Dogecoin is a meme coin inspired by a meme on the internet with the Shiba Inu as its logo. It uses a PoW network that is a fork of Litecoin.
Medium of Exchange
$DOGE is an internet meme coin used for peer-to-peer transactions and payment of transaction fees. Some institutions accept DOGE as a payment method.
Demand for $DOGE mainly comes from short-term speculative investors and the payment of gas fees.
A peer-to-peer decentralized payment network allows users to transact their funds without relying on a single entity or institution.
$DOGE can be used to pay for transactions on the network and for payment in some institutions.
Miners are responsible for keeping the network safe and verifying transactions. Blocks are created every minute and have a reward of 10,000 $DOGE and transaction fees paid to the miners.
|Problems & Solutions
The protocol allows the transfer of funds without relying upon any centralized authority, but there are tons of protocols doing the same, so it is not unique.
Dogecoin is inspired by Litecoin's technology. Dogecoin founders forked Litecoin and evolved it into a widely-known meme coin.
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Born of Dogecoin