Dogecoin is a decentralized, open-source cryptocurrency that was created in 2013. Dogecoin has become increasingly popular and accepted by merchants as an alternative to Bitcoin, and its market capitalization currently stands at around $6.8 billion. Dogecoin is based on the same technology as Bitcoin, known as blockchain. Blockchain is a distributed ledger technology that allows for the secure, anonymous and decentralized transfer of digital assets between two parties. It is composed of a series of blocks, each containing data about transactions that have taken place. All of these blocks are cryptographically linked together, forming a chain that cannot be modified or tampered with.
The Dogecoin blockchain is a peer-to-peer network that is maintained by miners, who use powerful computers to solve complicated mathematical problems in order to validate transactions and generate new blocks. Each block contains a cryptographic hash of the previous block, a timestamp, transaction data and a “nonce” — a number which is used to prove that the miner has done the required work to generate the block.
Founder: Billy Markus & Jackson Palmer
Launched On: 2013-12-04
Proof of work