What is Dogecoin (DOGE)?
Dogecoin is a fun meme coin that was launched on December 6, 2013. The coin is a decentralized peer-to-peer currency that tried mimicking the popular Bitcoin, but in an an effort to surpass Bitcoin's popularity. Doge features a cartoon Japanese character Shiba Inu, that acts as the coin's mascot. The intention of this mascot is to show the fun part that this coin was intended to be.
Dogecoin's developer Billy Markus based this coin's code on Lucky coin, that is based on another coin called tecoin. Litecoin uses the scrypt technology in its proof-of-work consensus mechanism preventing dedicated Bitcoin miners from mining. It is for this reason that Dogecoin was at least originally effectively mined with ordinary PCs instead of the dedicated miners.
While it was introduced as a fun coin, Dogecoin's community has since grown by a lot. It is now mainly used to tip social media users who contribute great and interesting content on various platforms. Instead of simply liking their content, the contributors get rewards in form of Dogecoins. It is also frequently used for raising funds for charity events, eg. in the case of the construction of a well in the Tana river delta in Kenya.
Apart from Billy Markus, who came up with the original idea, another key individual in the coin's development is Jackson Palmer of Adobe Systems. It is Palmer who took over this project and propelled it to its current status.
- Historical Data
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- OpenSea launches 'Seaport' marketplace protocol allowing NFT barteringCointelegraph.com News - 9 hours ago“OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol,” said…
- Florida Rep. Donalds introduces Financial Freedom Act companion bill in the HouseCointelegraph.com News - 9 hours agoThe Republican congressman is supporting Sen. Tommy Tuberville’s Senate bill and financial services companies that want to include crypto in their 401(k) product offerings. Rep.…
- FCA will 'absolutely' consider recent stablecoin depegging when drafting crypto rules: ReportCointelegraph.com News - 9 hours agoThe United Kingdom's Economic and Finance Ministry announced in April that it would work to incorporate stablecoins into a regulatory framework on digital assets. Sarah…