About Dogecoin

Introduction

Dogecoin, a cryptocurrency created on the basis of Bitcoin, also known as DOGE, is a decentralized, peer-to-peer digital currency that enables users to easily send money online. The payment system of DOGE, at first, is just an ironic tool to satire the crazy speculation about cryptocurrencies at that time, however, Dogecoin rapidly become popular around the world, and till now, most people are rather optimistic about its legitimate investment prospect in the future.

Dogecoin takes its symbol from the Shiba Inu (Japanese dog) face in the "Dog" meme, also hence the name. In May 2021, the market value of DOGE has exceeded 85 billion dollars, and it once jumped highly to become the seventh largest cryptocurrency in the world.

Development

The Dogecoin code was initially copied from an earlier now-defunct cryptocurrency called Lucky Coin—a fork of Litecoin (LTC), which is a fork in the Bitcoin blockchain, because Lucky Coin has a random block reward schedule where miners could receive zero or potentially thousands of free coins for producing new blocks. From this earlier design, Dogecoin borrowed a Scrypt-based algorithm and used the same proof-of-work technology to enforce how the network of computers running its software came to consensus on its transaction history, thus now Dogecoin serves as the new gateway into the crypto world, as Bitcoin once did.

Dogecoin’s skyrocketing growth is also due to its rise to internet fame. One of DOGE’s most prominent supporters, Elon Musk, once sent the price of DOGE upwards when he tweeted a rocket with a doge on it, implying DOGE would “go to the moon”. This interesting event finally contributed to the popularity of Dogecoin rocket in numerous short video apps and trended for several days. Additionally, Dogecoin soared when retail traders organized via Reddit's WallStreetBets, frustrated by GameStop trading restrictions, dove into the crypto world. Although Dogecoin’s prices have corrected since the social media trends have died down, the community of supporters has grown, and many believe that Dogecoin could be the next coin possessing cross-era significance.

Currency Adoption

Adapting to the necessity of Dogecoin transaction, there have emerged a plenty of helpful exchange platforms, such as OKEx, BTC38, Btctrade, Bter, Btc100 operated in China, and overseas institutions Cryptsy, Exmo, Boverittrex, Poloniex, HitBTC, Kraken, Coinsquare, AllCoin, Newegg, Bitcoin Indonesia, etc.

Dogecoin Foundation

The Dogecoin Foundation was established by members of the DOGE team in 2014 to provide governance and support for the Dogecoin project. In January 2014, the Dogecoin community donated 27 million Dogecoins worth approximately $30,000 to fund the Jamaican bobsled team's trip to the Sochi Winter Olympic games, and in March of the same year, the foundation freely sponsored $11,000 worth of Dogecoin to build a well in Kenya for mitigating its water crisis and $55,000 of Dogecoin to help NASCAR driver Josh Wise. In the later year 2021, the Dogecoin Foundation has been reinvigorated by members of the original core team along with fresh faces and new seasoned advisors ready to grow Dogecoin for the decade ahead continuous expansion.

Dogecoin Foundation is a non-profit organization dedicated to provide:

* Support for the DOGE cryptocurrency through development and advocacy

* Dogecoin trademark defense to prevent abuse and fraud

* A roadmap and governance for the future of Dogecoin system