Dogecoin (Dogikoin) cryptocurrency review – DOGE development prospects

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 new currency.

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 Dogecoin cryptocurrency

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 mine Dogecoin.

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 BTC

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 mechanism.

In all other respects, the work of Dogikoin is no different.

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