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What Is Dogecoin? Complete Guide For Crypto Beginners-1

Dogecoin (DOGE, Ð) is an open-source and peer-to-peer cryptocurrency which was founded in 2013. The name of DogeCoin was derived from a “Doge” meme. Kabosu is a Japanese Shiba Inu who was given the nickname “Doge”. Billy Markus and Jackson Palmer are the creators of DogeCoin. 

  • History

The hope of Billy Markus was to create a fun cryptocurrency which could reach more people as compared to Bitcoin (BTC). Keeping aside the fun cryptocurrency from the controversial history related to other cryptocurrencies was a wish of Billy Markus.

A student of a Colorado Community College called Front Range Community College (FRCC) used Twitter to encourage a member of the marketing department of Adobe Systems named Jackson Palmer for bringing the idea into a reality. Multiple mentions were received on Twitter by Jackson Palmer. A domain named dogecoin.com was purchased by him. A splash screen was added. The logo of DogeCoin was featured by the splash screen. Comic Sans text was scattered by the splash screen.

Billy Markus has noticed a site connected with an Internet Relay Chat (IRC) room. Billy Markus came in contact with Jackson Palmer at first. Then he took efforts for the creation of the fun cryptocurrency. Billy Markus is from Portland, Oregon. He has the experience of working at IBM.

DogeCoin is based on a cryptocurrency called Luckycoin (LKY). A miner will receive a randomized reward in a Luckycoin-based blockchain. A static block reward is a change in the Luckycoin-based blockchain. The change was done in 2014. While Luckycoin is a Litecoin-based cryptocurrency. Scrypt technology is used in a consensus algorithm called proof-of-work (PoW) of Litecoin. When miners use Scrypt technology, then they will not able to use SHA-256. The miners will face difficulties in using an integrated circuit called field-programmable gate array (FPGA) and another integrated circuit called an application-specific integrated circuit (ASIC).

At first, the intention of the Dogecoin network was to produce 100 Billion Dogecoins. The later announcement was to produce unlimited Dogecoins. 

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