s free art, posted on the Internet, articles or funny comments to Reddit) can lead to advice being sent from users of Dogecoin. Hints are automatically added to your wallet and can be used either to purchase products/services from others, selling to other users in return or holding on to them as an investment.
Sell goods or services. Regardless you are a website developer, writer, business consultant, jeweler or marketing guru in social networks, payment in the form of Dogecoin is as simple as any other form of payment through the currency fiat. Many online platforms have plugins for accepting DOGE as payment along with USD, EUR, etc. And you can even receive money directly by providing a public wallet address to the person paying for your services.
Invest in Dogecoin. Like buying stocks or forex trading, you can buy Dogecoin and hope that it will grow up in value. While the cryptocurrency is still new, and prices are generally unstable, DOGE is on a steady rise.
The Dogecoin community is set up to increase the cost of a favorite coin. When more and more traders buy Dogecoin every day, the future looks brightly. If more users and communities adopt a payment ecosystem in which Dogecoin currently plays a leading role, the community behind this altcoin may see that its hard work is paying off.
- Useful links
Billy Marcus is one of the co-founders of Dogecoin, along with Jackson Palmer. Marcus is a programmer who modified the existing wallet of Litecoin, creating dogecoin-qt. He leads a less social life than Palmer, walking under the pseudonym Shibetoshi Nakamoto on Twitter.
moolah – Alex Greene, the creator of moolah.ch, who donated large amounts of money for support.
mohland – The creator of dogetipbot, a popular bot on reddit.
The first addition to the exchanges: December 15, 2013
Price: 1 (DOGE) = 0.0005 $