Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
With this article we are going to introduce the 42nd cryptocurrency of this section with the 90th “E&S” article.
Today will be a special day, a different episode of the “E&S” series. As probably have you already read from the title, we will talk about one of the most famous “meme-token”, Dogecoin (DOGE)!⁶
In the last review, I talked about Statera ⁶, If you missed my last review, you can recover it here: https://www.publish0x.com/easyshort-cryptocurrencies-made-accessible/e-and-s-sta-a-community-driven-indexed-deflationary-ecosyste-xlqyypr
Let’s introduce Dogecoin!
One of the most talked-about cryptocurrencies is Dogecoin, or DOGE, the “meme-token” that in a short time has reached a market capitalization exceeding $8 billion. The cryptocurrency is based on the famous Shiba Inu dog meme that has been raging on social media for years, and its story is very peculiar. But while it may have initially seemed like a joke, over time the project has become very serious, falling among the most successful cryptocurrencies.i
What is Dogecoin?
The cryptocurrency Dogecoin (DOGE) was born as a joke in 2013 from an idea of Billy Markus, a programmer from Oregon. Markus' intention was to create a fun and humorous coin associated with the famous meme, not thinking that it would soon become one of the most important meme coins in existence. In fact, in a short time the cryptocurrency reached a market capitalization of $60 million, which grew larger and larger. In fact, in 2022 it has a capitalization of $8 billion, entering the top 10 cryptocurrencies by capitalization.
Its growth is deeply linked to the role Tesla CEO Elon Musk has played in making it his cryptocurrency of choice. His tweets urging investment in DOGE led to unstoppable growth of the meme coin, so much so that Dogecoin elected Musk as its honorary CEO. This cryptocurrency is exclusively for making payments, buying and selling goods and services through a decentralized payment method.
How can we mine Dogecoin?
Dogecoin is a minable cryptocurrency, based on Proof-of-Work, but it does not use the same algorithm as Bitcoin. In fact, similarly to Litecoin it uses scrypt, which is a mining algorithm that requires different equipment and software, and this allows Dogecoin miners to also mine LTC.
On average, a new block is mined every minute or so, with a prize of 10,000 DOGE for the miner who manages to validate a block. Equipment with high computing power such as ASICs is not required to mine DOGE. There are now more than 132 billion DOGE in circulation, and they are increasing at a rate of about 4 billion per year. There is no upper limit to its supply, so this is inflationary in nature.
Given the significantly lower difficulty compared to Bitcoin mining, Dogecoin willingly can be mined on its own. Moreover, given that as many as nearly 1,500 blocks can be mined in a day, it is more likely to be able to mine one block than it is for BTC. However, given the concentration of hashpower in relatively few large pools, it still takes a lot of computing power to be able to succeed in mining alone.
In this case therefore dedicated hardware is needed (GPUs and ASICs). In addition, you need appropriate software, such as Pooler's cpuminer, EasyMiner for mining with GPUs, or CGMiner or MutliMiner for mining with ASICs. In the event, however, that you do not have a lot of computing power, you can participate in a mining pool. In this way you pool your computing power together with that of other miners, and you share any proceeds in proportion to the computing power made available.
Next week we'll see new details about Dogecoin!
I invite you to follow me so you don't miss the second part of the article that will be released next Sunday.
Have you ever invested into any “meme-token”? Let me know in a comment your strategy!
