Dogecoin
Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who as a “joke” decided to create a payment system, ridiculing wild speculation about cryptocurrencies at the time. It is considered to be the first "meme coin", and, more precisely, the first "dog coin". Despite its satire, some see it as a legitimate investment prospect. Dogecoin has the face of the dog Shiba Inu from the meme "Doge" as its logo and namesake. It was introduced on December 6, 2013 and has rapidly developed its own online community, reaching a market capitalization of over $ 85 billion on May 5, 2021. It is currently sponsoring the Watford Premier League T-shirt (sleeve only). [Dogecoin.com promotes the currency as "fun and friendly internet currency", referring to its origins as a "joke". Software engineers Billy Markus and Jackson Palmer have launched a satirical cryptocurrency as a way to ridicule Bitcoin and many other cryptocurrencies that boast big plans to conquer the world. With the help of Reddit, the site immediately became a hit. Within two weeks, Dogecoin had set up a dedicated blog and forum, and its market value reached $ 8 million, once jumping into the seventh largest electronic currency in the world. Dogecoin is based on the Scrypt algorithm, and the transaction process is more convenient than Bitcoin. Dogecoin only needs 1 minute to confirm, while BTC needs 10 minutes.
originally formed as a “joke,” Dogecoin was created by IBM software engineer Billy Markus and software engineer Adobe Jackson Palmer. They wanted to create a peer-to-peer digital currency that could reach a wider demographic than Bitcoin. In addition, they wanted to move him away from the controversial history of other coins. Dogecoin was officially launched on December 6, 2013, and in the first 30 days, Dogecoin.com had over a million visitors.
Palmer is credited with making the idea a reality. At the time, he was a member of the marketing department of Adobe Systems in Sydney. Palmer bought the Dogecoin.com domain and added a home screen, which featured a coin logo and scattered Comic Sans text. Markus came to Palmer after seeing the site and began efforts to develop the currency. Markus designed the Dogecoin protocol based on the existing cryptocurrencies Luckycoin and Litecoin, which use scrypt technology in their algorithm to verify performance. The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, but must use dedicated FPGAs and ASIC mining devices that are known to be more complex to produce.
On December 19, 2013, the value of Dogecoin jumped nearly 300% in 72 hours, rising from $ 0.00026 to $ 0.00095, [19] with billions of Dogecoins a day. That growth came at a time when bitcoin and many other cryptocurrencies were shaken by China’s decision to ban Chinese banks from investing in the bitcoin economy. Three days later, Dogecoin experienced its first big drop of 80% due to this event and large mining gatherings that exploited the small amount of computing power needed to mine Dogecoin at the time.
On December 25, 2013, the first major theft of Dogecoin occurred when millions of coins were stolen during hacking on the wallet platform for online cryptocurrencies Dogewallet. The hacker gained access to the platform's file system and modified its send / receive page to send any and all coins to a static address. This hacking incident sparked tweets about Dogecoin, making it the most frequently mentioned altcoin on Twitter at the time, although it referred to a negative event. To help those who lost funds at Dogewallet after its breach, the Dogecoin community has launched an initiative called “SaveDogemas” to help donate coins to those who stole them. About a month later, enough money was donated to cover all the stolen coins.
In January 2014, the volume of Dogecoin trading briefly surpassed that of Bitcoin and all other cryptocurrencies combined. However, its market capitalization remained well behind Bitcoin. Initially, Dogecoin contained a randomized reward that was received for each mining block. However, in March 2014, this behavior was later updated to a static reward for the block.
