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Dogecoin has been around since late 2013, starting as a joke initially. The coin has been designed to be a satirical homage to Bitcoin. Besides being a joke and meme coin, Dogecoin wasn’t intended to serve any other purpose. Yet, you can use it to transfer value.
5 Interesting Facts About Dogecoin
Here’s a list of five interesting facts about Dogecoin:
- Dogecoin started as a joke created by Jackson Palmer and Billy Marcus in November 2013. Marcus recently claimed that he sold all of his DOGE in 2015.
- There are 128,264,356,384 DOGE coins in circulation at this moment, compared to 18.5 million bitcoins.
- Dogecoin hosts one of the largest communities in the crypto space.
- In 2014, the Dogecoin community raised $55,000 to sponsor NASCAR driver Josh Wise and covered his car entirely in Dogecoin and Reddit alien images.
- If you wondered which dog is on Dogecoin’s logo – it is the Shiba Inu, which is a hunting dog breed.
The DOGE Cult
The cult surrounding Dogecoin still attracts new users to the world of crypto. Therefore, for many people, it serves as an entry point to the crypto world. On top of that, Dogecoin hosts a very approachable community that catapulted DOGE to cult status.
It’s important to know that the currency is not actively maintained. Dogecoin hasn’t seen many updates since 2015. At the moment, the latest code update is from November 2019.
Presently, the network is being secured by miners, just like the Bitcoin network. For each block that is mined, miners receive 10,000 Dogecoins as a reward.
Dogecoin’s Design
Let’s take a look at Dogecoin’s design characteristics:
- Mining
- Supply
Mining: Dogecoin’s Proof of Work Algorithm
Dogecoin’s blockchain works like any other primary blockchain. Blocks are chained together using a hashing algorithm, and outputs can be spent. In other words, users can spend their Dogecoins by sending a transaction to a DOGE address.
Next, miners who run nodes receive and validate transactions. Any invalid transactions will be rejected. Of course, valid transactions are added to blocks, which are further added to the blockchain.
