Dogecoin (DOGE) is often overlooked by the cryptocurrency enthusiasts and the entire blockchain community. This is because; its history is one of the most controversial ones of all the altcoins that have ever been developed. It’s actually almost close to impossible to hear someone talk about the Dogecoin without having to mention the Doge meme. This particular meme features a Shiba Inu dog breed which has quite an apprehensive face. Actually the Dogecoin enthusiasts are already used to different styles of this meme even in comics.
In that case, we will look at the history and founders of Dogecoin, market performance, future prospects, wallets and any other relevant information to enhance your understanding on the same.
History of Dogecoin
Even before the Dogecoin was launched, twitter was already in a buzz with just the mention of it. After the mention of the Dogecoin in twitter, Jackson Palmer who was an employee at Adobe and still a crypto enthusiast from Australia, created the Dogecoin.com. Later, Billy Markus who was a programmer from Oregon in Portland reached out to Palmer on twitter after seeing this website. Markus later wrote the code of this coin using the Scrypt algorithm just like the Litecoin and Luckycoin which was introduced there before.
This coin would therefore feature a certain randomized reward which would be allocated per every block mined. In its first year, Dogecoin aimed at featuring one minute blocks as well as about 50 million Dogecoins. In the process, the Dogecoin did away with this randomized feature as it inflated with no limit -5.256% per annum and this is expected to diminish every ten years.
The coin was launched in 2013 December and since then it has gained its traction. Although the Dogecoin seemed like a joke at first, it tripled its value in less than a week capturing the attention of more people who venture in to the crypto world. However, the coin seemed like it would crash due to the mining congestion. Just then on December 25 of the same year, a hacker managed to manipulate about 21 million DOGE which was equivalent to about $12 thousand.
Afterwards, the Dogecoin enthusiasts came together and started the Save Dogemans initiative which was meant to recover the stolen funds. This initiative was meant to replace the stolen funds by February 2014. Basically, the year 2014 was meant to be a fundraising one with this Dogecoin. It actually managed to raise $33 thousand in Doge that was used to sponsor the Jamaican wining team to the Winter Olympics.
In addition to that, the head of the Dogecoin Foundation, Eric Nakagawa led a charity even to build a well in the Basin of Tana River. This raised $30 thousand in Dogecoins. Although the coin was started to curb and criticize scams and dump schemes, it seemed like it would fall victim of the same. Considering incidents such as: The Moolah incident, scammers and fraudsters, this seemed like something Dogecoin would never recover from.
All in all, the Shibes team are still hopeful with the success and future of the Dogecoin. They are planning on sending a golden Dogecoin with the Shiba Inus face to the moon. It has proved to be resilient and fight its way through all challenges and oppositions. The proponents of this coin believe that this coin is meant to offer lessons of responsibility, vigilance and goodness to its supporters and the community at large.
Understanding Doge Coin Cryptocurrency
Dogecoin, being a fork of Litecoin, has most of its features resembling those of its predecessor but they are not identical. For example, the Scrypt algorithm. The currency was designed to have a large supply hence making the currency accessible to all. In the market today, the coin has about $750 million worth coins in supply. Experts estimate about 5.2 billion units will be made annually. Some of the critics of this coin say that this will impact the coin negatively since it will prevent the value of each coin from rising.
Uses of Dogecoin Currency
This coin is quite interesting to any crypto currency enthusiast. This is because of the fact that it was only made for fun and games but ended up being one of the major cryptocurrency in the world today. The crypto offers very low transaction fees, stable value and fast transaction times hence most traders are using this coin as a means of exchange.
For example, withdrawing money from an exchange platform may be quite expensive especially if you are using bitcoins. That is why some traders exchange the bitcoins to Dogecoins then withdraw the coins from the platform before deciding to use the money for something else.
Others decide to use it for mere speculation since the prices so far are still very low. This makes it possible to purchase a large volume of doge coin without having to spend a fortune. It can be advantageous too since any change in its prices will lead to significant market gain.
Some of the wallets you might find out there include;
Core wallets – This is usually the official wallet of the currency which can take the entire blockchain. However, you will have to download the entire blockchain just to use this wallet
Lite wallets – here, you are not required to download the entire blockchain hence making these wallets the most preferred among users. These wallets can easily connect to any 3rd party serves and also broadcast the transactions
Online wallets – here, you can use third party servers to store your private keys. This is usually not recommended because they are prone to hacks.
Other wallets include paper wallets and Hardware wallets.
Future of Dogecoin
As the Dogecoin (DOGE) stands today, it is not likely to see its death as most people expected at first. The network will run for as long as there are still people out there who are ready to learn about how cryptocurrencies work by experimenting on a few of them. In addition to that, there will still be more users who will be needing this currency to purchase digital goods, markets places for personal computer games or even buy items on Steam.
In the near future, users should expect to get an updated version of Dogecoin which will pay attention to the interface and the performance of this coin. However, the users should not expect the SegWit as the core team does not see the potential importance of this Segregated Witness to the future and success of Dogecoin. Just like Keller said: “Never tamper with a running machine” the core team of Dogecoin does not see the need to fiddle with the coin as long as it is running well and is well tested for market use.