The basis of this cryptocurrency was laid out by
the principles of Litecoin. Changes made to the algorithm are extremely small.
The popularity of this type of electronic money has been achieved, for the most
part, by advertising and using the famous dog in the coin logo.
The currency itself is extremely unstable; over
the entire time of its existence, value has skyrocketed and fallen. Along with
the price, the attitude of users also fluctuated – if initially the Dogecoin
cryptocurrency charmed with its dog mascot, then over time it disappointed with
constant price spikes and hacker attacks.
History of occurrence
The new currency was first announced in December
2013. The creator of Dogecoin is the American programmer Billy Marcus. His goal
was to create digital money that would not be associated with Bitcoins and
their use in black markets. The development of the cryptocurrency was based on
Luckycoin, one of the upgrades to the already famous Litecoin.
At the same time, the idea of the name itself
belongs to a completely different person – the Australian Jackson Palmer. It
was he who decided to combine the Internet meme and the idea of electronic
finance. Marcus accidentally stumbled upon his website dogecoin.com. The idea
itself was so liked by the programmer that he suggested working together on a
Almost immediately after the release of Dogecoin,
its price began to grow rapidly. At the end of 2013, the cost of one DOGE grew
by 300%, which allowed cryptocurrency to take a place in the top ten most
popular in the world. The growth trend continued in January, after which it
began to subside.
Quite often, Dogecoin users held fundraising
campaigns for charity. The first case was in January 2014, when more than fifty
thousand dollars were raised for the Bobsled team in Jamaica – funds allowed
them to pay for participation in the Winter Olympics. In March of that year,
about $ 55 million was raised to support rider Josh Wise.
Initially, when mining, there was no fixed amount
of reward for one block – it could vary significantly. Then, in March 2014, a
single unit cost was established.
Another change that the currency has undergone is
the emission limit. Initially, it was said about the amount of 100 billion
coins, however, after a while, the restriction was removed completely.
On August 25, 2014, a critical drop in currency
occurred – the cost of a DOGE unit fell to 22 Satoshi. Many believed that
Dogikoin would cease to exist in the near future. However, after reaching a
kind of “bottom”, the currency began to rise again in price, and the
history of Dogikoin continues to this day.
Features and principles of
The work of the DOGE cryptocurrency is based on
the same principles as Bitcoin – a hash of public keys. The source code is also
very similar – it has only been slightly upgraded.
The main feature is a quick mining period. A
reward is issued every 60 seconds. At the same time, there is no need to
purchase expensive equipment – an ordinary personal computer will be enough to
If at the very beginning of the start of the
cryptocurrency there was no single cost for one mined block, today the price is
unified, which made DOGE even more similar to other cryptocurrencies.
An important feature of Dogecoin is its endless
emission. This, of course, slows down the cost increase, but so far the
developers do not plan to change this indicator. Also, many users are attracted
by a single commission for transfers. It doesn’t matter how much you transfer,
the cost of the service is always the same.
The difference between DOGE and
Since this cryptocurrency is based on the
principles of Litecoin, and the latter, in turn, on Bitcoin, it is not
surprising that there are practically no differences. There are only a few:
- different perception of money:
instead of working in black markets – use in charity;
- unlimited issue of funds;
- low cost of coins;
- small commission for transfers – 1
DOGE, regardless of the amount;
- simple mining without high
requirements for the technology used;
- fast issuance of remuneration;
- Dogecoin self-stabilization;
- the ability to make purchases via
Bluetooth and by scanning a QR code;
- A more reliable protection
In all other respects, the work of Dogikoin is no