Billy Markus and Jackson Palmer created Dogecoin. Before Dogecoin, both individuals had served in the technology field. Markus was an IBM software developer, and Palmer worked for Adobe as a programmer. Dogecoin started as a market-oriented joke.
Dogecoin is a first-generation cryptocurrency that can be used to pass value internationally in a secure manner. This coin has many functions. You can see online bank services reviews on how this coin can be used online. Like Bitcoin and Litecoin, this coin’s main aim is to allow peer-to-peer transactions to take place in a censorship-resistant way. It will help if you read reviews about Dogecoin from Us-reviews.com before you invest in it. Though, recently Dogecoin has seen substantial media attention due to massive price hikes.
What kind of problems does Dogecoin solve?
Like all cryptocurrencies of the first generation, Dogecoin was simple in functionality. At that time, there were no smart contracts, drawings, or any other features that are now popular in the market. The primary goal for these early coins was to establish a stable network. Dogecoin was very popular to that degree, but not without its share of trials and tribulations.
The second aspect of Dogecoin, and maybe what makes this coin special, is the spirit in which the creators wanted Dogecoin to express it. Dogecoin was not necessarily intended to free the people from oppression like Bitcoin. Nor was it intended to provide a competitive alternative to Bitcoin in the market like Litecoin. Interestingly, this coin is to spread goodwill and fun around the crypto world.
Benefits of Dogecoin
There are a lot of advantages that Dogecoin brings to the market. You can use this coin just like Bitcoin to transfer value instantly and safely to everyone in the world. Over the last few years, the coin network has expanded, and now more vendors than ever have adopted this unique token.
Resistant to censorship
Dogecoin shares many technical features with the world’s first crypt, Bitcoin. As a result, the network is secure and offers real-time consensus. Like Bitcoin, hackers will need to control 51 percent of the network’s hashing power to change the blockchain’s status. Considering that the latest Dogecoin hash rate is 203.97 TH/s, this is quite unlikely.
· Consensus
Dogecoin is using a Proof-of-Work Consensus algorithm to keep the network stable. However, this PoW method is not the same variant of SHA-256 used by Bitcoin. Instead, the network depends on cryptography technology in its PoW process. This decision is to discourage the use of high-powered Bitcoin mining rigs. Only Dogecoin can be mined using dedicated FPGA and ASIC computers.
· Complete Coins
Dogecoin does not have a hard limit. Initially, the project started with 100 billion coins in circulation. By 2015, all these coins had been mined for 1 minute block periods. At that time, the developers agreed to issue another 5 billion. Notably, Dogecoin currently has 5 billion coins to be distributed every year.
· Dogecoin Digging (Mining)
You have diggers in the Dogecoin ecosystem. These network nodes are the ones that verify new transactions and add blocks. Dogecoin mining is less efficient than Bitcoin. Notably, the developers behind this coin have never made a pre-min. Pre-mining is common because it allows developers to build up reserves before the network goes public.
On December 19, 2013, Dogecoin had a massive breakout moment. The coin’s value soared almost 300 percent in less than three days. This market trend was the first time that Dogecoin sparked market-wide investor interest. Notably, the rebound was short-lived and, within three days, the value of the coin was 80 percent.
How to Buy Dogecoin (DOGE)
Dogecoin is currently available on selected exchanges. Both Binance and Kraken are supporting this coin. Best of all, the deals are fiat on-ramps. You can buy cryptocurrencies directly using your debit or credit card. However, to be a more attentive investor, you will need first to finance your account and then convert your fiat to Bitcoin, ETH, or any other currency with a fiat pairing.