DogeCoin (DOGE) is a decentralized digital currency, also known as a cryptocurrency, that was created in December 2013 by software engineers Billy Markus and Jackson Palmer. It is based on the popular internet meme featuring the Shiba Inu dog breed, and its name is derived from the "Doge" meme. DOGE was initially created as a light-hearted alternative to more established cryptocurrencies like Bitcoin and Litecoin.
DogeCoin uses a proof-of-work consensus algorithm called Scrypt, which is also used by Litecoin. This algorithm allows miners to validate and secure transactions on the DogeCoin blockchain by solving complex mathematical problems, and they are rewarded with new DogeCoins for their efforts.
Over the years, DogeCoin has gained a significant following and has been used for various purposes, including online tipping, fundraising, and charitable donations. The value of DOGE has also seen significant fluctuations and has occasionally experienced sharp increases in price. Despite its origins as a joke, DogeCoin has grown into a legitimate cryptocurrency with a passionate community behind it.