History of Dogecoin: cryptocurrency meme

History of Dogecoin: cryptocurrency meme

Surely even those Internet users who are far from the cryptocurrency ecosystem, have heard about such a coin as Dogecoin. The humorous resonance around this token arose due to the fact that its name was borrowed from a very popular Internet meme - the "sad dog." The history of Dogecoin, a cryptocurrency that is now one of the top 10 coins by capitalization, will be discussed in this article.

• HISTORY OF DOGECOIN

Despite its rather humorous name, the Dogecoin coin itself has very serious connotations. It was developed by just one developer from Portland named Billy Marcus. He originally set out to create a token that could reach a broad social group, that is, become international. In addition, the coin was to distance itself from bitcoin. The developer himself believed that bitcoin had a very tainted history due to its use to sell drugs.

Dogecoin itself didn't stray too far from bitcoin in its architecture, though. It was created on the basis of Luckycoin, a cryptocurrency that in turn was created on the basis of Litecoin, developed on bitcoin itself. Thus, it is difficult to deny the kinship of the "mem-token" with the first cryptocurrency.

Up until March 2014, Dogecoin mining rewards were assigned randomly, which discouraged some miners. But then this situation was changed, and the size of the reward became fixed.

It is worth noting and very interesting approach of developers to issue their own cryptocurrency. Initially it was said that the coin will be issued in the amount of 100 billion, but after a while restrictions were removed and now Dogecoin will be issued endlessly. No wonder, as of the end of 2014, the number of mined coins amounted to more than 98 billion, which equals 98% of the initial planned issue volume. This figure was achieved in just one year of the token's existence.

• THE CHARITABLE NATURE OF DOGECOIN

Dogecoin is a coin that is directly related to social activities and charitable events. The cryptocurrency team has repeatedly made itself known by organizing fundraisers and investment programs.

For example, in early 2014, the Dogecoin team lobbied for a fundraising project for the Jamaican bobsleigh team. It successfully qualified for the Winter Olympics, but unfortunately, the state did not have enough funds to provide it with all the equipment it needed. The Dogecoin team organized a fundraiser that raised more than $50,000.

In March 2014, Team Dogecoin raised $55,000 to fund professional racer Josh Wise. He, in turn, promised that he would race in a car with the logo of the cryptocurrency.

The story of Dogecoin is an example of how one person, using a popular Internet joke, was able to create a cryptocurrency that today is in the same rank as such major players as bitcoin, ether, etc.