#doge coin

What is Dogecoin?

Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency that was made as a parody of the crypto market following the establishment of Bitcoin. It was originally created as a light-hearted joke for crypto enthusiasts, but it quickly exploded to be one of the leading cryptocurrencies in use today.

Dogecoin’s brand logo is based on a popular meme of that time that featured a Shibu Inu dog. It was created in December 2013 and was based on the same basic technology of other cryptocurrencies like Bitcoin and Litecoin.

However, Dogecoin introduced some improvements, which included faster access speeds and more affordable transactions. Also, it counts the support of a robust community around the DOGE popularly known as the “Doge Army.” In 2021, Dogecoin is the ninth-largest cryptocurrency by market capitalization.

Dogecoin uses a simplified variant of the hashing algorithm, Scrypt. It also uses the “proof-of-work” protocol, enabling it to receive work from other Scrypt based networks. Dogecoin mining is less power-intensive than Bitcoin algorithm SHA-256.