Dogecoin (DOGE) 2018-05-04T16:57:01+00:00

Dogecoin (DOGE)

Project Description

Purpose

Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. It was introduced as a “joke currency” on 6 December 2013, but has since grown to have a 524 million market cap (as of February 7th, 2018).
 
Dogecoin is used with a wallet on your computer, your smartphone, or a website. You can use it to buy goods and services, or trade it for other currencies (both other cryptocurrencies or traditional currency like US dollars).
 
One of the most popular uses for Dogecoin is “tipping” fellow internet-goers who create or share great content. Think of it as a more meaningful “like” or upvote, with real value that can be used all across the internet.
 
On February 5th, the much-anticipated technology truebit successfully sent dogecoin to ethereum’s Rinkeby testnet, where it became a distinct asset on that blockchain. A historic first, the transaction marked the completion of a years-long project developers see as a stepping stone toward the interoperability of crypto assets more broadly.
 

Strengths

– Very low transaction fees (1 DOGE/tx)
– Fast transaction time because there is 1 new block every minute
– Very large and active community

Weaknesses

– No software update in over 2 years
– The fact that it is based on a meme will deter more serious people from using it
– The top 100 Dogecoin addresses own over 50% of all DOGE
– There is no limit to how many DOGE can be created. The constant inflation will keep driving the prices down

Network Status

The Dogecoin network has been up since December 2013.

Roadmap

There is no defined roadmap. A lot of projects are being proposed on their GitHub, but none are guaranteed to be accepted.

Governance

Dogecoin uses a script Proof-of-Work consensus algorithm to verify transactions.
Since all the developers are volunteers and there is no Dogecoin Foundation, there is a lot of updates being proposed, but none have been accepted in the past 2 years since there is no team to lead the miners in a certain direction.
 

Similarities

Dogecoin is similar to Bitcoin, Litecoin and all the Bitcoin forks since its only use is to be a currency.

Notable partnerships

There is no notable partnerships.

Exchange

DOGE is traded on Bittrex, Poloniex, HitBTC and Kraken.
 

Stack

Dogecoin is a blockchain layer.

Community

Reddit: 113 329 subscribers Twitter: 202k followers

Price history

Feb-28-2018: 0.0061 USD
Feb-7-2018: 0.0046 USD
Dec-2017: 0.0021 USD
Sept-2017: 0.0024 USD
July-2017: 0.0023 USD
 
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations

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