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- The intention behind the creation of dogecoin was to tease other cryptocurrencies
- The mining process of DOGE works through a merged mining paradigm
- One of its key advantages is its very huge and extremely active social network community
Dogecoin was established by Billy Markus and Jackson Palmer as a prank in 2013. The intention behind it was to tease other cryptocurrencies. Shiba Inu, a specific variety of Japanese dogs, is the lucky charm of coin. The well-proclaimed fun side of Dogecoin has not prevented it from the current market capitalization of $ 1 billion.
The attributes of Dogecoin
It was formulated based on Luckycoin. The Luckycoin itself emerges from Litecoin, the crypto in the shade of Bitcoin. Therefore, coin has various features similar to Bitcoin as well as Litecoin.
The Mining process of Doge works through a merged mining model. Within this model, a miner can withdraw blocks from two distinct blockchains. It uses a consensus mechanism for the same called the Auxiliary Proof of Work.
Purpose of Dogecoin
Dogecoin was primarily constructed for inflationary purposes. This implies that there is no restriction to the number of DOGE tokens in circulation. With an unlimited supply scheme of Dogecoin, the fees to implement a transaction remains unimportant.
Thus, Dogecoin is very appropriate for micropayments. It targets a wide audience easily. This goal has been accomplished as the token is prospering on social networks where it is employed for donations and tips.
Capability of Dogecoin
Dogecoin is placed as a less sincere and more welcoming alternative to BTC. One of its key advantages is its very huge and extremely active social network community. This community works successfully towards sponsoring various charitable projects.
Dogecoin is a word and publicity expert
The most extraordinary evidence is the episode of Elon Musk. Recently, the team of Dogecoin had conducted a Twitter poll to discover who should be their next CEO. Out of the four options provided, Elon Musk was voted the most by users with 54%. Elon further acknowledged the vote by changing the bio of his Twitter profile to Former CEO of Dogecoin.
Jackson Palmer, one of Dogecoin’s co-founders, abandoned the project in 2015. He later became one of its most loud critics.
However, a project is underway to design a bridge between Ethereum and Dogecoin. Jackson has warned the speculators who seek to benefit from the respective project. Though no official statement regarding the progress has been released, it remains a much-anticipated venture for the crypto-asset market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
