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Who Is the Inventor of Dogecoin? History and a Few Interesting Facts
In December 2013, two outstanding software engineers, IBM’s Billy Markus and Adobe’s Jackson Palmer founded Dogecoin. Dogecoin was inspired by a Shiba Inu meme, a charming and friendly dog that went viral on Reddit and soon became the “meme of the internet” at the time.
The satirical Dogecoin was founded as a parody of Bitcoin and was never intended for real-world use or investment. Fans of Dogecoin on Reddit dubbed it shines,’ and they began tipping one other on the Reddit boards for amusing or valuable comments.
The Dogecoin Foundation was founded shortly after by the Dogecoin Reddit community. They raised $32,000 for the Jamaican bobsled squad competing in the Winter Olympics in 2014. In addition, the community started the Doge4Water campaign, which earned $31,996 for providing clean water to a tiny Kenyan hamlet.
What Is Dogecoin and How Does It Work?
Dogecoin, a meme-inspired cryptocurrency, isn’t as technologically advanced as Bitcoin or Ethereum price. It’s as straightforward as it gets. A lot of Dogecoin’s technology comes from Litecoin. To maintain ownership in a shared ledger, they use an ASIC-resistant mining algorithm called Scrypt (pronounced ‘ess crypt’) and the UTXO paradigm (Unspent Transaction Outputs).
Scrypt, an ASIC-resistant and memory-intensive hash function, is used in Dogecoin’s Proof-of-Work (PoW) consensus method. Mining with Scrypt is more straightforward and requires fewer resources (compared to SHA-256 used in Bitcoin mining). The Scrypt hashing algorithm is more GPU-friendly due to its memory-intensive operations.
DOGEUSDT does not have a ‘accounts’ mechanism for maintaining dogecoin ownership. Instead, it uses the UTXO (Unspent Transaction Outputs) mechanism, which Litecoin and Bitcoin also utilise. To put it another way, UTXO refers to coins on the blockchain owned by addresses. When Alice sends Bob money, the money does not arrive in Bob’s wallet (account). The blockchain, on the other hand, alters the ownership of the coins and links them to Bob’s address.