![]() Over time proof of work has come under huge criticism from environmentalists due to its electricity usage. The first miner to solve the problem gets rewarded. The mechanism requires miners to compete to solve complex mathematical problems to verify transactions and add new blocks to a blockchain. Proof of Work is a widespread consensus mechanism used by a lot of cryptocurrencies, including Bitcoin. With merged mining, Dogecoin’s survival literally relies on Litecoin’s. Charlie Lee, Litecoin Founder, brought the idea forward. Merged mining helped make both Litecoin and Dogecoin network more secure. This consensus mechanism allows miners who mine Litecoin, which uses proof of work and script technology, to mine Dogecoin at no additional cost simultaneously. Unlike other cryptocurrencies, Dogecoin uses a unique proof of work consensus mechanism known as Auxiliary Proof of Work. Other members include Debbie Ballard, Josh Mohland, Jens Wiechers, and Felix von Drigalski. ![]() Patrick Lodder is also a member of Dogecoin’s Board of Directors. Some of Dogecoin’s developers include Patrick Lodder, a core developer, Max Keller, Ross Nicoll, and Michi Lumen. He lives a very private life, unlike other crypto creators. He is the brain behind the modification of an existing Litecoin wallet to create dogecoin-qt. For a while, Jackson Palmer was a member of the Dogecoin community before leaving in 2015. Jackson Palmer, an Australian marketer and software developer, and Billy Markus, an IDM developer, are the brains behind Dogecoin. They come from all corners of the globe and help keep the blockchain up to date. Teamĭogecoin is a community-based cryptocurrency that volunteer developers support. This helped with Dogecoin’s credibility and popularity. 2019 was also the year Dogecoin was listed on Binance, the largest crypto exchange in the market. In 2019 like the rest of the crypto market experienced another bull market. At its height, DOGE was trading for $0.018 and had a market cap of over $2 billion. Between late 2017 and early 2018, like the rest of the crypto-verse Dogecoin saw a price increase. According to Jackson, he left because of Ryan Kennedy, the founder of the infamous Dogecoin exchange called Moolah. The same year Jackson Palmer one of the co-founders of Dogecoin, departed from the community. ![]() In 2015 the price of DOGE dropped considerably, hitting a low of $0.0001. The Dogecoin Community came together to salvage the situation by raising $13,000 to pay back users who had lost money. The hackers managed to steal 21 million Dogecoin worth about $12,000. On a negative note, On December 25th, 2014, the Dogecoin wallet called was hacked. The community also raised $30,000 to help build clean-water wells in the Tana Valley in Kenya. For example, the Dogecoin community raised $50,000 to help send the Jamaican Bobsled Team to the Sochi Winter Olympics. 2014 also saw Dogecoin, through its impressive community, support several good causes around the world. At its launch, Dogecoin was at risk of a 51% attack. This was to help Dogecoin avoid 51% attacks. The same year Dogecoin and Litecoin began merged mining. In January 2014, DOGE was trading at around $0.002, almost 10% more than in 2013. DOGE hit the market trading at around $0.0002. Most cryptocurrencies were either political or money-oriented. At the time, it was the only friendly cryptocurrency in the crypto space. Historyĭogecoin first entered the market in December 2013. As of writing this, Dogecoin is ranked 26th by CoinMarketCap with a market cap of $1,314,952,248. Over the years, Dogecoin, also known as the meme cryptocurrency, has become quite popular, thanks to its friendly approach in the crypto space. ![]() When it comes to storage Dogecoin can be stored in several crypto wallets, including Ledger, Trezor, Coinomi, and Exodus. If you are looking to buy and start using Dogecoins, they are listed in several exchanges, including Binance, Huobi, Kraken, and OKEx. This means there is an endless supply of the coins. Unlike most cryptocurrencies, Dogecoin was never pre-mined and had no ICO. The cryptocurrency with the ticker DOGE can be used to buy food and household supplies or pay for meals and drinks. However, it is also acceptable as a method of payment in some establishments. They thought that the digital currencies were supposed to be about fun and not just money. The coin’s founders thought that cryptocurrencies were being taken too seriously. Dogecoin is an interesting cryptocurrency that started as a joke.
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