Doge Write For Us – Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency designed to send and receive digital payments processed through the Dogecoin blockchain. It was developed by system engineers Jackson Palmer and Billy Markus and launched in December 2013 as a decentralized cryptocurrency for instant payments. It was initially created as a hard fork of the no longer existing Luckycoin, which itself was a fork of Litecoin (LTC). So, a division of a spoon (of another fork), Dogecoin joined the cryptocurrency market as a “joke coin”, a figure the community happily accepted. No CEO or official entity about DOGE,
DOGE’s user base is increasing yearly, driving prices up and increasing Dogecoin’s market capitalization to new highs. As a “light” currency, Doge mainly used for fundraisers or tipping content creators but is starting to accepted by more and more merchants as a means of payment.
Although DOGE was born as a meme, Dogecoin has emerged as one of the top cryptocurrencies by market capitalization, with a return of 5,000% in 2021. It supported by millions of users, including notables such as Elon Musk and Sneak Dogg.
How does Dogecoin work?
Dogecoin is indirectly founded on the code of the primary cryptocurrency, Bitcoin. More specifically, it was shaped as a hard fork of the now-defunct Luckycoin, a firm fork of Litecoin (LTC). Litecoin became known as the first fork created when it was split from Bitcoin. Dogecoin borrowed a consensus mechanism based on Scrypt from Litecoin, which is DOGE’s way of sharing many functionalities with Bitcoin and its spin-offs. Using Scrypt in Dogecoin’s Proof-of-Work (POW) process prevents miners from using ASICs, the specialized equipment used in Bitcoin mining.
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As with Bitcoin, Dogecoin’s network of blockchain participants use their computing power to secure the network and fuel block creation while verifying transactions. The difference is that Dogecoin has a “lightweight” architecture, allowing it to process transactions faster than Bitcoin. Dogecoin can be mined using the computing power of network participants to generate new blocks and validate transactions through mathematical equations. With each block mined, miners get a 10,000 DOGE reward.
Generating 5 new billion DOGE every year. Dogecoin creators Jackson Palmer and Billy Markus originally designed the internet’s preferred currency with a maximum limit of 100 billion DOGE. However, the team removed this limitation just a few months after the launch. So now, Dogecoin has an inflationary supply after this change in its monetary policy.
Who are the founders of Dogecoin? Dogecoin History
Software engineers Billy Markus and Jackson Palmer created the Doge blockchain and the DOGEs that power it. Billy Markus, I work at IBM, and Palmer was a software engineer at Adobe. This duo shared a vision of developing a fun and easy-to-use cryptocurrency that will stand out from traditional (read: “boring”) banking systems, offering close to zero fees for instant transactions.
The Dogecoin story began with creating a cryptocurrency that could used by a broader demographic compared to Bitcoin. The first step was when Palmer purchased the Dogecoin.com domain name and made the official website for the project. . After launching DOGE and recording millions in trading volume in its first few days on the market, there was the same number of first visits to the official website.
Even after the successful launch of DOGE, neither Palmer nor Markus assumed the title of CEO, and the role of the Dogecoin community became even more critical to the network. The Dogecoin (DOGE) community has shown its strength on more than one occasion, with particular emphasis on fundraising to cover the losses of millions of DOGE coins stolen during the hack of the now-defunct Dogewallet project.
What makes Dogecoin unique?
Dogecoin is unique in its marketing approach, presenting fun and friendly internet money. Dogecoin was apparently a “joke coin” in 2013 when it hurled, amassing millions of followers in the first month of release alone.
Unlike many crypto or digital assets presented as ambitious and innovative blockchain projects, Dogecoin took a much more informal approach while offering attractive features such as near-zero fees, instant transactions, and a strong and well-meaning community with uncompetitive mining. Although Dogecoin shares similarities with Litecoin and Bitcoin, it defined by DOGE’s unique approach to being an internet-friendly currency, ideal for small payments and perfect for social media users, content creators and marketers alike.
What gives Dogecoin value?
The value of Dogecoin in the market defined and determined by the balance between buying and selling, which forms the Dogecoin price. A significant source of its value derives directly from the solid and supportive community that supports the project and the unique approach that DOGE has taken as a cryptocurrency built for Internet-based payments.
Dogecoin’s value can also increase with endorsements, as in the case of Elon Musk tweeting about DOGE being one of the most interesting digital assets on the market, after which the price of Dogecoin skyrocketed and went “to the moon”. as the investment community likes to say.
Dogecoin value and DOGE price can also follow major global trends that form the collective momentum of all cryptocurrencies in the market. DOGE’s price can change following joint directions, generally driven by Bitcoin as the dominant cryptocurrency by market capitalization. The use of DOGE also plays a vital role in the value of Dogecoin; the DOGE cryptocurrency is mainly used as an incentive on social media platforms, to tip content creators, and to send and receive micro-payments with almost zero fees.
How many Dogecoin (DOGE) are in circulation?
At its inception, the total supply of Dogecoin was limited to 100 billion. However, the developer duo changed Dogecoin’s monetary policy shortly after its launch, removing the cap and creating an infinite inflationary supply.
The circulating supply estimated to double in 26 years, and there currently no hard limit on the total supply. Block creation happens every 1 minute, and the removal prize is 10,000 DOGE.
Other technical data
Dogecoin is a cryptocurrency that uses a practice proof-of-work consensus algorithm to allow instant payments on your Ledger. The price of the Dogecoin coin depends on trading activity, technical value, widespread use, adoption, collective trends in the cryptocurrency market, and many other factors.
The Dogecoin network works similarly to the Bitcoin blockchain and other altcoins, such as Litecoin, in that all transaction information and block generation details are permanently imprinted on the blockchain. This dispersed system designed to inherently prevents tampering with recorded information. The protocol defined the network rules and implemented by full nodes (miners), who are responsible for verifying each network transaction.
How is the Dogecoin network protected?
The Dogecoin network relies on miners to secure the blockchain and validate transactions. Proof-of-work (PoW) rules exercised through full nodes and miners operating computational power to solve mathematical equations. To solve an equation, a new block is generated, the transactions verified and permanently recorded, and the miners rewarded with 10,000 DOGE.
How to use Dogecoin?
Dogecoin mainly used as a currency for online payments and instant transactions based on a blockchain. Dogecoin is perfect for micro transactions, as the coin allows users to send and receive small amounts with almost no fees. Users can refer and receive DOGE with their Dogecoin (DOGE) wallets in seconds and with minimal transaction dues. Dogecoin can likewise tip content originators and encourage content creation across the internet and on social media.
Dogecoin can also be rummage-sale as a speculative investment since the Dogecoin price undergoes frequent price changes.
How to choose a Dogecoin wallet?
The type of Dogecoin wallet you pick will largely depend on how much DOGE you have and what you plan to do with it.
Physical wallets (known as cold wallets) like Ledger or Trezor offer the most secure offline storage and backup options. However, they tend to be more luxurious and difficult to understand, so they may be more appropriate for those with experience and large amounts of DOGE to store.
Digital wallets are more convenient to transact but less secure than their physical counterparts, so they are more suitable for inexperienced users with small amounts of DOGE. A more straightforward and usually free option is software wallets. These can transferred to your smartphone or computer and can be custodial or non-custodial. The private solutions managed and stored with custodial wallets by the service provider. Non-custodial wallets use security tools on your device to keep the private keys.
Finally, there are wallets in exchange houses or web portals, known as hot wallets, which you can access from a web browser. These are best for people holding small amounts of DOGE and who trade frequently. These are less secure than the alternatives above and require users to put their trust in the platform to manage their DOGE coins. Make sure you choose a service with strong security measures and a good reputation.
Kriptomat offers a secure storage solution that allows you to store and exchange your DOGE without problems. Keeping your DOGE with Kriptomat provides you with enterprise-grade security and user-friendly functionality.
Buying and selling DOGE, or exchanging it for any other cryptocurrency, done in moments when you choose our secure platform as your storage solution.
The Dogecoin network operates under the Proof-of-Work (PoW) protocol, which means that Dogecoin can mined just like Bitcoin. Miners verify and validate transactions and protect the network from potential attacks by spiteful entities. One Dogecoin block twisted every minute, and the block prize is 10,000 DOGE.
Making the DOGE logo with its Shiba Inu an easily recognizable brand. Although Dogecoin was born as a “hoax coin”, it soon emerged as one of the leading cryptocurrencies on the market. Dogecoin posted around 5,000% gains in 2021 and accepted by celebrities, including Elon Musk and Snoop Dogg, propelling the coin’s price to new highs.
Dogecoin created as a fun and friendly coin that allows you to make instant payments with meagre transaction costs. And it’s no longer considered a joke; Dogecoin has built a robust and continually growing community of users, both promoters and patrons, who love DOGE for its simple and straightforward utility.
How to sell Dogecoin?
You can sell Dogecoin at cryptocurrency exchanges, and you can use the same business where you placed the order to buy your Dogecoin. Traders use Kriptomat to sell their Dogecoin and earn profit from price changes based on the price difference between the buy and sell price.
What is Dogecoin used for?
Dogecoin has a robust community of users who use DOGE to tip online content creators. Dogecoin also used for fundraisers organized within the same community of DOGE holders and as a payment method for the low transaction fees of the fast blockchain.
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