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The history of DogeCoin (DOGE) started in a funny way. It was named by a popular meme of shiba inu dog and nobody had an idea that this currency will get a serious place in the world of cryptos one day. Surprisingly, thousands of Internet-users found this coin very attractive and started to buy it. Due to the popularity of the meme itself, a real hype around DogeCoin emerged. As a result, this currency became one of the top coins available on the market. In a word, a funny coin that appeared as a joke has not only survived but also became successful.
The developers behind this coin are Billy Markus and Jackson Palmer. Somehow it could manage its way to the community at the times when serious digital assets like Bitcoins and Litecoins were enjoying their best days.
DogeCoin is a peer-to-peer currency that allows users to perform financial transactions online without a necessity to rely on any banks and other third parties. Considered as a digital coin for small transactions between the Internet users, DOGE developed into a larger asset used for serious events connected with charity.
The hash rate of DogeCoins is improved by the new mining powers that constantly appear in the network. DOGE is mined together with LTC and therefore uses this additional power to increase the security of cryptographic operations and transactions made by users. DOGE is focused on the community and allows network members to learn and experiment with altcoins, therefore, its popularity doesn’t decrease over time.
As for the mining process, DogeCoin uses the same system as Bitcoin does. The group of miners work in a single network to solve cryptographic tasks and the system awards those who do it faster and better than all the others. While Bitcoin uses SHA-256 algorithm, DogeCoin is based on scrypt (the same as Litecoin uses). Due to scrypt, miners don’t have to buy expensive hardware. Instead, they are free to use their home computers for mining. The powers of an average PC is enough to take part in the DOGE mining process, therefore, anyone can take part in it.
The main feature of DOGE is rapid propagation among the community. In fact, people were attracted from the very beginning and do invest in this coin till now because it evokes positive emotions. DogeCoin is free from seriousness of Bitcoin and other large currencies and this makes it a brand. Bitcoin is associated with programming, financial machinations, world economics and other “adult” themes. At the same time, DOGE symbolizes the real-life Internet community, openness, and enthusiastic approach to the digital assets.
At the same time, DogeCoin stays as efficient and valuable as all other popular currencies. This coin was first to come into a niche of social networks. The unique strategy of DogeCoin developers was based on providing a reward system for people who are active on Reddit or Twitter. Those who produce original content, generate ideas, images, and texts can receive a reward – a crypto coin. Followers that appreciate someone’s activity were glad to express their thanks in a form of digital currency. DogeCoin appeared to be a perfect currency to use in that way.