Rank: 8
Dogecoin is a peer-to-peer, open-source cryptocurrency that launched in 2013. Dogecoin is built on the Proof of Work (PoW) consensus mechanism, utilizes Litecoin’s scrypt technology and its code is based on Luckycoin, which itself is a fork of Litecoin.
Although Dogecoin was seemingly created as a joke, based on a 2013 meme, it began to market itself as a “fun” version of Bitcoin with a Shibu Inus (Japanese dog) as its logo. The implementation of the scrypt technology, unlimited supply, and the casual presentation of itself made it an argument for a faster and more consumer-friendly version of Bitcoin.
Dogecoin quickly gained a loyal fanbase in the crypto community, by being a fun alternative where the value of the coin doesn’t matter too much, 1 Doge always equals 1 Doge.
By introducing merge mining, Dogecoin is still popular to miners to this day, as it allows miners to mine Litecoin and Dogecoin at the same time, thus increasing mining rewards.
Dogecoin still has a very active community in 2020 and is ranked in the top 40 cryptocurrencies based on market cap. Dogecoin is mainly used by holders for micro-transactions, tipping, and to fund charity events. Dogecoin’s active volunteer developers keep the blockchain up to date.
Fun fact: Metal’s co-founders Marshall Hayner and Glenn Marien were very active in the Dogecoin community, that’s how the two met each other. Marshall had a fireside chat recently with Dogecoin’s lead developer Max Keller to talk about the past and future of Dogecoin and the industry in general. You can watch the fireside chat in full here.
