Dogecoin: Its history and technology used

Dogecoin (DOGE) has a fascinating history: it was launched as a joke and became one of the most prominent players in the crypto community. Dogecoin’s story started when Jackson Palmer and Billy Markus wanted to consider a satirical approach for the whole crypto space, and to do this, they launched a meme coin that had its logo with a Shiba Inu dog.

From the start, Dogecoin had a funny appeal that interested people in investing. Some people were scared by Bitcoin’s complex notions, and when Dogecoin was launched, they turned to it because it was more appealing. At that time, Bitcoin seemed relatively inaccessible, but DOGE didn’t encounter the same problems.

This article will explore more interesting details about Dogecoin, so keep reading.

The first steps of Dogecoin

Dogecoin was launched on 6 December 2013 and soon became very popular. At this moment, it is the largest meme coin by market cap. Dogecoin went through several milestones to become the successful project it is today. It attracted a considerable community, always there to support its evolution.

Besides, Dogecoin was involved in philanthropic activity when this project supported the Jamaican bobsled team to participate in the Sochi Winter Olympics. Thanks to this approach, Dogecoin generated more attention from the general public, highlighting that Dogecoin can generate media attention and wants to promote philanthropic activities.

Essential moments from the evolution of DOGE

Dogecoin benefited from a lot of support on social media platforms, and the community at large was there to keep Dogecoin going on an upward trend. This is why, during this period, you could see many posts saying “To the moon” as a show of support to create more hype around Dogecoin. Dogecoin also had the support of Elon Musk, an influential individual who, with his posts about DOGE, managed to make more people interested in investing in it. Snoop Dogg and Mark Cuban were other personalities interested in the evolution of meme coins. Thanks to this support, Dogecoin was integrated even more into pop culture.

Dogecoin saw serious growth in 2021, again marked by the hype created around it. For example, when Elon Musk called DOGE the “future of currency,” the value of DOGE marked an all-time high, a testament that DOGE wasn’t only a cryptocurrency inspired by a meme coin but could also be used to buy different services and products.

Other significant events that helped DOGE rise in popularity:

• Doge4Water: As mentioned above, Dogecoin started to be used in several philanthropic activities, and it continued this path when it offered $50,000 worth of DOGE to help Kenya create clean water wells. In this way, Dogecoin proved even more that it was very active in charity.
• Doge4NASCAR: Dogecoin also sponsored Josh Wise, a NASCAR motorist, when it donated $55,000 in Dogecoin. Dogecoin also proved to be a good sponsor, and its logo appeared on Josh Wise’s jumpsuit and car.
• DOGE-1 Satellite: Dogecoin also funded a DOGE-1 satellite, the project making Dogecoin the first crypto-funded example to reach space.

The technology of DOGE

Dogecoin functions thanks to blockchain technology, which is similar to other cryptocurrencies. Blockchains are digital ledgers that work with a decentralised platform, where new blocks are created to validate transactions. Every transaction on a blockchain has a unique timestamp, and the data is encrypted across all platforms, significantly increasing the platform’s security.

With the launch of the technology, data breaches occur quite frequently, but that no longer applies with the help of blockchain, which offers better security. Dogecoin works with a Proof-of-Work (PoW), where, precisely like in the case of Bitcoin, users must solve complex mathematical problems to add new blocks and validate transactions.

Dogecoin’s transaction speed is better than Bitcoin’s, as DOGE is around 10 minutes faster. This high speed makes Dogecoin suitable for micropayments, point-of-sale purchases, and many other use cases. Dogecoin also has an unlimited supply compared to Bitcoin, which has its value capped. Another feature that differentiates DOGE from Bitcoin is that this meme coin uses a Scrypt algorithm compared with Bitcoin’s SHA-256 algorithm. BTC mining favours computational power, which doesn’t occur in Dogecoin’s case. As Scrypt is a memory-intensive answer, this makes Dogecoin more accessible to miners, and it aligns with the goals of DOGE to open its doors to community participation and offer more inclusivity.

Dogecoin wants to continue representing a viable solution, so it will constantly upgrade to meet users’ needs and desires.

What can the future bring to Dogecoin?

In the future, Dogecoin can continue to thrive as it has so far and be globally adopted. However, to meet this scenario, Dogecoin must solve all its challenges to pave the way to long-term stability. Even though Dogecoin didn’t seem to have that many use cases at first, this is no longer the case, as DOGE has begun to be used for plenty of use cases, including as a payment for different brands.

The bottom line

Dogecoin is an interesting player in the crypto realm, combining technology, pop culture, and the support of a strong community. Dogecoin has a special place in the crypto sphere and has had a lot of hype created by influential personalities and a passionate community. Even though Dogecoin is often appreciated only for its funny appeal, it also has some interesting technological features that have helped many investors adopt Dogecoin.

This is why paying attention to Dogecoin’s underlying infrastructure is essential to fully understand how this digital coin works and its potential to transform.