Popular science | "Iron Man" Musk has come to pick up this Dogecoin, which was born out of jokes

This is the original issue 1516 of the vernacular blockchain

Author | Fiona

Produced | Vernacular Blockchain (ID: hellobtc)

But every time its amazing increase, it is difficult to ignore, today's daily increase reached about 35%, which attracted everyone's attention. So Dogecoin, what exactly is the origin?

01

Dogecoin

In fact, Dogecoin was born on December 12, 2013 and belongs to the established Token.

Dogecoin is not only "high life", but also has a large market value. At current prices, Dogecoin's market capitalization is $300 million (the highest value is $1.6 billion), ranking 25th in the world.

Does this dog on the official website look familiar? Doge is a slang term for "Dog", usually a Picture of Shiba Inu with an Inner Monologue as the title, such as the following:

In 2013, this expression became popular on Reddit. At the end of the same year, Australian marketer Jackson Palmer launched "Dogecoin" based on the Bitcoin code, and Doge's dog avatar became its logo and also set the tone for online pop culture.

Dogecoin was developed on the basis of Bitcoin, although it is both a PoW consensus mechanism, but it does not use the SHA256 encryption algorithm used by Bitcoin, but uses the Scrypt algorithm (the same algorithm as Litecoin).

In addition, compared with Bitcoin and Liteby, there is a fixed total amount of issuance, and there is no upper limit on the issuance of Dogecoin, with an average block per minute. The block reward is initially 1 million per block, the reward is halved per 100,000 blocks, and the block reward is constant at 10,000 from the 600,000th block and no longer changes.

At present, the total number of Dogecoin in circulation in the market is about 119 billion. After optimization, the current difficulty of Dogecoin is to adjust according to the block to avoid the huge impact that may be caused by the sudden change of computing power.

02

The usefulness of Dogecoin

Although Dogecoin also has the function of purchasing goods and services and exchanging other tokens, its most popular use is to "tip" on the Internet, especially to the author of excellent content, which is equivalent to "like" the content of the forum or circle of friends, helping valuable content to spread further on the Internet.

Perhaps in line with the wave of Internet trends that Made was a hit on the Internet in 2013, Dogecoin was quickly recognized on Reddit after its launch, becoming a reward tool for tipping online.

After years of use and circulation, Dogecoin has been scattered in the hands of countless users and has a fairly broad mass base.

Back at the beginning, Elon Musk, who fined him $20 million for his misdeeds, Amway Dogecoin is clearly just talking. It didn't take long for him to issue another warning that "Doge value may vary," combined with the timing of tweets and as An April Fool's Day joke.

On the platform of virtual currency, most of the projects are "other parties sing me debut", Dogecoin evolved from Bitcoin, positioning itself as a network tip, coupled with the people-friendly "Shiba Inu" image and clear positioning, quickly gained a large number of users, thus having a longer life cycle.

Now a big trend on the Internet is that cats are becoming more and more popular, do you think there will be a possibility of "cat tokens" in the future? If so, what might be the main use? Feel free to leave a message in the comment area.

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