DOGE Is A Peer-To-Peer And Open Source Cryptocurrency, Known As Altcoin (Meaning Alternative Coin). The Dogecoin Was Released In December 2013 And Features A Shiba Inu Dog Logo.
When people talk about cryptocurrencies or buying digital currency, there are many coins and currencies on the market. Some of the ones that are at the top of the table include Bitcoin, Atrium, Lightcoin, etc., which can often be traded through the purchase of Tetra. Dogecoin is ranked 40th on the list with a picture of a dog on it.
As of December 2013, each bitcoin was priced at $ 1,083.14, and the world was taking cryptocurrencies seriously. Billy Marcus (Billy Markus) and Jackson Palmer (Jackson Palmer) thought that Cryptostaken too seriously. They believed that crypto should be fun and not just about money; So, Coin made their own.
Dogecoin Crypto is a unique, open-source platform designed for entertainment and a decentralized platform that allows users to easily transfer money online. Its name is derived from Dodge internet memes (ideas that are popular with the Internet). Dodge value has grown slowly and has become popular with thousands of users and is used as a currency in online communities.
While the Dodge was built just as a joke, the Dogecoin blockchain is still important. Its underlying technology is rooted in Litecoin. Important features of Dogecoin are the scripting algorithm and unlimited supply.
In 2017, this Altcoin also participated in a bubble that greatly increased the value of many cryptocurrencies. After the bubble burst in 2018, Dogecoin lost most of its value; But it still had its main backers who traded with it and rewarded the content on Twitter and Reddit.
Like other cryptocurrencies, Dogecoin can be used to invest and trade in the hope of making a profit. Most Dogecoin fans use this Altcoin as a currency, taking advantage of the very low transaction fee, impressive transaction speed, and easy-to-use platform.
Dodge Coin is used as the most popular coin to reward to create interesting content on the Internet. In fact, Dogecoin is a cryptocurrency that can really be used and not just used for investment. Dogecoin users are very active in promoting it to the general public and business people. They believe that these Coins unique for those who want to enter the world of cryptocurrencies.
The Dogecoin community is constantly raising money for charitable activities. In January 2014, a fundraiser for the Jamaican Bobsleigh sled team raised $ 50,000 that they could not afford to compete in the Sochi Winter Olympics. The Dogecoin Foundation also raised $ 11,000 to build a water well in Kenya and $ 55,000 to fund NASCAR driver Josh Wise.
Benefits of Dogecoin
Although Dogecoin is based on the LightCoin script, its blockchain speed is one minute. This is while the speed of light coin blocking is 2.5 minutes and the speed of confirming bitcoin transactions is 10 minutes on average. This means Dogecoin transactions and approvals are faster. In addition to the above-mentioned fast transaction speeds, Dogecoin transaction fees are negligible at $ 0.01; Hence, it is more attractive to users.
Dodge’s main difference with other cryptocurrencies is in its inflation. Deflationary coins have a high limit (Hard Cap); That is, their number is limited (like bitcoins). These coins encourage people to rush to make a profit over time. Once the upper limit is reached, mining these types of coins is no longer cost-effective. In addition, inflatable coins ensure permanent extraction and replacement of lost coins.
Ways to Get Dogecoin
Users are rewarded with this currency when they create unique content on social media. Rewards are added to the user’s wallet and can later be used to buy and sell goods or services.
۲. Buy Dogecoin and trade
Like stocks and other currencies, users can buy Dogecoin and expect it to rise in price.
- Purchase and exchange in Iranian or foreign digital currency exchanges
- Purchase and exchange in decentralized digital currency exchanges
3. Buy and sell products and services
Users can trade Dogecoin by purchasing goods or services. Most online platforms provide plug-ins that allow Dodge Coins to be exchanged for goods and services instead of dollars or euros.
4. Dogecoin Extraction
DogeCoin Mining is the Dodge Coin Award process for reviewing Dodge Coin blockchain transactions. Because DodgeQueen is derived from LightQueen, LightQueen extractors can use Scrypt ASIC miners to extract DodgeQueen. Dogecoin can also be extracted with the GPU; But this method is not cost-effective; Unless strong pebbles are used.
Dodge in the beginning
In 2013, Jackson Palmer, Production Manager at Adobe Australia, created Dogecoin to ridicule a lot of cryptocurrencies. Palmer has been described as a skeptical analyst of the emerging technology, and his initial tweets about his new cryptocurrency were ironic. However, after the positive feedback from social networks, buy the domain dogecoin.com.
At the same time in Portland, IBM software developer Billy Marcus was planning to build a digital currency; But he had trouble advertising it. After he became acquainted with the Dogecoin fuss, he asked Palmer for permission to produce real Dodge behind-the-scenes software. Marcus based his code on Luckycoin, which was itself derived from Lightcoin and was initially rewarded for extracting random blocks; But the reward of May 2014 became a fixed reward.
Dogecoin uses LightCoin script technology, and Coins based on Proof of Work (PoW). Palmer and Marcus launched the Dodge on December 6, 2013. Two weeks later, on December 19, the price of Dogecoin increased 300 times. Perhaps the reason for this was China’s ban on its banks investing in cryptocurrencies.
In 2015, as the crypto community became more serious, Dogecoin lost some of its euphorias. The first sign that Dogecoin was unhappy began with the separation of its founder, Jackson Palmer. He said “toxic communities” were forming around the coin and the money it generated.
Dogecoin was marketed as an entertaining version of Bitcoin and the Shibo Ino logo (a breed of Japanese dog). Dogecoin’s familiar presentation was welcomed by the crypto community. The technology of the script and its unlimited availability was an argument for the flexibility, flexibility, and customer-friendliness of this version of bitcoin.
Dogecoin was born with a market value of $ 20 million and a loyal following
Dogecoin design and security model
As mentioned, the Dogecoin is a fork from the Laccoin blockchain. Developers have been able to copy LockQueen software because it is open source, so everyone can view, read, modify and share it.
Luckycoin itself is a fork of LightCoin, and LightCoin is a fork of Bitcoin. Dodge Coin is a peer-to-peer, like open-source bitcoin and decentralized networks that use the Consensus Algorithm (PoW); The Dogecoin network, therefore, relies on miners to verify transactions and secure the network against those who intend to manipulate transactions recorded in the blockchain.
Unlike Bitcoin, which uses the SHA-256 algorithm, the Dodge Coin extraction algorithm is Crypt, which has lower alertness and power consumption than the SHA-256.
Initially, Dogecoin had a maximum inventory of $ 100 billion, well above the maximum allowed for most top cryptocurrencies; But in February 2014, Dogecoin co-founder Jackson Palmer announced that the Dogecoin inventory cap would be lifted to reduce inflation over time. For this purpose, after the extraction of 100 billion Dodge Coins in mid-2015, an additional 5 billion Coins were added to the cryptocurrency cycle every year; Therefore, at the current rate, the Dogecoin inventory will double every 26 years.
But due to the removal of the Dogecoin’s inventory ceiling, its price began to fall and miners’ motivation for the Coin mine also declined. Network awareness, a measure of network-proof processing power, continued to decline throughout 2014, with the Dogecoin community worried about a 51 percent attack on its network.
A 51% attack means that the miner or mining pool can take control of more than half of the blockchain power. This prevents other network participants from making a transaction or creating a block.
Insecure networks such as Bitcoin, this is almost impossible because the amount of power consumed to control 51% of the network power is enormous; But in networks with fewer miners, such attacks are less costly and more likely.
To prevent this attack on the Dogecoin network, the developers decided to use “Merged Mining”, also known as “auxiliary work proof”, to use the workforce of other Scrypt-based blockchains, especially LightQueen.
Combined mining allows miners to work on two chains in each unit and receive rewards from both, so mining Dodge Coin and Light Coin is possible at the same time.
About the code written for Dogecoin
Dodge Coin is written in C ++ (the same language as Bitcoin). This protocol is under the MIT open source license, which allows you to copy, modify, publish, distribute, license, and sell copies of the protocol without any restrictions.
Dogecoin blockchain browser
The main use of the blockchain browser is to allow users to search for extracted blocks and recent transactions on the blockchain. The most important feature of the blockchain browser for users is tracking transactions. From this link, you can access the Dogecoin blockchain browser and view the status of completed transactions by entering your wallet address.
The best Dogecoin wallets
Before choosing a Dogecoin digital wallet, you need to determine which type of hardware wallet is the software you are looking for. The image below shows each of these wallets with their features.
- One of the most important hardware components of Dogecoin is Ledger and Troy.
- The best Dogecoin software wallets are Atomic, Trust Wallet, and Coinomi. Of course, the official Dogecoin Wallet is no longer actively supported, and many people have reported using it to lose funds.
- In addition to these types of wallets, there is also a paper wallet. A paper wallet is nothing more than a private key printed on a piece of paper. These types of wallets often also have a QR code, which makes transactions easier; But the most important feature of the paper wallet is that it is not connected to the Internet and there is no way to hack your wallet.
Dogecoin during and after the 2017 to 2018 bubble
In the bubble of the end of 2017, the value of Dogecoin skyrocketed along with all other cryptocurrencies and fell with all these cryptocurrencies in 2018. At its peak, Dogecoin was priced at $ 0.018 and had a market capitalization of $ 2 billion. In the summer of 2019, Dogecoin, along with other digital currency markets, saw price fluctuations. Binance exchange once put this Coinon on its list and made Dogecoin enthusiastic fans very happy. Many thought that the mysterious Tweet Tesla founder Elon Musk (Elon Musk) the registration was made.
Dogecoin in 2020 and 2021
With the help of Reddit and Ilon Mask’s numerous tweets, Dogecoin experienced a 600% growth in 24 hours.
It is certain
July 18, 2020, Elon Musk @
The Dogecoin structure has not been the focus of Coindevelopers, But he still has volunteered. One of the reasons Dogecoin still works and trades is because of its active mining community. As of December 21, 2020, Dodge had a market value of $ 611 million, ranking 40th. However, Dodge’s growth did not stop here, and with numerous tweets from Ilon Mask, Dodge saw a price of more than 8 cents for the first time, rising 53% to 24.2 cents in 24 hours. Dogecoin is currently worth tens of billions of dollars and the eighth-largest digital currency in the world.
What is the use of Dogecoin and what are its advantages compared to similar cryptocurrencies?
Dogecoin can be used as a reward for interesting content created on the Internet, investment, and trading, as well as a useful currency. Although Dogecoin is based on the LightCoin script protocol, it has a one-minute block speed and faster transactions and verifications. In addition, Dogecoin transaction fees are negligible, at $ 0.01.
What are the ways to get and buy a Dogecoin?
Rewards through content production, buying Dogecoin and selling products and services, mining, buying or trading in centralized (Iranian or foreign) or decentralized ( DEX ) digital currency exchanges are some of the ways to earn Dogecoin.
How to extract Dogecoin?
DogeCoin Mining is the Dodge Coin Award process for reviewing Dodge Coin blockchain transactions. Because DodgeQueen is rooted in LightQueen, LightQueen extractors from Scrypt ASIC miners can also be used to extract DodgeQueen from the GPU. This method is not cost-effective; Unless strong pebbles are used.
What are the best Dogecoin wallets?
Hardware wallets such as Nano Ledger, Treasury, and other desktop and mobile wallets including Atomic, Trust Wallet, Coinomium, and Paper Wallet are among the best Dogecoin wallets. Note that the official DodgeCoin wallet, called Dogecoin Wallet, is no longer actively supported, and many people have reported using it to lose funds.