Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the "Doge" meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its online community, reaching a market capitalization of US$85,314,347,523 on May 5, 2021.
Dogecoin.com promotes the currency as the "fun and friendly internet currency", referencing its origins as a joke.
History;
Originally formed as a joke, Dogecoin was created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. They wanted to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. In addition, they wanted to distance it from the controversial history of other coins. Dogecoin was officially launched on December 6, 2013, and within the first 30 days, there were over a million visitors to Dogecoin.com.
Palmer is credited with making the idea a reality. At the time, he was a member of the Adobe Systems marketing department in Sydney. Palmer had purchased the domain Dogecoin.com and added a splash screen, which featured the coin's logo and scattered Comic Sans text. Markus reached out to Palmer after seeing the site and started efforts to develop the currency. Markus had designed Dogecoin's protocol based on existing cryptocurrencies Luckycoin and Litecoin, which use scrypt technology in their proof-of-work algorithm. The use of scrypt means that miners cannot use SHA-256 Bitcoin mining equipment, and instead must use dedicated FPGA and ASIC devices for mining which are known to be more complex to produce.
On May 9, 2021, SpaceX announced a rideshare mission to the Moon completely funded by Dogecoin, thus becoming the first space mission funded by a cryptocurrency. Elon Musk confirmed this news via Twitter. DOGE-1 will be a minor 40 kg rideshare payload on Intuitive Machines' IM-1 mission in Q1 2022.
Use and exchanges:
Several online exchanges offer DOGE/BTC and DOGE/LTC trading.
Dogecoin is an altcoin with many users. Mainstream commercial applications of the currency have gained traction on the internet, such as a tipping system, in which social media users tip others for providing interesting or noteworthy content.
Trading physical, tangible items in exchange for DOGE takes place on online communities such as Reddit and Twitter, where users frequently share currency-related information.
Dogecoin has also been used to try to sell a house and has been used in the pornography and poker industries.
Dogetipbot was a cryptocurrency transaction service used on popular sites like Reddit and Twitch. It allowed users to send Dogecoins to other users through commands via Reddit comments. In May 2017, Dogetipbot was discontinued and taken offline after its creator declared bankruptcy; this left many Dogetipbot users losing their coins stored in the Dogetipbot system.
Technology and DeFI
DeFi (decentralized finance) is a form of finance that does not rely on middlemen such as brokerages, exchanges, or banks to offer financial instruments. This is accomplished using "smart contracts" which are automated enforceable agreements that do not need intermediaries like a bank or lawyer but use online blockchain technology instead.
Currency supply
Dogecoin started with a supply limit of 100 billion coins, which would have been far more coins than the top digital currencies were then allowing. By mid-2015 the 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter.
Dogecoin's implementation differs from Litecoin by several parameters. Dogecoin's block time is 1 minute as opposed to Litecoin's 2.5 minutes.
Several cases of people using their employers' or universities' computers to mine Dogecoin have been discovered.
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