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Saturday, October 14, 2017

The History of Dogecoin

The History of Dogecoin

What is Dogecoin?

Dogecoin is Cryptocurrency which displays the Shiba Inu dog image and the name "Doge" meme is used on the internet as its logo. Introduced as a "joke currency" on December 08, 2013, dogecoin quickly developed its own online community and achieved a capitalization of US $ 60 million in January 2014 and in March 2016 had a capitalization of US $ 22.2 million.

Compared to other cryptocurrencies, dogecoin has a rapid development, at the beginning of production of 100 billion coins has been in circulation until mid-2015 with an additional 5256000000 coins per year. As of June 30, 2015, 100000000000 dogecoin has been mined.

Although there are several major commercial applications, it acts as a currency and has gained deals as a tip internet system, where social media users provide tips on dogecoin to provide interesting or important content. Many users are dogecoin and cryptocurrency, using the phrase "For months!" to illustrate the sentiment for the increase in the value of this coin. Thanks to a crowdfunding effort, dogecoin can reach its golden era representing cryptocurrency and reach the Moon's surface in 2017.


Dogecoin is made by programmer Billy Markus from Portland, Oregon, who hopes to create a fun cryptocurrency and can achieve wider spread than Bitcoin. In addition, he wants to keep away from the controversial history with bitcoin background, especially his relationship with Silk Road online drug market.

At the same time, Jackson Palmer, a member of the marketing department of Adobe Systems in Sydney, was encouraged on Twitter by a student at Front Range Community College to make the idea a reality.

After receiving several statements on Twitter, Palmer purchased the domain and added a splash screen, which featured a coin logo with Comic Sans text. Markus looks at related sites in the IRC chat room, and starts attempting to create a currency by partnering with Palmer.

Markus is based on dogecoin on existing cryptocurrency, with Luckycoin being equipped with random rewards received for block mining, although this behavior later turned into a static reward block in March 2014. In turn, Luckycoin is based on litecoin, which also uses its scrypt technology in the algorithm as proof of work. The use of scrypt means that miners can not use SHA-256 in bitcoin mining equipment, and that dedicated FPGA and ASIC devices are used for complex mining.

Dogecoin was officially launched on December 8, 2013. The dogecoin network was originally intended to produce 100 billion Dogecoins, but later, it was announced that the dogecoin network would produce unlimited Dogecoins.

On December 19, 2013, the value of dogecoin jumped nearly 300 percent in 72 hours, up from US $ 0.00026 to $ 0.00095, with the volume of billions of Dogecoins per day. This growth occurs when Bitcoin and many other cryptocurrencies recover from China's decision to ban Chinese banks to invest the Chinese Yuan currency into bitcoins. Three days later, dogecoin suffered the first major accident with a fall of up to 80% due to limitations on the very few large mine ponds at that time to mine the coins.

On December 24, 2013, The Reserve Bank of India warns users of dogecoin and other cryptocurrencies on the risks associated with them. On December 25, 2013, the first attempt of the big dogecoin theft occurred, millions of coins stolen / hacking on the online platform Dogeteret wallet. Hackers gain access to the platform filesystem and modified its send / recipient pages to send any and all coins to a static address.

This incident made him a dogecoin as the most mentioned altcoin on Twitter. To help those who are losing money at Dogewallet, dogecoin users initiated an initiative called "SaveDogemas" to help donate coins to those who lost. About a month later, the money donated to cover all the lost coins is enough.

In January 2014, in a short time the trade volume of dogecoin exceeded bitcoin and all other cryptoes.

On January 25, 2015, dogecoin has a market capitalization of USD 13.5 million.

April 2015 Jackson Palmer announces he is "retired and absent" from the world of cryptocurrency.

Use in Trade

Some online exchanges offer pair of Doge / BTC and Doge / LTC on the stock exchange. Three exchanges, Mengmengbi, Bter and BTC38, offer Doge / CNY trade.

On January 8, 2014, was the first to launch a Doge exchange with / USD.
On January 30, 2014, the Canadian Vault of Satoshi also announced Doge / USD and Doge / CAD.

In February 2014, Hong Kong Asian Stock Exchange NexGen announced that it would support Dogecoins trading in all major currencies. China-based BTC38 exchange also adds their support in the dogecoin exchange by increasing market capitalization over 24 hours.

On the first day of trading, dogecoin is the two currencies traded on the platform, after BTC.
In September 2014, in the UK Yacuna began offering Doge / EUR and Doge / GBP trades.

On January 31, 2014, trading volume on the main exchange was valued at $ 1,050,000 USD. The market close is USD $ 60 million. Three exchanges accounted for part of the volume: Bter (60%), Cryptsy (23%), and Vircurex (10%).
The currency pairs traded are
Doge / BTC (50%),
Doge / CNY (44%)
Doge / LTC (6%).

Physical trading, the real items in exchange for Doge takes place in online communities like Reddit and Twitter, where users often share eye-related information.
On December 23, 2013, Tristan Winters of the Bitcoin online journal Magazine discussed what is needed for dogecoin to replace bitcoin.

First ATM dogecoin demoed Coinfest in Vancouver in February 2014. Two bitcoin ATMs support Dogecoins and other altcoins opened in Tijuana, Mexico on March 17, 2014.

Dogecoin has also been used to try to sell homes, and has been used in industrial pornography and poker.

Mobile apps, web apps, and site creators Doge Katia Eirin and Bennett Wong share tips in dogecoin to keep their website.

Dogetipbot is a cryptocurrency transaction service used on popular sites like Reddit and This allows users to send Dogecoins to other users via a command via Reddit. The Reddit service was launched in 2013. Comments and support for and Twitter have been discontinued. The trademark "dogetipbot" is officially registered on August 19, 2014. In November 2014, the development team behind the dogetipbot raised $ 445,000 in venture capital funding.


Like bitcoin and litecoin, the function of dogecoin uses cryptography as a public key, in which the user generates a pair of cryptographic keys: one public and one private. Only private key can decode information encrypted with public key; Therefore key owners can publicly distribute public keys without fear that people will be able to use them to gain access to encrypted information. All dogecoin addresses are public key hashes. Unlike the bitcoin address, which is 27-33 characters, the dogecoin address is a string of 34 numbers and letters (both upper and lower case), beginning with the letter D. The public key is the dogecoin address that other users can send Dogecoins. A private key, however, allows full access to the dogecoin wallet; it should be kept secret and safe. Dogecoin holds the record for most transactions per day for any cryptocurrency, peaking at 2.5 times more transactions than all other cryptocurrencies combined in December 2013.

Mining Parameters

The implementation of this dogecoin differs from litecoin by several parameters. Time of dogecoin block is 1 minute as opposed to litecoin this 2.5 minutes. Timing of retarget difficulties once per block and fixed rewards based on the block schedule are listed below. However, when dogecoin was first introduced, the difficulty of re-targeting once every four hours, and profit is a random number between 0 and the maximum determined by the block schedule. Under the system where the random number of coins is distributed, the rewards are calculated using the Mersenne Twister pseudo-random number generator. While the original implementation of dogecoin is intended for it to be fixed the number of coins per block from 600.001 blocks onward only (providing 10,000 coins per block), algorithms in dogecoin change starting from block 145000 so reward is always given (provide 250.000 coins per block until block 200,001).

On March 12, 2014, version 1.6 of the dogecoin client was announced. Along with allowing for it to be a fixed gift per block, the new client update also introduces a new difficulty algorithm called DigiShield. The main goal of the new difficulty algorithm, adopted from Digibyte altcoin, is to prevent multipools from being able to mine (and thereby profit) from coins, reducing drastic coin prices, along with forcing single-coin miners to deal with the increasing pool difficulty leaving behind them . Thanks to the near-in-trouble instantaneous change algorithm, every multipool entering the dogecoin network is about to go away, as mining difficulty will spike into severe, leading to a decrease in profitability and, ultimately, not some pool. Some cases of using employers or university computers to mine dogecoin have been found.

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