Dogecoin (DOGE) is a cryptocurrency made by Billy Markus and Jackson Plamer in 2013. It is a decentralized blockchain network that is largely used for sending funds and tipping users.
Dogecoin initially started off as a joke in the cryptocurrency world. Markus and Palmer felt that cryptocurrency was becoming far too serious at the time, and wanted to create a fun and friendly coin that would have the potential to reach a far less ‘serious’ type of audience and possibly touch the mainstream. Over its lifetime, the Dogecoin community has grown considerably, and has long been recognized as an oldschool cornerstone of the cryptocurrency world.
Dogecoin was introduced with a Shibu Inu logo, based on a popular meme at the time. The community quickly fell in love with this and started to call themselves Shibes.
Although this project may have started as a small joke, it has now evolved into a very friendly coin, largely due to its charitable donations made by the community. As an example, in 2014 the Shibes were successful in raising around $50,000 to help send the Jamaican Bobsled Team to the Sochi Winter Olympics.
Dogecoin is similar to Bitcoin and Litecoin in the sense that it uses the PoW consensus mechanism. However, Dogecoin has a block time of 60 seconds, which leads to very fast payments. It also has an infinite supply cap which means it is an inflationary cryptocurrency. Due to these parameters, Dogecoin is often used as a tipping coin as users can easily send microtransactions on its blockchain.
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