Dogecoin (DOGE) is an open-source peer-to-peer cryptocurrency reported to be “favored by all Shiba inus worldwide”. As a fork of the source code of Litecoin (LTC), its first block was mined in December 2013.
To prevent competition with Litecoin’s mining pools (also using the Scrypt hashing function), Dogecoin (DOGE) transitioned to Auxiliary Proof of Work (AuxPoW) and has been merged-mined with Litecoin since August 2014.
What is Dogecoin?
At its heart, Dogecoin is the accidental crypto movement that makes people smile! It is also an open-source peer-to-peer cryptocurrency that utilizes blockchain technology, a highly secure decentralized system of storing information as a public ledger that is maintained by a network of computers called nodes.
More than this, though, is the ethos of Dogecoin, summarised in the Dogecoin Manifesto, and its amazing, vibrant community made up of friendly folks just like you!
How Does Dogecoin Work?
Like other popular cryptocurrencies, Dogecoin works by utilizing blockchain technology. Unlike a lot of other popular cryptocurrencies, though, the fees to send Dogecoin are extremely small, and the speed by which Dogecoin transactions are confirmed is relatively fast.
Simply put, if you would like to send money to someone who is located anywhere in the world — or receive money from someone who is located anywhere in the world — without using a centralized bank and paying foreign currency exchange and transfer fees, then Dogecoin can work for you!
Furthermore, Dogecoin can be used to purchase goods and services, and for tipping people on popular social media platforms like Reddit and Twitter.
Who owns and controls the Dogecoin Network?
One of the wonderful things about Dogecoin is that no one, or no corporate entity, “owns” the Dogecoin blockchain: it is entirely open-source, permissionless, decentralized, and peer-to-peer.
As at Nov 21th 2022, the circulating supply of DOGE is ~136.98 billion and the total supply of DOGE is ∞.
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