DodgecoinDogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. It was originally invented as a crypto joke.
What is Dogecoin?
Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. It was originally invented as a crypto joke.
Set up in 2013 by Jackson Palmer and Billy Markus, Dogecoin was inspired by the then-popular Shiba Inu “Doge” internet meme.
How does Dogecoin work?
Dogecoin has grown a substantial user community since its inception on the back of its cute coin logo. The coin is used for small payments by a lot of the crypto users.
One of the most popular uses for Dogecoin is "tipping" fellow internet-goers who create or share great content. Think of it as a more meaningful "like" or upvote, with real value that can be used all across the internet.
Dogecoin is based on Luckycoin which was created based on the Litecoin blockchain.
The Dogecoin ledger uses the proof-of-work consensus mechanism to validate the transactions on its blockchain. However, a notable difference from bitcoin is that it uses the scrypt hashing function. This hashing function is significant in that it is designed to make it difficult for the development of ASICs miners. This function is meant to ensure mining dogecoins remained accessible to people who did not have access to specialized mining equipment