Jump to content

Dogecoin

Page semi-protected
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Fivexthethird (talk | contribs) at 03:39, 20 December 2013 (The AfD hasn't closed yet). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Dogecoin
File:Dogecoinwallet.jpg
Dogecoin Qt client
Unit
PluralDOGE, Dogecoins
SymbolD,Ɖ‎
NicknameDoge
Denominations
Subunit
 0.001mDOGE (millidoge)
 0.000001μDOGE (microdoge)
Demographics
Date of introductionDecember 6th, 2013
User(s)International
Issuance
Central bankNone. The Dogecoin peer-to-peer network regulates and distributes through consensus in protocol.
Valuation
InflationLimited release, production rate before this limit re-evaluated with the production of every block (at a rate of approximately 1 block per minute) based on the difficulty with which Dogecoins are produced, eventually leading up to a final total of 100 billion.

Dogecoin (code: DOGE, not to be confused with DGC, the currency code for DigitalCoin), is a Litecoin-derived cryptocurrency that is based on the 'doge' Internet phenomenon, making it the first currency to be based upon an Internet meme.[1][2] As of December 19, 2013, the market capitalization of Dogecoin is approximately $6.08 million USDCite error: The <ref> tag has too many names (see the help page).Cite error: The <ref> tag has too many names (see the help page). with 9% of the 100 billion total dogecoins having been mined.[3]

Overview

Dogecoin was created by programmer and former IBM engineer Billy Markus of Portland, Oregon, who was trying to create his own cryptocurrency in hopes of reaching a broader demographic other than the investors who've flooded into Bitcoin's economy. At the same time, his friend Jackson Palmer, a worker for a marketing department in Sydney, Australia for Adobe Systems, and the original individual who first conceived of the idea for Dogecoin, was encouraged by a student at Front Range Community College on Twitter to make the idea reality,[4] leading Palmer to reach out to Markus.[5] After getting several mentions on Twitter, Palmer bought the domain dogecoin.com, which was shown to Markus and quickly began the partnership between Markus and Palmer, launching the coin shortly after the development of Markus' Dogecoin wallet was done.[6] Within a couple of weeks of launching the currency, 6% of the total amount of 100 billion DOGE was already mined by December 17, already going over the 21 million cap placed on Bitcoin [7], and on December 19, Dogecoin had jumped more than 300 percent in value on, rising from $0.00026 to $0.00095.[8]

Markus designed Dogecoin to use scrypt in its proof-of-work algorithm, meaning that miners cannot take advantage of specialized Bitcoin-mining equipment to mine at higher speeds. However, the Dogecoin network will produce 100 billion dogecoins, significantly more than the 84 million limit imposed on the Litecoin network or the 21 million on the Bitcoin network.[9][10] Despite Dogecoin's original purpose as a proof-of-concept and a play on the internet meme of the same name, there are communities dedicated to it and several minor exchanges that trade it for other established cryptocurrencies like Litecoin or Bitcoin. The currency's popularity and value are rapidly growing;[11] as of December 19, 2013, the baseline price was approximately 1180 DOGE for 1 USD and began to be traded at the Cryptsy exchange for about 130 Satoshi/DOGE (1 Satoshi = 1E-8 BTC).

Use and exchanges

The current exchanges that handle DOGE/BTC exchanging are CoinedUp, Cryptsy and Coins-e, with CoinedUp also handling DOGE/LTC exchanging. The price is highly volatile due to the newness of the currency. As of Dec 19th 2013, the price for one DOGE was $0.00095[8], although this hasn't been a deterrent for exchange since people are trading real-world items in exchange for DOGE on major online communities such as Reddit.[12][13] Dogecoin has also become the second-most used cryptocurrency for "tipping" others online.[5] On Reddit, the Dogecoin tip bot is used about every thirty seconds, compared with the Bitcoin tip bot, which is only used a couple times per hour.[14][15]

See also

References

  1. ^ Andrew Couts (12 December 2013). "Wow. Dogecoin is the most Internet thing to happen, ever". Digital Trends. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  2. ^ Brittany Hillen (10 December 2013). "Dogecoin digital currency takes on Bitcoin with a bit of meme flair". Slashgear. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  3. ^ http://dogechain.info/chain/Dogecoin/statistics
  4. ^ Jason Mick (18 December 2013). "Dogecoins and Its IBM Developer Ride Meme to $130M+ Fortune". DailyTech. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  5. ^ a b Rob Wile (19 December 2013). "What is Dogecoin?". Business Insider. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  6. ^ Ashe Schow (19 December 2013). "Internet gold: Doge + Bitcoin = Dogecoin". Washington Examiner. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  7. ^ Dario Marchetti (19 December 2013). "Dogecoin, la valuta digitale nata da un meme" (in Italian). Wired Italia. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  8. ^ a b Andrew Couts (19 December 2013). "To the moon! DogeCoin fetches 300 percent jump in value in 24 hours". Digital Trends. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  9. ^ Danny Vega (9 December 2013). "Dogecoin: 5 Fast Facts You Need to Know". Heavy.com. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  10. ^ Miles Klee (10 December 2013). "With its own cryptocurrency, Doge has officially conquered 2013". The Daily Dot. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  11. ^ John Law (13 December 2013). "Patent Nonsense, Coinbase Futures, and Who's a Good Doggie? You Are!". CoinDesk. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  12. ^ Nathan Ingraham (16 December 2013). "Bitcoin is so 2013: Dogecoin is the new cryptocurrency on the block". The Verge. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  13. ^ J. Duaine Hahn (16 December 2013). "Move Over Bitcoin: Dogecoin is Here". Complex Tech. Retrieved December 2013. {{cite web}}: Check date values in: |accessdate= (help)
  14. ^ http://www.reddit.com/user/Bitcointip
  15. ^ http://www.reddit.com/user/dogetipbot
Retrieved from "https://en.wikipedia.org/w/index.php?title=Dogecoin&oldid=586893426"