Dogecoin Takes a Meme and Makes it into a Digital Currency
Dogecoin is by far the weirdest digital currency on the market today.
The coin gets its name from the popular Doge meme, that features a loveable Shiba Inu dog. In case you’re curious, it is pronounced D-OH-G.
Digital currencies often attract an almost fanatic following, almost like sports fans. Believers in a particular digital currency always think their team is the best. Dogecoin enthusiasts are definitely the most intense digital currency fanatics out there.
Dogecoin has a very active online community, most of which is centred around the the digital currency’s Reddit, which has close to 100K subscribers. The internet is full of Dogecoin memes with nonsensical slogans like “such currency” and “much mooning.” The memes are so popular they even have their own Sub-Reddit.
It’s hard to tell from the outside if it’s all just an inside joke or if they are serious about their belief that Dogecoin is greatest digital currency.
Much Technology, Very Decentralization
Dogecoin was created by Billy Marcus, who wanted create a fun coin that would reach a broader audience than Bitcoin.
It could be easy to dismiss Dogecoin as a joke, but there is actually some very interesting technology behind it. The core coded behind the digital currency is based on Litecoin.
Dogecoin is a proof-of-work coin, which means consensus on the network is accomplished through peer-to-peer computers, known as miners.
Like Litecoin it employs the Scrypt mining algorithm, which means it is resistant to application-specific integrated circuits (ASIC). Some experts would argue that Scrypt is an improvement over Bitcoin because it allows for a more decentralized network.
Bitcoin’s network is mined by huge, power hungry, ASIC farms, which are primarily owned by a few corporations. The network, then, is highly centralized. Only a few big corporates own it. The Scrypt algorithm is resistant to ASIC mining, which allows amateur miners to participate in consensus and is, therefore, more decentralized.
Dogecoin is also much faster than Bitcoin and has lower fees.
Unlike Bitcoin which has a maximum supply of 21 million, Dogecoin has no supply cap with over 112,523,368,323 coins currently in circulation. It is the 34th largest digital currency by market cap, with each coin trading at a little over $0.01 CAD.
Dogecoin Makes the World a Better Place
The digital currency world can be a bizarre and wonderful place, and Dogecoin adds to it beautifully.
In 2014 the Dogecoin community raised $63,000 CAD for the Jamaican Bobsled Team. The team qualified for the 2014 Winter Olympics but could not afford to go to. Donations from the community made it possible for them the team to attend. The team placed in 29th position.
Inspired by the success of the Winter Olympic fundraising, fans of the coin started Doge4Water. The charity drive raised $37,500 CAD. The funds raised built a well in Kenya.
The community also raised $69,000 CAD and sponsored NASCAR driver Josh Wise. During one of his races, the commentators talked about Dogecoin and its fundraising efforts.
2018 is the Chinese year of the dog, which has many enthusiasts claiming it will really be the year of the Dogecoin. This new found hype has caused the price of the coin to almost triple in recent weeks causing the loyal Dogecoin HODLers to rejoice.
Regardless of whether you think it’s all a bit silly, or not, it’s going to be fun to watch and see if 2018 will really be the year of the dogecoin.
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