One can find any coin on the cryptocurrency market today. The Coin Shark will tell about particular qualities of the cryptocurrency with the image of famous internet-meme – Doge, cute Shiba Inu dog.
- Development and developers
- Any special features?
- Dogecoin cryptocurrency mining
- Where to buy and how to spend Dogecoin?
- Dogecoin cryptocurrency prospects
The cryptocurrency was created by the programmer Bill Marcus from Portland. The website of the project also lists Jackson Palmer and Shibetoshi Nakamoto. Kristine Ricks created design of the logo. Dogecoin was created using Litecoin blockchain in 2013. On the 19th December 2013 rate of the coin grew on 300% in 72 hours and reached $0.00095. Three days later Dogecoin lost 80% of its value. On the 25th of December 2013 first large-scale theft of the new cryptocurrency took place. Millions of coins vanished resulted from online-wallet Dogewallet hacking. The incident contributed to the infoglut about Dogecoin. At the same time the theft damaged the cryptocurrency badly and the developers launched an initiative “SaveDogemas” to collect funds for damages compensation to coin-holders. Early in 2014 traded volume of Dogecoin greatly exceeded Bitcoin’s and other cryptocurrencies’ traded volume. However, market capitalization was law as the price of the coin was law. Dogecoin cryptocommunity is famous for charity. In January 2014 Dogecoin participated in funding collection for Jamaica bobsleigh team that qualified to take part in the Winter Olympics in Sochi but couldn’t get the funding.
Then Dogecoin Foundation under Eric Nakagawa started collecting funds for a well building in Tana river basin in Kenya. 40, 000,000 ( $ 30,000 ) was collected till the World Water Day (22 March). In March 2014 55,000 dollar in Dogecoin coins was collected to finance NASCAR driver Josh Wise.In 2018 market capitalization of the project is 400 million dollar and 114,601,845,018 DOGE are in circulation. The price of a coin according to CoinMarketCap – $0,003451 US dollar (27 March,2018).
Dogecoin is developed using Litecoin blockchain and has no special technical innovations.Mining is carried out on the algorithm Proof-Of-Work and Dogecoin emission is not restricted.At the beginning the reward for a block was determined randomly but since 2014 its size has been fixed. Initially Dogecoin didn’t claim to be an innovative finance instrument that is why there is no revolutionary or unique technology behind the project. However, it should be mentioned that transaction confirmation speed of Dogecoin is higher than of Litecoin and,of course, Bitcoin.
As we have already mentioned the total supply of Dogecoin cryptocurrency is not limited to a particular number of coins. Throughout the past few years the complexity of Dogecoin mining has increased significantly, so miners started using ASIC and unite in mining pools. One of the most popular pools are for instance Aikapool.com, hashfaster.com, multipool.us, etc. Mining complexity changes every 240 blocks.
Let’s start with the second question. Actually, there’s no way you can buy goods or pay for services with your Dogecoins. It is necessary to convert them to Bitcoin or popular altcoins with good liquidity (like for example Ethereum). Users can buy Dogecoin for fiat money or for other cryptocurrency on many popular digital exchanges like Bittrex, Kraken, Poloniex, Coinbase, CEX.IO.
There are no economic or technological ideas behind this cryptocurrency. Actually, its main advantages are a funny dog and a bright community. However, many users are interested in the cryptocurrency. It is used in charity activities and internet voting, one can exchange it for other altcoins or Bitcoin, which is much more difficult to buy or to mine if compared to Dogecoin. Dogecoin issue is not limited so this coin can experience inflation and is not likely to cost a fortune. However, it seems that it is not the case either for Shiba Inu, or for its users.