Dogecoin, presented in 2013 has a fully copied Litecoin algorithm with a couple of changes. Initially, there were generated 100 billion coins, and the number of coins in one block was set randomly. In March 2014, the currency behavior was changed. The reward has become fixed, and the issue is unlimited. The developer wanted to make new crypto and move away from the “black history” of bitcoins. In January 2014, Dogecoin community collected 50 thousand dollars for the Jamaica bobsled team, and on March 25 of the same year, users collected another 55 thousand dollars for NASCAR racer Josh Wise.
How Dogecoin works
The work of DOGE crypto is based on the same principles as Bitcoin – the hash of public keys. The source code is also very similar – it was only slightly modernized. The main feature is the fast period of mining. A reward is given every 60 seconds. At the same time, there is no need to purchase expensive equipment – an ordinary personal computer will be enough to extract Dogecoin.
If at the beginning of the start of crypto there was no single value of one mined block, today the price is unified, which made DOGE even more similar to other cryptocurrencies.
An important feature of Dogecoin is the endless emission. This inhibits the growth of Doge price, but so far the developers do not plan to change this figure. Also, many users are attracted by a single commission for transfers. No matter what amount you will transfer, the cost of the service is always the same.
Mining Features of Doge
The main reason that so many users mine this particular cryptocurrency is that it does not need a powerful computer. Any personal computer easily turns into a getter of treasured coins. For most miners, calculating one block takes about three minutes. The process of mining itself is no different from the production of other cryptocurrencies. To get started, you need to have a Dogecoin wallet and install special software. It is recommended to download it from trusted sites – this way you will protect not only your computer but also your wallet itself.
There are two factors that can affect the rise of DOGEcoin price. The first one is the influx of new investors, who, when looking for promising coins, on anyone, stumbling upon articles about the DOGE price prediction. The second is the linear growth of the cryptocurrency market as a whole.