Coin of the Week: Dogecoin
The Underdog That Keeps On Surprising
What Is Dogecoin?
The Shiba Inu-based Dogecoin (DOGE) is based on the popular Internet meme "Doge." It was forked from Litecoin in December 2013 by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia. Because it was based on a dog meme, its creators envisioned it as a fun, light-hearted cryptocurrency that would appeal to more people than just Bitcoin users. Musk described Dogecoin as his favorite currency in a series of tweets on social media.
How Do You Mine Dogecoin?
In addition to using Scrypt technology, Dogecoin differs from Bitcoin's proof-of-work protocol in several ways. Dogecoin also has a block time of 1 minute, and the total supply is uncapped, which means it can be mined indefinitely. Dogecoin can be mined solo or by joining a mining pool. Using a GPU and Windows or Mac, a Doge miner can mine the digital currency. Litecoin can also be mined in the same way as Dogecoin since the processes have been merged in 2014.
What Can Dogecoin Be Used For?
In Reddit and Twitter, Dogecoin has been used primarily as a tipping system for rewarding quality content. You can receive tipped Dogecoin by taking part in a Dogecoin community, or you can capture it by using a Dogecoin faucet. You can use a Dogecoin faucet to get free Dogecoin to get an idea of the currency and to interact with Dogecoin communities.
Advisory Board of the Dogecoin Foundation
Dogecoin team members established a not-for-profit foundation in 2014 to provide support, advocacy, trademark protection, and governance for the cryptocurrency project. Over time, the foundation dissolved.
Having languished for several years, the Dogecoin Foundation relaunched in 2021 with a "renewed focus on supporting the Dogecoin ecosystem, community, and promoting the future of the Dogecoin Blockchain." The project now includes seasoned industry players on its board of advisors, in addition to its original core team.
On the foundation's website, board members will meet monthly to discuss issues relating to Dogecoin.
As for its advisors, the group consists of Dogecoin founder Billy Markus, Ethereum founder Vitalik Buterin, Max Keller, and the head of Elon Musk's family office, Jared Birchall.
Board members will serve in a variety of capacities. In addition to Keller's role as technical advisor, Markus will also be responsible for the project's community and meme development. Elon Musk will be represented by Birchall as his legal and financial advisor, while Buterin will act as the foundation's blockchain and crypto advisor.
The first objective of the Board of Advisors is to secure three-year funding that would allow Dogecoin to be worked on full-time by a small team of dedicated professionals. Currently, the ecosystem is run by volunteers.
Where Can You Buy Dogecoin (DOGE)?
By Warren Manuel
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*Curated from different sources.