Most of us would have had the thought, What is Doge? Well, ‘doge’ was actually an internet meme for a dog breed called the Shiba Inu which was a hunting dog from Japan. This meme became popular around the year 2013. To make a long story short, a dog called Kabosu, of the Shiba Inu breed, was adopted by a Japanese kindergarten teacher called Atsuko Satō when her puppy mill was shut down.
Then, the teacher posted several pictures of Kabosu on her personal blog on February 23rd 2010. The pictures also contained another Shiba Inu dog, belonging to the photographer Jonathan Fleming, which wore a scarf on a cold winter night in February 2010. Jonathan Fleming’s wife put the scarf in the wash and made it shrink. These pictures were transformed into memes by adding multicoloured text in the font ‘Comic Sans’ and thus came the formation of doge. The misspelling of the word doge, however, dates back to 2005. The crypto ‘Dogecoin’ was created based on this meme.
Table of Contents
- What is Dogecoin?
- Dogecoin Fundraisers and sponsors
- Multidoge and Dogecoin Core
- Other ways to store your doge
- How does Dogecoin work?
What is Dogecoin?
Dogecoin is an open-source, peer-to-peer, decentralized cryptocurrency initially released on December 6 2013. Although it has been in the market for a long time, its rapid rise in market cap, price and popularity only began now thanks to Elon Musk. He posted a painting by Spanish artist Joan Miró in 1926 captioned ‘A doge barking at the moon’.
Billy Markus, a software engineer from Oregon, decided to make a crypto that could challenge Bitcoin. He intended to make a ‘joke’ crypto based on the doge meme that was fun, light-hearted and free of fees. It gradually started increasing in popularity. Well, he was right as it now has a market capitalization of more than $46bn and is rapidly making its way up the market of cryptos. Jackson Palmer, an Adobe marketing product manager from Sydney, invested in the crypto and made dogecoin.com. Elon musk posted a few tweets that Dogecoin was his favourite cryptocurrency, which made its price increase as the richest person on the world was into the cryptocurrency.
Dogecoin Fundraisers and sponsors
On sites like Reddit, to reward content creators, the users could send some of the crypto if they liked their content.
Over $30,000 DOGE was gathered in fundraisers for the Jamaican bobsled team to participate in the Sochi Winter Olympics in 2014 only for the team ending up not going to Russia despite being qualified.
The community, again in 2014, launched Doge4Water and succeeded in raising over $30,000. The aim of Doge4Water was to drill wells in Kenya. After that, Josh Wise, a NASCAR driver, was sponsored $50,000 DOGE + and so his car was painted with the logo of Dogecoin.
In TikTok, someone posted a video claiming that everyone would get rich if they invested in the new and potential crypto and sell the coins when it reached a higher price – $1. This video became viral, although claims like this were illegal due to the risk it gave to investors. Everyone then bought it, which led to the drastic rise in its price. Later, they sold the Dogecoin resulting in its market price plunging.
Multidoge and Dogecoin Core
To use this crypto you have to choose a wallet and sync to its blockchain. You can choose either Multidoge or Dogecoin Core.
MultiDoge is a lightweight desktop wallet that supports all three; Windows, Linus and Mac OS. This app is based on DogecoinJ, which in turn is a port of BitCoinJ. Multidoge is regarded as the “Dogecoin Light Wallet”. This is because, when you use it, your computer won’t become a full node. It only stores enough information required.
Just like Multidoge, Dogecoin Core too is a software wallet available for download. Dogecoin Core is regarded as the “Dogecoin Full Wallet”. This is because Dogecoin Core (the official version of the DOGE wallet) contains the whole doge blockchain. When using this, your computer becomes a full node.
Other ways to store your doge
There are a lot of ways to securely store your DOGE. For instance we could use Multidoge or Dogecoin Core. But apart from them what else can you use? Well, there are four types from which you can choose from:
Multidoge: MultiDoge is a lightweight desktop wallet that supports all three; Windows, Linus and Mac OS. This app is based on DogecoinJ, which in turn is a port of BitCoinJ.
Dogecoin Core: Just like Multidoge, Dogecoin Core too is a software wallet available for download. Dogecoin Core (the official version of the DOGE wallet) contains the whole blockchain. When using this, your computer becomes a full node.
Paper wallets are a secure way to store your doge. It is like a printable wallet sheet that contains the logo of the crypto and 2 QR codes to Load and verify and to spend. You can make paper wallets from trusted websites.
A hardware wallet is a special type of wallet that stores the user’s private keys in a secure hardware device. This device is built for the sole purpose of securing your crypto coins.They can be quite expensive though, for example a Ledger Nano is $96.
Desktop wallets can be utilised to send and receive currencies. Private keys are stored offline in your device but while sending or receiving you are online. An example of this is the Dogechain wallet
How does Dogecoin work?
Dogecoin is a fork of Luckycoin, which is a fork of Litecoin, which is the fork of Bitcoin and follows the Proof-of-Work consensus algorithm.
A fork in blockchain refers to the copy and pasting of an open-source crypto with new changes applied to its rules and protocols.
Anyone who wants to be a full node has to install an open-source software. For learning more about blockchains visit our guide to blockchain.
First things first, what is mining? To understand how to mine for this crypto, you need to understand what a blockchain is and what cryptocurrency mining is.
Dogecoin mining is confirming and validating the blocks, containing the transactions of the users, on its blockchain, for which your node (your computer) needs to do some work.
- Difficulty – 3,888,342.17
- Reward – 10,000 DOGE
- Reward in USD – $3864
Cryptos use hashing algorithms, such as SHA-256, LANMAN, MD5, etc. One such algorithm is the Scrypt hashing algorithm, which was created by Colin Percival. Litecoin used the Scrypt algorithm and as a fork of Litecoin, it inherited the hashing algorithm, Scrypt. Scrypt is a lot faster than SHA-256, used by Bitcoin, and thus makes mining doge easier. Scrypt is a password-based key derivation function (KDF).
A Key derivation function (KDF) derives cryptographic keys from a source that is random.
Scrypt was made for the Tarsnap online backup service and it was costly to perform hardware attacks on Scrypt as it is a memory hard hashing algorithm. Scrypt is efficient and faster than other algorithms.
To get block and mining info about doge, go to dogechain.info.
Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.