Dogecoin

Dogecoin was developed by Jackson Palmer and Billy Markus in 2013, when altcoins were becoming increasingly popular among the crypto speculator community, so they decided to mock altcoins.

Dogecoin started out as a “meme coin” to mock the excitement of new altcoins entering the market. Initially, Dogecoin had little value and was used as a tip to thank users on social media and online forums such as Reddit.

One notable aspect of Dogecoin is that it borrowed the scrypt-based Proof of Work (PoW) consensus algorithm used by the now-defunct Luckycoin, which borrowed much of Litecoin’s technology.

The PoW mechanism creates consensus using a network of computers running software. This allows anyone with a working computing device and an internet connection to become a validator on the Dogecoin network. In exchange, validators receive additional Dogecoin as a mining reward. The PoW mechanism also ensures that Dogecoin offers fast transactions and low fees, which has helped gain favor among cryptocurrency enthusiasts.

The Dogecoin community has a reputation for being so popular that members call themselves “Shibes.” Today, Dogecoin can still be used to tip online creators. Although it is not often used, it can also be used for e-commerce, as users can use Dogecoin to purchase goods and services at certain merchants.

The maximum supply of Dogecoin is 100 billion DOGE, but the cap has been removed, so its supply is essentially unlimited.