Dogecoin is a peer-to-peer digital currency that has no central authority and uses cryptography to regulate the generation of units of currency and verify the transfer of funds. It was created by two software engineers, Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia; they aimed to provide a digital coin that can reach a broader set of audiences, unlike bitcoin.
Its logo or icon was inspired by the famous dog meme that has been in circulation on the internet for a long time. The dog meme is a normal-looking dog picture but with expressions and a tagged word boink; the word doge was from the popular incorrect spelling of dog. These two software engineers created this altcoin to mock the crypto market, its coins, price, and fluctuation, and speculations that were popular in 2013.
Dogecoin remained a satirical coin until it gained its recent celebrity and internet attention, which includes Elon Musk, Mark Cuban, and popular social media platforms like TikTok and Reddit. The internet effect gave Dogecoin a head start in the crypto market as it spiked people’s interests. Till today the internet is still credited as one factor that made Dogecoin successful.
DOGE uses the Ren project (renDOGE), which has enabled it to function on ethereum to access the Defi network as most digital assets and cryptocurrencies use Ethereum.
Dogecoin requires less effort and less energy to mine and is now a widely adopted system for tipping in apps like Twitter and Reddit. It can also be used as a medium of exchange for sharing physical products, and some companies like Tesla accept payment as dogecoins.
Who are the Founders of Dogecoin (DOGE)?
Dogecoin or popularly called DOGE is a cryptocurrency coin officially launched on December 6, 2013, and was developed by two software engineers, Billy Markus, who worked at IBM, and Jackson Palmer, who worked at Adobe who are from Portland and Sydney, Australia, respectively.
Palmer was credited for making the idea into a reality as he took the first move by purchasing the domain dogecoin.com and applied a splash design that served as the coin’s logo and additional scattered Comic Sans text all over the screen.
Then Markus reached out to Palmer after seeing the state of the site and started the development of the currency protocol. Markus used the design inspiration of the then-popular lucky coin and Litecoin by adopting their Proof of Work algorithm. This algorithm came with the scripting technology, which means miners cannot use SHA-256 mining equipment and must either use FPGA (Field Programmable Gate Array) and ASIC (Application-Specific Integrated Circuit) devices which are more difficult.
In 2015, Co-founder Jackson Palmer left the cryptocurrency community and had no plans to return, as he believed the coin was a mechanism for fundamental exploitation and use by rich individuals to enrich themselves. To Jackson, Dogecoin was no longer the joke currency that was once a libertarian alternative to money.
What is Dogecoin (DOGE) used for?
As a means of payment
The latest acceptance is the payment of Dogecoin in the Elon Musk Space X project. Popular organizations are accepting Dogecoin as a means of payment, and the latest public acceptance is Elon Musk accepting Doge as a form of payment for the ongoing Space X project.
For funding raising
Dogecoin is one of the few coins that has been used actively to raise funds for just cases. One of the fund-raising events is the Doge4water Olympic fundraising where 40 million coins (worth $30,000 as of then) were gathered and led by Eric Nakagawa to build a well in the Tana River Basin in Kenya.
For tipping
Before Dogecoin became a widely accepted coin, it has been used as a currency for tipping on social media platforms like Reddit and Twitter to tip users with exceptional ideas.
For trading physical and tangible things
DOGE is used to trade and exchange tangible products; this activity has been a practice on social media platforms like Reddit and Quora.
What Is the Unique Point of Dogecoin (DOGE)?
There are several unique points of Dogecoin and one is its open-source control is like luckycoin. Luckycoin then was a fork of Litecoin which was a fork of bitcoin and has a similar open-source protocol as the pioneer digital coin. This means anyone who accesses the internet is free to use, study and share it. It was also programmed with the same language as bitcoin, which is c++.
DOGE does not suffer from scaling issues facing many other blocks because it handles five times the volume of other coins with no significant issues and can readily accept growth and implement the popular Segwit and Lightning system to further the growth of its blocks. Another feature is its low transaction fee and its ability to reduce the risk of double-spending attacks.
Doge boasts of having 70 transactions per second, and there are still adjustments made to double this transaction size. According to the statistics offered by BitInfoCharts.com, Dogecoin has a daily transaction rate of over 50000, and this rate is expected to double in the next two years.
How many Dogecoin (DOGE) is in circulation?
Dogecoin has a market capitalization of approximately $86 billion and a circulating supply of around 130 billion as of May 9, 2021. Although DOGE had a supply limit of 100 billion coins, which was too much compared to the accepted number of coins the market can allow.
The year 2015 changed the concept as it was the year all the put 100 billion coins had been successfully mined, and even an additional 5 billion coins were added to the market.
Is the Dogecoin (DOGE) Network secured?
Although Dogecoin had an issue with its security protocol in the past years, efforts have been put in place by the developers, Elon Musk, and other groups to make sure this coin is very secure.
How do I buy Dogecoin (DOGE)?
Step 1:
Open an account with any crypto trading platform if you intend on purchasing.
There are over 1000 exchange platforms that offer DOGE for sale and trade. Research on any and choose the desired exchange and sign up by providing necessary personal information, verified documents, licenses and identification cards, and links to personal financial accounts.
Step 2:
Make your purchase
After a successful linkup, place a purchase for the DOGE tokens. These platforms are versatile enough to allow for different payment methods as Papal, Credit Card, and P2P are some of the popular payment methods. Choose any of these methods that are most suitable and get your DOGE tokens and transfer them to your wallet.
There are two types of wallets; the default wallet provided by the exchangers and a private wallet.
The default wallet is also called a hot wallet, and it is where your coins are deposited after purchase. A private wallet, which can either be hot or cold, is where you transfer your coins from the default wallet.
A private wallet is more secured compared to the default wallet as it is less susceptible to attacks and theft. If your private wallet is a cold wallet (that is a wallet not connected to the internet) ensure you keep the passwords and any other recovery information safe to avoid locking your coins, there forever.
Which Cryptocurrency Wallet Supports Dogecoin (DOGE)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Dogecoin. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Dogecoin wallet because offers a simple and interactive interface making it easy for people to navigate its system.
