- Dogecoin is an open-source, decentralised peer-to-peer cryptocurrency.
- It is also known as the Meme coin.
- Dogecoin (DOGE) remarked on its identity by becoming the first choice of many crypto investors, like Elon Musk.
The creation of Dogecoin was done in 2013 as a joke by the software engineer Billy Markus and Jackson Palmer. Currently, both of them do not belong to this. This meme coin was inspired by the popular meme of the dog Shiba Inu in 2010.
Dogecoin was the first meme coin and became the inspiration for the formation of the rest of the meme coins. According to the Dogecoin website, “Dogecoin is many things to many different people. At its heart, Dogecoin is the accidental crypto movement that makes people smile!”
“It is also an open-source peer-to-peer cryptocurrency that utilises blockchain technology, a highly secure decentralised system of storing information as a public ledger that is maintained by a network of computers called nodes.”
The protocol that Dogecoin follows is based on Luckycoin. The purpose of this protocol is to keep the potential miners away from this project. But this planning did not last long, and Luckycoin was later removed from Dogecoin’s protocol.
Dogecoin Purpose
In 2014, the project creators of Dogecoin formed Dogecoin Foundation. That was responsible for the support, trademark protection, advocacy, and governance of the DOGE project.
It may have started as a joke, but later it found its purpose. Its least price made it popular for small online transactions.
Source: https://www.thecoinrepublic.com/2022/08/01/dogecoin-and-most-owned-dogecoins-by-crypto-whales/