Dogecoin (DOGE) was born in a purely ironic way inspired by Doge, the Shiba Inu dog breed used in the famous memes.
This virtual coin born as a joke immediately gained a large following in the world of cryptocurrencies and today represents one of the most important coins in the world of cryptocurrencies. Dogecoin has proven to be a very good marketing stunt especially because Jackson Palmer's cryptocurrency was renowned for both its logo and name.
In addition to money transfer, dogecoin is used to purchase goods and services online or to exchange other currencies, including legal currencies. Another unique use of this currency is to tip Internet users who share good online content. It is open source and accessible to anyone. All Dogecoin transactions are recorded on the Dogecoin blockchain.
When a transaction occurs between two peers, the distributed nodes check to confirm the validity of that transaction. These knots receive rewards in the form of new coins. The nodes compete by solving complex cryptographic problems and then confirming the subsequent operations. The node that successfully guesses the correct code receives 10,000 DOGE as a reward. This process occurs after every minute, making the network much faster than most other digital coin networks.
Dogecoin marketing has often been related to philanthropy. The Doge4Water campaign was implemented with the aim of allowing the construction of a water collection basin at the Tana river in Kenya, a country where poverty is vivid.
The critical issues related to this cryptocurrency have been highlighted precisely by its founder.
Palmer says that no technical innovations are planned, so it won't be easy for Dogecoin to keep up with the competition.
Despite Dogecoin's performance over the past few years, it is correct to have doubts about its future.
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