Dogecoin (DOGE)
Dogecoin is a peer-to-peer, open-source cryptocurrency that features the Shiba Inu dog from the "Doge" Internet meme as its logo. Launched on December 8, 2013, Dogecoin began as a "joke currency" but quickly gained a dedicated online community. Unlike other cryptocurrencies which often highlight technical features, Dogecoin's appeal is linked to its origins as a meme, making cryptocurrency more approachable for new users. It has a rapid initial coin production schedule, with over 100 billion coins circulating by mid-2015 and an additional 5.256 billion coins produced annually. Dogecoin is mined every minute and has no maximum supply.
History of Dogecoin
| Ticker | DOGE |
| Category | Cryptocurrency |
| Website | http://dogecoin.com/ |
| @dogecoin | |
| https://www.reddit.com/r/dogecoin/ |
Early development and launch
Dogecoin was founded by Billy Markus from Portland, Oregon, and Jackson Palmer. Markus aimed to create a fun cryptocurrency that could reach a broader audience than Bitcoin. Palmer, inspired by a 2013 meme, combined his interest in cryptocurrencies and the Doge meme, leading to the launch of Dogecoin on December 6, 2013. Originally, the network was to produce 100 billion Dogecoins, but it was later decided that the supply would be infinite, differentiating it from deflationary cryptocurrencies like Bitcoin.
Significant milestones
Dogecoin quickly gained popularity, with notable events including a 300% value increase in December 2013 and the establishment of the first DOGE/USD exchange in January 2014. In 2014, the community donated millions to various charitable causes, including funding for the Jamaican bobsled team's Olympic trip and sponsoring NASCAR driver Josh Wise. By 2015, Jackson Palmer took a leave of absence from the project, but Dogecoin continued to thrive under the contribution of others.
Architecture
Dogecoin is based on Litecoin and uses Proof-of-Work (PoW) technology. Initially, Dogecoin used a randomized reward system for block mining, which was later changed to a fixed reward. The cryptocurrency can be traded on various exchanges and stored in wallets. Dogecoin operates on Scrypt technology, which allows for faster transactions and is more consumer-friendly.
Elon Musk and Dogecoin
Elon Musk has been a vocal supporter of Dogecoin, frequently tweeting about it and endorsing it as a payment option. His involvement has significantly influenced Dogecoin's popularity. In 2021, Musk announced collaborations with Dogecoin developers to improve transaction efficiency, and Tesla began accepting Dogecoin for merchandise.
Dogecoin mining
Dogecoin can be mined with Scrypt technology and has an unlimited supply, making it an inflationary coin. It can be mined individually, through a mining pool, or via cloud mining, and supports various operating systems, including Windows, Mac, and Linux.
Exchanges
Dogecoin is available on several major exchanges, including Coinbase, Binance, Kraken, and Gemini, among others.
The Dogecoin Foundation
Founded in 2014, the Dogecoin Foundation was reestablished in 2021 to support the Dogecoin ecosystem and community. It includes advisors like Billy Markus, Max Keller, Vitalik Buterin, and representatives for Elon Musk. The foundation focuses on governance and fostering the future of Dogecoin.
Board and advisors
The board comprises experienced individuals from the Dogecoin community, including Jens Wiechers, Michi Lumin, and Timothy Stebbing. Advisors include Jared Birchall, Shibetoshi Nakamoto (Billy), Max Keller, and Vitalik Buterin.
Dogecoin’s Libdogecoin
Libdogecoin is a C-library of Dogecoin's components, allowing developers to create Dogecoin-compliant products without needing to understand the underlying crypto mechanics. It supports multiple programming languages, facilitating broader adoption.
Companies that accept Dogecoin
Numerous companies accept Dogecoin payments, including Tesla, AMC Theaters, GameStop, and Newegg, due to its low transaction fees and support from figures like Elon Musk.