Dogecoin is an open-source peer-to-peer cryptocurrency, co-created by Billy Markus and Jackson Palmer on the 6th December 2013. Doge was started as a joke spoof of Bitcoin and as the name suggests, its satirical character is based on the popular Doge meme that was all over the internet at the time. Although Dogecoin was intended to be a “joke currency”, it quickly attracted significant attention, gaining a massive following and a large market capitalization.
Initially, Dogecoin had become well-known, from supporters, for its use in charitable acts and online tipping on social media where users would exchange small amounts of Dogecoin to reward content creators.
As a fork of Litecoin, it relies on the same hashing function (Scrypt) but features differences at the network’s mining parameters. The transfer time is just under a minute, compared to 2.5 minutes on Litecoin and it has a fixed block reward. Also unlike deflationary cryptocurrencies, there is no lifetime cap on the number of Dogecoins that may be created.
It takes an average of 1 minute to process a transaction in the next Dogecoin block.
Decentralized access allows any party with an open-source software and internet access to send and receive Dogecoin irreversibly without third-party interference or trust.
DOGE’s strong and loyal fans gave it huge publicity in early 2021, making it one of the most well-known cryptocurrencies. Famous celebrities have repeatedly stated that DOGE is their favorite crypto.
Dogecoin has sponsored athletes during high-profile events like the Olympics or Nascar and organized various charity fundraising campaigns for causes such as saving rainwater in Kenya.
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