Dogecoin is a crypto-currency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is immediate, fun and without traditional bank charges . Dogecoin contains the face of the Shiba Inu dog of the "Doge" meme as its logo and namesake. It was launched on December 6, 2013 and quickly developed its own online community and reached a market capitalization of US $ 5,382,875,000 on January 28, 2021. History. Dogecoin is co-founder of the IBM software engineer Billy Markus from Portland, Oregon and Adobe software engineer Jackson Palmer, who wanted to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. In addition, they wanted to remove it from the controversial history of other coins. Dogecoin was officially launched on December 6, 2013 and within the first 30 days, there were more than a million visitors to Dogecoin.com. At the time, Palmer was a member of the Adobe Systems Marketing division in Sydney. and is attributed to the fact that he made the idea a reality. Palmer bought the domain Dogecoin.com and a splash screen added with the logo of the coin and the scattered Comic Sans text.
Markus reaches out to Palmer after seeing the website, and begins developing the currency. Markus designed Dogecoin's protocol based on existing cryptocurrencies , Luckycoin and Litecoin, which use scripting technology in their proof-of-work algorithm. The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, but rather dedicated FPGA and ASIC devices should be used for mining that are known to be more complex to manufacture. On December 19, 2013, Dogecoin jumped in value by almost 300 percent in 72 hours and increased from US $ 0.00026 to $ 0.00095, with a volume of billions of Dogecoins per day. This growth came at a time when Bitcoin and many other cryptocurrencies were struggling over China's decision to ban Chinese banks from investing in the Bitcoin economy. Three days later, Dogecoin experienced its first major crash by falling by 80% as a result of this event and due to large mining pools affecting the small computing power utilize what was needed at the time to mine Dogecoin. On December 25, 2013, the first major theft of Dogecoin occurred when millions of coins were stolen during a hack on the online cryptocurrency platform Dogewallet. The hacker has access to the platform's file system received and the send / receive page changed to send all coins to a static address.
This burglary incident sparked tweets about Dogecoin, making it the most talked about at the time altcoin made on Twitter, although it refers to a negative event. To help those who lost money on Dogewallet after breaking it, the Dogecoin community has a initiative called "SaveDogemas" begins to donate coins to those who stole them. Roughly one month later, enough money was donated to cover all the coins stolen. In January 2014, the trading volume of Dogecoin combined that of Bitcoin and all other cryptocurrencies surpasses, but its market capitalization has lagged significantly behind that of Bitcoin stayed . Initially, Dogecoin had a random reward received for each mining block but in March 2014, this behavior was later updated to a static block reward.
In April 2015, Jackson Palmer announced that he was seeking an “extended leave of absence from the absence "from the cryptocurrency community. During 2017 until the start of the 2018 currency bubble Dogecoin reached a high of $ 0.017 / coin on January 7, 2018, bringing its total market capitalization is nearly $ 2 billion. In July 2020, the price of Dogecoin rose following a TikTok trend to get the price of the coin at $ 1. In January 2021, Dogecoin increased by more than 800% within 24 hours due to the attention of Reddit users, partly encouraged by Elon Musk and the GameStop short print. In February 2021, Dogecoin Reaches Everyday Price Following Elon Musk's Twitter Encouragement, Snoop Dogg and Gene Simmons. Use and exchange. Several online exchanges offer DOGE / BTC and DOGE / LTC trading. Dogecoin is an altcoin with many users. Important commercial applications of the currency have found on the internet internet, like a bounce system, in which social media users suggest others to deliver interesting or remarkable content.
Trade in physical, tangible items in exchange for DOGE takes place in online communities like Reddit and Twitter, where users regularly currency-related information sharing. Dogecoin was also used to try a home sold, and is also used in the pornography and poker industry. Dogetipbot was a cryptocurrency transactional service used on popular sites like Reddit and Twitch was used. This enabled users to send Dogecoins to other users via commands via Reddit comments. In May 2017, Dogetipbot was discontinued and taken offline after the creator declared bankruptcy; as a result, many Dogetipbot users lost their coins stored in the Dogetipbot system. Mining parameters. The implementation of Dogecoin differs by different parameters of Litecoin.
The block time of Dogecoin is 1 minute as opposed to the 2.5 minutes of Litecoin. Several cases of people using their employers 'or universities' computers to exploit Dogecoin , was discovered. Currency supply. A physical representation of two Dogecoins that Dogecoin held began its first schedule for coin production with 100 billion coins in circulation. By mid-2015, the 100 billionth Dogecoin has been mined with another 5 billion coins which is circulated every year thereafter. There is currently no implemented hard drive on the total offer of Dogecoins.
Initially, Dogecoin had an offer limit of 100 billion coins, which would have been far more coins than the best digital currencies would have allowed. Nevertheless, Jackson Palmer, founder of Dogecoin, announced in February 2014 that the limit would be removed. is in an attempt to bring about a constant reduction of the inflation rate over time. Fundraiser. 2014 Winter Olympics The Dogecoin community and foundation encouraged fundraising for charities and other notable purposes. On January 19, 2014, a fundraiser by formed the Dogecoin community to raise $ 50,000 for the Jamaican Bobslee team, who qualified for, but could not afford to go to the Winter Olympics in Sochi. By the second day is Dogecoin donated $ 36,000 and the Dogecoin bitcoin exchange rate increased by 50%. The Dogecoin community also raised funds for a second Sochi athlete, Shiva Keshavan. Doge4Water. The Dogecoin Foundation, inspired by the fundraising of the Winter Olympics and smaller fundraisers from charities, led by Eric Nakagawa donated starts collecting to build a well in the Tana River Basin in Kenya in collaboration with Charity: Water.
They set out to raise a total of 40,000,000 ($ 30,000 at the time) Dogecoin ahead of World Water Day (March 22). The campaign succeeds in raising donations from more than 4,000 donors, including an anonymous benefactor who donated 14,000,000 Dogecoin (approximately $ 11,000). NASCAR. Josh Wise's Dogecoin Sponsored Chevrolet in 2014 As of March 25, 2014, the Dogecoin community successfully had 67.8 million Dogecoins (approximately $ 55,000 at the time) raised in an effort to sponsor NASCAR driver Josh Wise. The car was designated as the "# 98 Moonrocket" and made his debut at the Aarons 499 Sprint Series Cup Race on May 4, 2014. Wise running with a Dogecoin / Reddit-sponsored paint scheme at Aaron's 499 at Talladega Superspeedway. On May 4, 2014, Wise and his car were present for almost a minute, during which the race commentators Dogecoin and the crowdfunding effort discussed while finishing twentieth and carefully avoided several wrecks. On May 16, 2014, Wise won a place in the Sprint All-Star Race by an online fan voice that beat the household name Danica Patrick, mainly due to the efforts of the Dogecoin Reddit community. He completed the race in fifteenth, the last car that was running. The next race in the Coca-Cola 600, Wise, started a Dogecoin / Reddit.com helmet.
Wise later announced that he would drive the car again at the Toyota / Save Mart 350 as a thank you to the community and the GEICO 500. He finished twenty-eighth in the race, in part due to a fuel issue he was in twelfth place after a gas-and-go-pit stop, but the gas can did not turn on long enough, resulting in a second pit stop that took him to the back of the pack. Eutechnyx, developer of the NASCAR '14 video game, added the Dogecoin car as a controllable car in a DLC package. On March 2, 2021, NASCAR Xfinity Series team BJ McLeod Motorsports announced that Dogecoin will sponsor the # 99 car in the Alsco Uniforms 300 in Las Vegas next to Springrates; Stefan Parsons drove the car to a 36th place because of the fuel line problems prevented him from completing the race.
Coincidentally, his father was Phil the owner of the team that presented the original Dogecoin-sponsored car in 2014..