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Dogecoin is a digital currency created by Billy Markus and Jackson Palmer in 2013. This coin was described as a parody of digital currency, but quickly became a popular digital currency among internet users.
Dogecoin is a unique crypto asset because the basis for creating this meme coin is different from other crypto assets. This coin is based on the same blockchain protocol as Bitcoin. This means that transactions are stored on a decentralized digital ledger and can be verified by anyone.
Ways of working
Dogecoin operates on the same blockchain network as Bitcoin. This blockchain is a decentralized digital ledger that records all transactions. Each transaction is verified by a network of miners who work to confirm the validity of the transaction and add it to the blockchain.
Miners use special hardware namely ASICs to solve complex mathematical problems that validate transactions. This process is called “mining” and miners who solve problems are rewarded in the form of new Dogecoins. The number of meme coins that can be mined on the network is limited to a maximum of 130 billion.
Dogecoin has a Proof of Work (PoW) consensus system which is used to confirm and add transactions to the blockchain. This process requires quite a lot of computing power and takes a long time.
One of the main advantages of Dogecoin is the relatively low fees for making transactions. Meme coin transaction fees are much lower than Bitcoin and Ethereum, making it suitable for micropayments and other small value transactions. This is also what causes this coin to become popular among internet users who often carry out online transactions.
Dogecoin also has a very active and loyal community. This community often raises funds and carries out other activities to support the project and promote the adoption of this coin. This makes this meme coin a stable crypto asset with long-term potential
