Dogecoin
Name
Dogecoin
Summary
-Dogecoin (DOGE) is a cryptocurrency based on the popular "Doge" Internet meme, and its logo resembles a Japanese Dog - Shiba Inu.
-It was founded by Billy Markus, Oregon, and Jackson in 2013
-Doge uses Scrpyt technology which differs from Bitcoin's proof-of-work protocol
-The project was started as a joke but with real crypto. It gained decent traction over the years. The price rise started in 2020 when Elon Musk started supporting the currency.
Rating
Symbol
DOGE
Overview
Dogecoin is a first-generation cryptocurrency that can be used to transfer value globally in a secure manner. Dogecoin features the “Shiba Inu” Dog as its symbol, a popular internet meme dog. The decision to choose “Shiba Inu” was to keep the project a joke among the popular cryptocurrencies. Like Bitcoin and Litecoin, the main purpose of developing this cryptocurrency was to keep peer-peer transactions in a censorship-resistant manner.
When Dogecoin was released in 2013, there were no smart contracts, staking, and all these features that are available today. Therefore the main purpose was to create a secure network for transactions globally. Like Bitcoin, Dogecoin has good security features and requires 51% of the network's hashing power to alter the state of the blockchain. The current Hashrate of 213.97 TH/s makes it difficult to hack the blockchain. Dogecoin has been created to have a 1 minute block time, a blockchain’s block time refers to the frequency in which a new “block” is added to the “chain” of transactions. Dogecoin has no limit, initially, it started with 100 billion coins but due to the 1-minute block time, all these coins were mined in 2015. At that time the developers decided to issue 5 billion coins, notably, Dogecoin now issues 5 billion coins every year. Dogecoin was founded by Billy Markus and Jackson Palmer in 2013. Markus worked as a software engineer for IBM and Palmer was a programmer in Adobe.
On December 6, 2013, the network went live. Notably, Dogecoin had a million+ visitors on the day of the launch. On December 19, 2013, Dogecoin had a huge price rise of around 300%, which made crypto investors worldwide interested in Dogecoin. But unfortunately, the rally was short-lived and lasted only for three days and after that, the coin traced back to 80%. Days after this the native wallet of Dogecoin, Dogewallet was hacked. The hacker went off with millions of Dogecoin. For any cryptocurrency, this would have been the end but the developers and community started a donation campaign called “SaveDogemas”, to revive its stolen coins. Miraculously all losses were covered in this initiative.
In 2015 Jackson Palmer co-founder of Dogecoin left the Doge community saying that the community has become “toxic” and similarly the founder Billy Markus left in 2017. Now Dogecoin is taken care of by 5 Main developers and several others while the CEO of Tesla, Elon Musk has shown considerable interest in Dogecoin and is responsible for various price surges that happened in the past few weeks. Elon has plans to improve the chain enabling smart contracts and other solutions on the network which is currently not present.
Historical Price Movement (in INR)
Technology
Dogecoin is based on the Scrypt algorithm; Dogescript is a programming language that compiles into JavaScript.The structure of Dogecoin was based on an existing currency called Luckycoin, which has a reward system wherein when you mine a block of coins, you generate a reward, which has now been changed to a static block reward in March 2014. It should be noted that Luckycoin is itself based on Litecoin, which uses a scrypt technology in its proof of work algorithm.
Since Dogecoin uses the scrypt technology, traditional SHA256 mining equipment cannot be used to mine Dogecoins; instead, dedicated FPGA and ASIC devices are required. These devices are quite complicated and are very hard to create. Dogecoin differs from its rival Litecoin by several parameters. Dogecoin has a block time of 1 minute, while Litecoin is 2.5 minutes. The reward is based on a fixed block schedule. However, when Dogecoin was first introduced, the difficulty retargeting was set once every 4 hours, and the reward was based on a randomized value of {0,maxB}, where maxB is a value depending upon the block schedule. Under a system where a random number of coins were generated, the rewards were generated using a Mersenne Twister pseudo-random number generator.
The Dogecoin algorithm was created to generate a fixed number of coins after it reaches the 145,001 blocks. After this block, around 250,000 coins will be generated per block until block number 200,001. On version 1.6 of the Dogecoin client and introducing a fixed reward, also introduced a new difficulty algorithm called Digishield. This algorithm, adopted from Digibyte, was used to restrict multi pools from mining dogecoins and gaining huge profits. Dogecoin also uses DeFI, which is known as Decentralized Finance. It does not need intermediaries such as brokerages banks to offer financial instruments. This can be accomplished by using smart contracts that are automated enforceable agreements that do not require banks or lawyers as intermediaries because they use online blockchain technology. While Dogecoin cannot interact with smart contracts directly because it runs on its chain, the coins can be “wrapped” so that they are locked into a state that is interoperable with a contract until its later release.
The Ren project has enabled Dogecoin (renDOGE) to run on the Ethereum blockchain and use the Defi network. The Defi linked coins use decentralized applications “dAPPS” to transact and trade on decentralized exchanges (DExs). An example of DExs is Unisweep which only promotes peer-to-peer exchanges without any company or other institutions providing the platform.
Token Allocation
For now, The initial supply of Dogecoin is limited to 100 billion coins. However, Dogecoin's founder, Jackson Palmer, declared in February 2014 that the limit will be eliminated and that there would be no cap. Dogecoin had released its 100 billionth coin by mid-2015. The Dogecoin supply was about 132 billion coins as of 2022.
Volume (as of 21st March 2022)
$419,451,086
Total Supply
132670764300
Circulating Supply
132.67B DOGE
Crowd Sales
Over the course of one investment round, Dogecoin has raised a total of $30,000. This was January 20, 2014, Equity Crowdfunding round.
Funding
20/01/2014: Equity Crowd Funding- $30K
Country
Not Incorporated. (Open Source)
Name of Organization
Doegcoin
Year Incorporated
2013
Registered Address
NA
Dispute Resolution and Governing Law
NA
Country Risk Assessment
NA
Founding Team
| Name | Designation | Education | Experience |
| Billy Markus | Founder | NA | NA |
| Jackson Palmer | Co-Founder | University of Newcastle: Bachelor of management marketing | 12 yrs |
https://crebaco.com/planner/admin/uploads/whitepapers/1615627DOGECOIN%20Whitepaper.pdf 
