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Dogecoin

Last Updated: January 29, 2024

Dogecoin, a Litecoin fork, is a peer-to-peer, open-source cryptocurrency popularized by adopting the Shiba Inu internet meme.

Unlike other cryptocurrencies, which marketed themselves on differentiating technical features, Dogecoin’s allure likely stems from its cultural roots.

Background

“Doge”, was first conceived in February 2010 when blogger Atsuko Sato posted a picture of her dog, a Shiba Inu named Kabosu. The project was introduced on Twitter by Jackson Palmer on November 27, 2013 when he tweeted about “investing” on “Dogecoin”, a made-up name. Billy Markus joined Palmer to build the protocol. They thought Dogecoin would make the cryptocurrency space more palatable to newcomers.

Launch

Dogecoin was launched on December 6, 2013. Unlike the case with many other cryptocurrencies, the founders of dogecoin didn’t launch a public sale or “premine” coins prior to the token’s launch.

How does it work?

Dogecoin is based on the structure of an existing project, Luckycoin, which itself is a code base fork of Litecoin. Dogecoin uses a scrypt hash function for its proof-of-work consensus mechanism. The scrypt algorithm was specifically designed to make it costly to perform large-scale, custom-hardware attacks. 

Dogecoin DOGE tokens are produced by mining blocks, which rewards miners a randomized quantity of coins. 

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