Developed and launched by Billy Markus on December 4th, 2013, Dogecoin is an open source decentralized P2P (peer to peer) cryptocurrency trading platform. This platform was first launched as a joke currency but since its launch, it has proven to be one of the most promising cryptos out there. The logo of this altcoin is a Japanese dog (Shiba Inu). Initially, this crypto was created out of a joke by Billy. He was helped by Palmer Jackson who purchased the domain name and added certain comic texts on it. When Billy saw what Jackson has done, he decided to develop the crypto and he based it on a previously existing crypto called; Luckycoin. Like most other altcoins, this crypto makes use of Bitcoin’s protocol with just slight modifications and advancements being made.
One feature that led to the rise and popularity of this altcoin is the fact that it carries out quick transactions – it has a block time of 60 seconds, unlike Bitcoin which has 10-minutes as its block time. Also, there is no stipulated limit to how many Doge coins will be produced. Currently, there are over 21 million Doge coins in circulation. Doge coins have been used for various purposes, they have been used to successfully purchase cars and also have been used in the Poker industry. Developer Billy Markus happens to be the first individual to mine Doge coins and this was done with the assistance of his gaming PC and graphics cards.
Features of Dogecoin
- Used for fundraising; the Dogecoin platform helped the Bobsled team of Jamaica raise about $50,000 for the 2014 Sochi Olympics. This was because the team had qualified but had no money to go to the competition.
- Joke currency; according to the developer, Dogecoin was started as a joke currency. Nobody thought it was going to last, but since its launch, this altcoin has surprised all and at one point in December 2017, it was ranked among the top 10 cryptocurrencies in the world.
- Reduced block time; unlike Bitcoin and Litecoin, this altcoin has a block time of 60 seconds. This is one feature that has made people more curious about the platform.
There was no pre-mine nor ICO for this crypto. Just a few days after its launch, the value of this crypto experienced a whopping 300% rise from $0.00026 to $0.00095 and this happened in less than 72 hours. This feat did not last though as just three days later, the value dropped because of the creation of more mining pools.
- Price $0.0020
- Market Cap