Dogecoin (DOGE) Review – Crypto Coin Judge
Cryptocurrencies are pushing the worlds of finance and transactions to exciting new places. Be it security, convenience, or privacy, cryptos score good marks in every aspect—that is what places them streets ahead of the fiat currencies. Many respected thought leaders even say that cryptocurrencies are defining the future of money.
As today’s financial world is bustling with new cryptos, it is important to know which one will be here to stay. And in today’s feature, the discussion is on dogecoins. Unlike other available cryptocurrencies like Basic Attention Token, Augur, Bitconnect, Binance, Cardano, Dent, this crypto currency started as a crypto joke, but has successfully emerged as one of the hottest investment commodities. So, now, let us get down to knowing more about this crypto coin.
Dogecoin history: transforming from a fun coin to a fixed crypto
Known by the ticker DOGE, this digital coin began its life as a joke. Developed by Billy Markus in Oregon, this coin was designed to be just a fun currency and was named after the doge meme of Shiba Inu. However, Markus had no idea that this fun currency of his would achieve a permanent status in the crypto world.
However, that is what happened and it soon rose in value as it attracted a whole lot of internet communities and thousands of users. These users shared the digital currency by posting memes about this coin on the internet. The hype paid off really well and ended up putting this cryptocurrency among the top coins present in the market.
So, a coin that began as a joke managed to survive and thrive when other promoted digital assets fell by the wayside. Thanks to the coin’s community support, this currency became successful; this digital coin was even used for trading even when the prices were depressed.
The team that gave the crypto status to this meme coin
Markus was the original developer of dogecoins. In addition, Jackson Palmer—working in Adobe in Sydney—was encouraged by a student studying at Front Range Community College to turn this crypto idea into reality.
After persistent encouragement on Twitter, Palmer finally purchased the domain name of dogecoin.com. On the website, Palmer added a splash screen featuring the coin’s logo with the famous Shiba Inu dog meme and text in Comic Sans font.
When Markus saw this site being linked to an IRC chat room, he started fresh efforts to create this digital currency alongside Palmer. He then began using his programming skills planning to base the currency on the existing crypto that is known as Luckycoin.
Soon after, dogecoins began carving its place in the evolving world of digital currencies. Thanks to the growingcrypto shakedown online communities, this currency was used as a fully-fledged one at the time when serious rivals such as litecoins and bitcoins were regarded as serious assets and were a bit costly. Again, this was because of the existing community. At its height, thousands of dogecoins were easily zipping around Reddit, Twitter, and other social media channels; these coins were exchanged between its users, who dubbed themselves as “shibes.”
The team behind this coin therefore includes Markus, Palmer, miners, and a whole bunch of online communities. The online communities of this special fun currency are super active, making it grow with the rising popularity of memes in the world of the internet.
Analyzing how dogecoins revolutionize economics
An overview of dogecoins
Put simply, dogecoins have always been a peer-to-peer, decentralized digital currency enabling investors like you to send money online without any hassles.
Termed as the internet currency, this crypto gained immense momentum and was then pushed into more serious endeavors; these endeavors include different charitable events such as raising money for funding water wells and a bobsled team in developing countries.
The currency looks quite healthy when compared with others since fresh mining power continues to appear online and that is basically what is improving the hash rate of dogecoins. One of the lead core developers working on this crypto coin has stated that since the altcoin is mined along with litecoins, it can easily improve its network security through the hashing power of LTC.
All the existing core developers are motivated to maintain the network by sustaining the crypto’s online community. As long as there are people who will want to understand the basics of this altcoin through experimentation, DOGE will thrive regardless of the competition.
How do dogecoins spark innovation?
Their biggest innovation is that of virality.
This crypto’s appeal is its super-sticky memetics that evoke upbeat, friendly emotions. The creator of this altcoin wanted a crypto that lacked the seriousness which generally came with a bitcoin. Because of this, the currency’s marketers chose the doge brand.
Because of its strangely cute and silly figurehead, it was simply regarded as an enthusiastic, babbling toddler in the growing world of cryptos for adults. This altcoin’s theme was conceptually far away from a bitcoin’s more mature themes that include economics, programming, cryptography, and anonymity.
The process for paying or buying through a social network is exactly where DOGE kicks into action. Whenever people who are active on social networks such as Imgur, Twitter, or Reddit produce top images, products, or ideas, they can be rewarded with this crypto coin. That is, you may have a zillion followers online, but there was be no possible way of converting this success into a monetary return until dogecoins were invented.
The real deal behind mining: how does it work?
Just like bitcoins, DOGE uses a mining system for maintaining a blockchain.
For doing the maintenance work, the miners are awarded DOGE by the system. However, rather than using the traditional SHA–256, this coin leverages a traditional mining system that is based on the scrypt algorithm—the same one that is used by litecoins.
The use of this specific algorithm lets miners avoid investing in expensive mining-centric machines. However, with these machines, miners will be able to process a lot of transaction blocks—that is, with these machines, you will mine a lot of doge. Initially, the mining process gave out only a random amount of cryptos, but that thing changed to a specific reward around March 2014.
So, what do you need for mining dogecoins?
Well, ideally, you will require electricity and a few graphics cards to begin with.
However you can start mining this cryptocoin using a single computer as well. While it is possible to mine the dogecoins even without graphics cards; although, in this case, progress will be very slow.
When it comes to mining, your system’s performance should not be affected if, and only if, the system is set to default settings. The performance issues will be easily averted because the mining process will use the graphics or the computing power when the system is idle.
However, mining this currency on a laptop does not make sense because such a machine is not powered 24 × 7 and even its GPU/CPU power is lower in comparison with a personal computer. Also, there is a much greater chance of the laptop chips stressing out as they are packed in a very tight space; this will raise the risk of overheating. But if you feel like mining a bit, then you should use a couple of coins to play with.
Insights into the dogecoin wallet
Here is a list of all the wallets where you can store your coins.
1 – Core wallets: This is the official main wallet, which can simply take space on the entire blockchain. However, to use this wallet, you will have to download the entire blockchain.
2 – Lite wallets: This variant is preferred since here you are not required to download the entire blockchain; these wallets can simply connect to a third-party server that will seamlessly broadcast the transactions.
3 – Online wallets: With these wallets, you will store your private keys on a third-party server; because of this, the wallets can be hacked. They are not recommended.
4 – Paper wallets: This one is a secure and great way for storing all your coins. This wallet becomes an ideal choice when you know that you will not need to access them soon.
5 – Hardware wallets: While using such wallets, you will need a keepkey to make sure that the keys are securely stored. However, since these wallets are physical objects, they can be a bit expensive.
Of course, bear in mind that if you are using core wallets and lite wallets, you should keep the device secure. The machines with your wallets should not be connected to the internet excessively, and it should never be used for downloading software and applications from unauthorized websites.
How to invest
You can easily get dogecoins following a variety of ways you can buy these coins, get tipped, trade them, or simply mine them. The possibilities are nearly endless. Now, you can get them by simply being part of a community. If, however, that is not your style, the simplest and most convenient way of having your first dogecoin is by registering on a faucet.
So, what is a faucet?
A faucet is just a website that will give you a small amount of this cryptocoin, a portal for introducing you to the currency—you just need your own crypto address. Joining a DOGE community will let you not only know about this specific cryptocurrency but also increase its visibility online by exposing it to all those users who might not have known its existence.
You can also lay your hands on some dogecoins by simply mining them—an explanation of what mining entails has been given above. Put simply, mining can be thought of as a process of putting your computer systems and graphics cards to use for processing dogecoin transactions made by other people. Once you successfully process a transaction or a block, you will get a few dogecoins as a reward. Nevertheless, mining is generally done by advanced users, as the process requires lot of technical knowledge.
DOGE versus BTC
The basic difference between BTC and DOGE lies in its algorithm.
The BTC is based on the SHA–256 algorithm while the dogecoins are based on the Scrypt algorithm. With the SHA–256 algorithm, you will need hefty computing power for executing it. When you will have a lot of computing power at your disposal, you will be able to calculate the SHA–256 quickly.
On the other hand, the Scrypt algorithm will consume both the computer power and the memory. What is the reason for this consumption? Simply because the algorithm generates a lot of random data that has to be stored in the memory—afterward, the references to the data will be done randomly. Finally, Scrypt will then use the same data for generating the hash.
Doge NewsDogecoin will strengthen once the growth of bitcoins slows down
As and when the mighty growth of bitcoins slows, the phenomenon will certainly give rise to a new cryptocurrency. According to trade pundits, this currency will soon benefit from this crypto shakedown. To read the complete low-down, read this at https://sputniknews.com/business/201712251060304768-dogecoin-mainstream-bitcoin-slows-down/
Dogecoin pricing: Bullish figures are here
At the time of writing, the current price of one dogecoin is USD 0.009336 which is equivalent to 0.00000059 BTCs and the market cap of this digital currency is USD 1,050,432,204. With all these figures, the currency looks promising to go from strength to strength in the future.
Building a bright future for itself
Dogecoin’s online community is all set to send its fabulous coin’s value shooting upward. As more and more merchants have started accepting the currency, the future of this crypto looks bright. Now, more users belonging to different communities are embracing this tipping ecosystem where dogecoins have a leading role to play.
The final word
User-adoption rate and trading value are on a steady rise. Keeping that simple fact in mind, it makes all the financial sense to invest in this crypto coin without any further ado. If you want to dip your toes in the crypto water, invest in dogecoins—the digital currency that made the most of a simple, silly meme.