Dogecoin (Doge)

Description

Dogecoin

is an open-source, decentralized cryptocurrency.

Dogecoin was founded by Billy Marcus and his idea was to bring something interesting to the blockchain ecosystem. He wanted people to have a sense of belonging and have fun while they were on such a platform.

Dogecoin has a number of unique features, and in some cases this cryptocurrency is superior to Bitcoin, as the creators of Doge assure.

One of the features is that there is an endless supply of coins on this platform. Dogecoin works on the PoW algorithm.

Dogecoin is one of the most widely used coins on the market and has been accepted by many cryptocurrency exchanges. It is a decentralized digital currency that allows users to send money online.

Dogecoin has always been considered more of a joke and most people have a hard time taking the project seriously. However, it has an optimistic and loyal community that, even with minimal updates from the development team, has remained active and dedicated to the project over the years.

An attempt to hack the Dogecoin blockchain on Christmas Eve in 2014 resulted in users losing approximately 21 million Dogecoins, worth $12,000. However, the Dogecoin community was able to raise about $13,000 to return money to those who lost it.

Dogecoin works the same way as Bitcoin and many other cryptocurrencies. But there are still differences.

For example, one of the main differences between Dogecoin and Bitcoin is the number of coins available. When Dogecoin was released, it was created with a limited supply of 100 billion coins. However, an update was later made to make the supply of coins infinite.

Dogecoin solves the Bitcoin blockchain problem of transaction speed: through Dogecoin you can send your payments much faster.

Bitcoin confirms a block every 10 minutes, while Dogecoin processes a block every minute. This is one of the reasons why transaction confirmations are faster on Dogecoin.

What makes Dogecoin better than its competitors?

Over the years, Dogecoin has been resilient even without updates from the development team. There are several advantages that allow Dogs to remain a popular and working cryptocurrency:

1. Anonymous transactions
2. Protection against loss of your assets

The Dogecoin platform is generally secure. The face of the coin may look like a meme, but the team behind Dogecoin takes security seriously. By default, all if not most platforms have a 51% risk of attack. However, by switching to AuxPoW, Dogecoin mitigates this risk.

The Doges spend a lot of money on charity: the Dogecoin community raised about $30,000, which was used to mine and build clean water wells in the Tana Valley in Kenya.

The same community raised $50,000 that sent the Jamaican bobsled team to the Winter Olympics in Sochi.

What's special about this project?

• Speed ​​and Cost – Doge boasts fast transactions and low transaction fees – both essential for mass adoption
• Unlimited Supply* - The coin was initially limited to 100 billion coins, but was later changed to an unlimited supply.
• Community – The heart of Dogecoin is its active community. With over 100,000 members, Reddit is known for being a friendly and welcoming group.
• Philanthropy is the same community that has been known to rally around good causes. They raised over $25,000 in Dogecoin to help send the cash-strapped Jamaican bobsled team to the 2014 Olympics. They have also teamed up with a water charity to rally thousands of people to access clean water in Kenya.

Unlimited offer*. In fact, the infinity of a PoW coin is more of a plus than a minus. Since, when a cryptocurrency with a limited number of coins is fully mined, for example, 21,000,000 out of 21,000,000, miners will make a profit only from transaction fees, which will entail a very small profit, or even minus mining.

This means that most likely a huge number of miners will leave the network and it will become vulnerable. An infinite supply of coins in turn helps protect the network from such problems.

How does Dogecoin work?

The benefit of an endless supply of Dogecoin tokens is that the price remains relatively stable. The downside is that the price usually remains very low.

Most people come to the world of cryptocurrency to invest in it. They hope that if they hold certain tokens long enough (hold them), they will be able to sell them in the future for a large profit.

But it doesn't work that way with Dogecoin. Since the supply of tokens is high and the price is low, this is not attractive to investors who want to hold onto their currency. The result is a highly liquid, freely flowing digital currency.

However, it is worth noting that Doge also has pumps, so if you bought coins at a fairly high price, in our opinion, it is better to continue to hold and not sell them at a low price, so as not to go into the negative. But it’s up to you to decide what to do with your coins.

Cost dynamics

Two weeks after the launch of the project, the Dogecoin rate jumped and tripled. The reason for the price increase is the ban on investing in Bitcoin for banks in the Middle Kingdom. The positive trend continued at the beginning of 2014. In February, the rate reached 1.4 rubles, but by the middle of the month the price dropped to 0.4 rubles. At the moment of its highest value, Dogecoin surpassed BTC in capitalization, but the period was short-lived. The cryptocurrency was rapidly gaining popularity and entered the TOP 10 cryptocurrencies, but after a couple of weeks it slipped into the fourth ten.

Since February 2014, negative exchange rate dynamics have been observed. The cost of Dogecoin had already fallen to 0.05 rubles by the end of February. In March and April, the negative trend continued. The cryptocurrency community was looking closely at digital money, and developers actively participated in charitable projects:

1. Winter Olympic Games. Crypto network participants began raising money for the Jamaican national team, which does not have the funds to participate in the competition. In just 48 hours, they managed to collect Dogecoin worth 36 thousand dollars.
2. Doge 4 Wate - over time, a charitable foundation was created to build a well at the bottom of the Tana River. In a short period of time, they managed to collect 30 thousand dollars.
3. Nascar - raised $55,000 in March 2014 to help racer Joshua Wise. As a thank you, a sticker with the name of the cryptocurrency appeared on the car.

These are just some of the examples of using Dogecoin. Despite activity in the charitable sector, the Dogecoin exchange rate against the ruble continued to decline. Already in 2020, the main change was the departure of one of the developers of the Dogecoin cryptocurrency, Jackson Palmer. The cryptocurrency community started talking about the future end of the coin’s life. The fears were not confirmed. At the beginning of the same year, the cost of Dogecoin was at the level of 0.01–0.05 rubles, and by May it increased to 0.045 rubles. Since mid-May, the price of the cryptocurrency has gone up again after positive news about the continued operation of the virtual coin. By the end of July, the price of Dogecoin reached the level of 0.011 rubles. Then a bearish trend began.

2020 began a period of low volatility for Dogecoin, with the value in rubles and other currencies fluctuating within a small range. The passive dynamics were explained by the lack of breakthroughs in technology and pressure from competitors. If in February 2018 the cost of Dogecoin was 0.02 rubles per coin, by the end of March the price dropped to 0.013 rubles and remained (with minor deviations) until the end of the year. A small surge in popularity occurred at the end of June–beginning of July 2020, when the virtual coin reached the level of 0.018 rubles.

At the beginning of 2020, Dogecoin experienced another decline. The cost of the digital coin in the period from January to March remained at the level of 0.01–0.012 rubles. The position of the cryptocurrency strengthened in early May, and by June 5, the price of Dogecoin reached 0.2 rubles. By the end of the summer, another decline followed to the level of 0.1 ruble, and by October the rate fell another half. In December 2020, the value of Bitcoin and other cryptocurrencies skyrocketed. Dogecoin did not stand aside either, the price of which rose to 0.55 rubles by the end of the year.

In the first days of January, the Dogecoin rate continued to grow, and the peak point was reaching 1 ruble per coin on Christmas (January 7). On that day, Dogecoin’s capitalization exceeded two billion dollars, and trading volume increased by 40% to $227 million.

Further, Dogecoin, along with other cryptocurrencies, lost value. Already on February 4, 2020, the rate fell to 0.26 rubles per coin. Within two weeks, the price rose to 0.38 rubles, and then fell to 0.16 (April 13). Subsequently, Dogecoin showed high volatility. The maximum price of 2020 was reached on September 10 - 50 kopecks per coin.

Over the past month, the Dogecoin rate has remained at approximately the same level (about 15 kopecks per coin). Experts are confident in the future of cryptocurrency, which is explained by the advantages of the token:

1. High speed of transactions and low commissions. On average, the payment for a transfer is about one coin (regardless of the amount). As a result, users transfer large amounts while maintaining anonymity and without time delays.
2. The Dogecoin cryptocurrency network is characterized by decentralization and a high level of security.
3. Large cryptocurrency platforms have added the digital coin to the listing.
4. The crypto network has no problems with scaling and delays in the transfer process (as happens with Bitcoin).
5. Cryptocurrency wallets for Dogecoin are convenient and popular among fans of cryptocurrency faucets.
6. The coin is available for mining and does not require the purchase of expensive equipment.

During its existence, the cryptocurrency has gained the support of many exchange platforms, which have added the token to the listing and continue to offer favorable quotes to clients. The incentive for the growth of the rate is considered to be the development of technology and the focus of developers on eliminating the “weaknesses” of the cryptocurrency.

Network participants often use Dogecoin digital money to transfer large amounts with a small commission. Traders view coins as a convenient investment tool. For just 1,500 rubles you can buy 10,000 coins and leave them in your wallet, waiting for future price increases.

In practice, Dogecoin is often used as a tool for donations to various initiatives. The history of fundraising began in 2014, and many projects are still supported by trends today.

Development team

The development team is publicly available, however not all team members are listed. It is known that the team consists of 8 people. On average, these are people born in 1980, that is, they are about 40 years old.

Jackson Palmer is the founder of the project. https://twitter.com/ummjackson

Maximilian Keller – project founder, developer. Has extensive experience in mobile application development.

How to mine dogecoin?

Until mid-2014, Dogecoin mining was carried out using GPUs and CPUs, then ASICs were developed for Scrypt, and it became unprofitable to use video cards and central processors. There is no fixed reward for a block.

There are 3 types of Dogecoin mining, which differ in profitability. Just like eos mining.

There are many videos about how to mine Dogecoin on a video card or processor, for example, here is a short video review.

Bloggers often say that mining dogs on a regular computer can be profitable, but any expert will confirm that mining using ASIC will bring in more money.

The Scrypt algorithm is demanding on RAM, so the best option is an ASIC or a very powerful video card from AMD.

Of the ASICs, it is best to buy Antminer L3+. It can be purchased in online stores or from resellers if there is a shortage of ASICs in the city.

Whattomine.com.

Using the whattomine.com service, you can analyze the potential profitability of Dogecoin mining and draw conclusions about whether or not you should start doing it.

This video explains how to use Whattomine to calculate the profitability of various computing hardware (video cards or ASICs).

Programs for mining on video cards and processors

The following programs are used to mine Dogecoin.

Beginners will find it useful to decipher the parameters in the body file:

1. The pool address, for example, stratum.aikapool.com:7915.
2. Your own pool login, your own worker (after the dot!) – Weblogin.Worker. This data must be replaced with personal data.
3. The worker password is WorkerPassword. It also changes to your own.

From this video you can learn how to use the Cudaminer program.

For the CPU, the CPUminer program is used, which is installed in a similar way.

Pools and cloud mining

Here are the largest pools where dog coins are mined.

Many Russian miners work on the following pools:

• Multipool.us;
• Aikapool.com.

You can figure out how to mine Dogecoin through a pool using the example of Aikapool.com.

First you need to register. The questionnaire includes:

• login;
• entering the password twice;
• email;
• PIN code that will be required to withdraw money.

On the main page there is information about the pool: the number of miners, hashrate, and so on.

Below is information about workers. To create a worker, you need to log in to My Account -> My Workers -> Add New Worker. And enter the worker name and password for it.

To set up money withdrawal, you need to go to Edit Account -> Payment Address. And enter a withdrawal limit. When the limit is reached, the payment will be made to the specified wallet automatically. If the limit is set to “zero”, money can only be withdrawn manually. Each operation is confirmed by entering a PIN code.

When choosing a pool, you need to take into account the ping to it. Often, the closer the servers are geographically located, the better.

The most popular cloud mining service is Eobot. You can learn more about this service from this video.

Faucets for Dogecoin

Faucethub.io/faucets/DOGE.
In terms of the number of faucets, Dogecoin ranks second after Bitcoin. More than 300 faucets are presented at faucethub.io/faucets/DOGE.

The table shows data on the most popular Dogecoin faucets.

Payments are made to the FaucetHub micro-wallet. Some Dogecoin faucets have referral programs where you can earn up to 25% of the referral's income.

On most faucets, Dogecoin withdrawal is carried out provided that the amount of coins is a multiple of 10.

Where to store?

You can store coins on an official cold wallet for operating systems such as:

• Windows
• Linux
• Mac

Download the official wallet - https://dogecoin.com/getting-started

cold wallet

You can also store coins on an official mobile wallet created for an operating system such as Android. This type of wallet is very convenient, as it is almost always at hand: you can easily and quickly check your balance, rate, and also enter or withdraw coins to an exchange or cold wallet.

Download mobile wallet from GooglePlay - https://play.google.com/store/apps/details?id=de.langerhans.wallet

mobile wallet

You can also store coins directly on the exchange where they are traded.

Project history

Dogecoin has the ticker DOGE. The coin icon is a meme dog of the Shiba Inu breed. The creators of the idea are Jackson Palmer and Billy Marcus. At the time of its creation, no one could have imagined that the coin would take off.

It was launched on December 6, 2013 as a fork of Luckycoin. This coin, in turn, is a fork of Litecoin.

Dogecoin quickly attracted interest from large online communities.

Jackson Palmer jokingly announced the new project on Twitter. When he received comments from interested users, he purchased the dogecoin.com domain. Billy Marcus learned about this idea on the forum. He subsequently created the blockchain for Dogecoin.

Marcus had previously had the idea of ​​creating a coin with a clean image. Back then, cryptocurrency, especially Bitcoin, was perceived as darknet money associated with drug trafficking.

DOGE's initial growth came from internet users. They used the coin as a “tip” for interesting posts on forums.

Compared to BTC and LTC, Dogecoin was inexpensive. At the start of the project, tens of thousands of DOGEs were being used every day on Reddit and Twitter. The Dogecoin team also includes the Internet community, without whom this popularization would not be possible. Users spread information about the coin on forums. This promotion helped increase demand for DOGE.

Today the coin ranks 20th among the largest cryptocurrencies by market capitalization. Despite strong competition, the coin still took its place in the market.

How to mine?

The coin works on the Scrypt algorithm and is mined using special devices - ASICs.

In order to start mining this coin, you need to buy an ASIC for this algorithm or use an existing one.

Be careful: ASIC is made only for 1 algorithm! In this case, you need to buy an ASIC for the Scrypt algorithm.

Such ASICs are sold, for example, by the company Bitmain.

Next, the ASIC needs to be connected.

You can read about ASICs on our website in the article Everything you need to know about ASICs in simple words

After the ASIC is connected, you need to configure a mining pool for it:

Pools

The coin can be mined on the following mining pools (the most powerful mining pools for the Dogecoin coin are listed below):

After the pool is selected, you need to configure your ASIC for it.

That's it, the mining process has started.

What is Dogecoin?

Dogecoin is a decentralized, peer-to-peer digital currency that allows you to easily send money online. You can think of it as an “internet currency.” It is a cryptocurrency based on Bitcoin and Litecoin. Although it seems very complicated, Dogecoin aims to make everything simple and fun. It's based on the internet meme doge, which depicts a cute Shiba Inu, but has become something huge. In less than a month, Dogecoin has grown more than most other cryptocurrencies (many of which have been around for years!), and already has great apps (like Android Wallet) you can buy things with it. For what? Because it's funny!

What does a dog have to do with Dogecoin?

“Doge” is our cheerful, friendly mascot! The Shiba Inu is a Japanese dog breed whose image became popular as an online meme and now serves as the symbol of Dogecoin.

Rate as of 08/14/2020

• Rate:
  0.003489 USD
• Symbol:
  DOGE
• Rating (CMC):
  36

Algorithm

The Dogecoin Foundation is a non-profit organization created by the Dogecoin community, for the Dogecoin community, to promote the use of Dogecoin through voluntary, promotional and charitable endeavors.

So, if you have a project that you would like to see come to fruition, or if you simply want to spread love using the magic of doge, we invite you to work with us.

Donations to charities and reasons for funding

The Dogecoin community, as you probably know, is a friendly group of people. As a community, we work hard to help people, whether they are on Earth or on the Moon. It's just our nature.

Promoting the use of Dogecoin - our fun currency

We all want Dogecoin to reach the moon sooner or later. But it all starts with what we, as a community, can do.

The Dogecoin Foundation is helping to promote Dogecoin so that more and more people learn about these coins and get them into the hands of more and more Shiba Inus. Think of us as the “backend” of the Dogecoin community.

Brief information about cryptocurrencies/altcoins

Cryptocurrencies are currencies that exist only in digital form. They are generated through mining, i.e. using a computer program that solves complex mathematical equations. Any computer can take part in this process, but the more powerful it is, the faster the problems will be solved (and the more coins you will receive!). More detailed information can be found in the “Mining” section of this encyclopedia.

You manage the coins you have in your wallet, which can be stored in various places (usually on your PC, but also on your phone or on paper). You can use these currencies like you use digital money, essentially just sending them to other people. As you can already understand, the adoption of any currency depends on what you can buy with it and how many people will accept it!

Cryptocurrencies became quite popular when Bitcoin began to attract wider attention due to its rising value. Currently, there are a huge number of so-called altcoins, this is a collective concept for all coins that are not bitcoins, and therefore are called “alternative coins”. Dogecoin is just such an alternative currency, and a big one at that!

Where can I buy?

Dogecoin is not only traded on most popular exchanges, but many new trading platforms are looking to add such a popular currency to their listing.

Where to buy DOGE

There are four ways to earn DOGE:

1. Buy DOGE on the exchange. To do this, you first need to purchase BTC or ETH. This can be done on most major exchanges. DOGE has almost no direct pairs with fiat currency.

2. If you are a Reddit or Twitter user, you can get paid in DOGE for your posts.

3. Set up your computer for coin mining.

4. Register on one of the faucets that transfer DOGE for tasks.

You can buy Dogecoin on the following exchanges: