Dogecoin review

  

Dogecoin is a rather unique crypto currency alternative. The coin’s face proudly displays the Shibe Inu from the internet meme ”Doge” surrounded by oddly written English in the Comic Sans font describing it’s wowness. It was released into the crypto world on December 8, 2013 and differ from the other alternatives by quite a bit. It derives from Luckycoin which is built on the Litecoin code base, that means that it uses Scrypt for it’s proof-of-work algorithm and is topped with the uniqueness from Luckycoin that gives for random sized block rewards.

As of with most new coins, Dogecoin was released without a large number of commercial applications. It managed to gain interest by the community for being used as a tipping currency around the internet simply by giving Dogecoin’s to the contributor as appreciation for submission of a noteworthy content, begining on the internet forum Reddit. Since the begining of Dogecoin’s growth, the coin has started to gain acceptance as a mean of payment by a large number of services ranging from apparel, electronics and books down to Hamburgers from BIT Bourbon Steam Burgers in London.

When Dogecoin was released, the reward for generating a block for the chain would be a random number somewhere in between 500,000 and 0. This feature has been patched as of March 10, 2014, mainly because of the larger multipools being able to calculate the probability of a block having a large reward and only aiming for solving these, resulting in that regular miners was being pushed out from the higher reward blocks. In the same update, Dogecoin was given a new method for switching the difficulty algorithm that was delivered by DigiByte’s development team and goes under the name of DigiShield.

The Dogecoin community is also extremely involved in charity donations and have been seen given massive amounts of money away to many charity’s such as Doge 4 Kids as swell as the current active charity donation; Doge 4 Water. Dogecoin also manage with the help of donations, to send the Jamaican bobsled team as well as the Indian luger Shiva Keshavan to the Winter Olympics. It seems to have an extremely helpful community and surely has the possibility to deliver big.

Dogecoin keeps the fun in crypto currency alive, and I hope to see more of this coin in the future.