Dogecoin is a hard fork of Litecoin, which itself is a hard fork of Bitcoin. It was released on December 6th, 2013 by Billy Markus and Jackson Palmer. Functionally, it is virtually identical to Litecoin (and, by extension, Bitcoin), but it is much faster to process. The key difference, however, is the Litecoin is deflationary, whereas Dogecoin is inflationary. Where Litecoin has a maximum number of coins that can ever be produced, Dogecoin permits the creation of 5 billion coins every year, creating an inflationary effect.
Per Dogecoin.com:
“Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as ‘the internet currency.’
‘Doge’ is our fun, friendly mascot! The Shiba Inu is a Japanese breed of dog that was popularized as an online meme and represents Dogecoin.”
Keep learning!
For more in depth information about Dogecoin, see Dogecoin.com.
