Dogecoin

Article

December 8, 2021

Dogecoin (abbrev ISO 4217: XDG, symbol: Ð and D) is an open source peer-to-peer cryptocurrency initially created as a "joke coin" on December 6, 2013, rapidly developing its own online community, catching up with a capitalization of US$60 million in January 2014. The currency uses as a "mascot/logo" the meme "Doge", a dog of the Shiba Inu breed.

History

Dogecoin was created by programmers Billy Markus and Jackson Palmer, who hoped to create a fun cryptocurrency that could reach a wider audience than Bitcoin. Also, he wanted to distance himself from the controversial history of other cryptocurrencies. After receiving several mentions on Twitter, Palmer purchased the dogecoin.com domain and added a splash screen, which showed the coin logo and text written in Comic Sans. Markus saw the site linked to an IRC chat room and began creating the currency after arriving at Palmer. Markus based Dogecoin on an existing cryptocurrency, Luckycoin, which features a random reward that is received for mining a block, although this behavior was later changed to a static block reward in March 2014. The original idea for the network of Dogecoin was to produce a total of 100 billion Dogecoins, but later it was announced that the network would produce an unlimited amount of Dogecoins.

Growth

Compared to other cryptocurrencies, Dogecoin has seen rapid growth, reaching 100 million coins in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of June 30, 2015 100 billion Dogecoins had already been mined. While there are few traditional commercial applications, the currency has gained traction as an Internet tipping system, in which social media users tip Dogecoin to other users for providing interesting or noteworthy content. Dogecoin is referred to as an altcoin.

Supply

Unlike deflationary cryptocurrencies which have a limit on the number of coins that can be produced, there is no limit to how many Dogecoins can be produced, which makes it an inflationary currency. Dogecoin was initially to have a limit of 100 billion coins, which would already have been many more coins than the major digital currencies were allowing. In February 2014, Dogecoin founder Jackson Palmer announced that this cap would be removed and that there would be no cap, which should be the result of a steady reduction in its inflation rate over an extended period of time.

Wallets

The main wallets to store this cryptocurrency are: Ledger Nano S, KeepKey (both software wallets), Jaxx, Coinomi and the Dogecoin Wallet. The Dogecoin Wallet is the official Dogecoin coin wallet and has a lightweight version available that is very quick to sync. There is also a full version that takes longer to sync and takes up more space, but has the big advantage of being able to mine the coin.

Fundraising

2014 Winter Olympics

The Dogecoin community and foundation have encouraged fundraising for charities and other notable causes. On January 19, 2014, a fundraiser was created by the Dogecoin community to raise $50,000 ($50,000) for Jamaica's Bobsled team, which qualified for the 2014 Winter Olympics held in Sochi, but they weren't able to go to the games. On the second day, $36,000 ($36 thousand) in Dogecoin was donated and the Dogecoin to Bitcoin exchange rate increased by 50%. The Dogecoin community also raised funds for a second athlete from Sochi, Shiva Keshavan.

Doge4Water

Inspired by the Winter Olympics fundraiser and small businesses

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