Have you heard of the fun cryptocurrency, Dogecoin? If not, we’re sure the first question on everyone’s mind is most likely, “How do you pronounce Dogecoin?”
Is the ‘e’ silent? Is it a hard ‘g’ or a soft ‘g’ with more of a ‘j’ sound to it? Or is it pronounced, “Doggy-coin?”
Well, if you’ve been pronouncing it with the silent ‘e’ and a ‘j’ sound, then you would be correct. So, let’s talk about what exactly Dogecoin is. According to their website, “Dogecoin is an open source peer-to-peer digital currency [sic], favored by Shiba Inus worldwide.” Their logo is of a fluffy-faced Japanese dog breed, the Shiba Inu. Originally this Shiba Inu was an internet meme that showed the dog’s face in various settings, the photos embellished with Comic Sans typeface words of praise and amazement, with the focal word usually being “Wow”.
In late 2013, programmer Billy Markus, wanted to create a fun cryptocurrency that would reach a broader demographic than Bitcoin. He also wanted a cryptocurrency that didn’t carry negative associations due to Bitcoin’s controversial history and ties to Silk Road. At that same time, Jackson Palmer, a member of Adobe Systems’ marketing department, had purchased the domain dogecoin.com and added the splash screen which featured the coin’s Shiba Inu logo and Comic Sans text. Markus saw the site and began efforts to create the currency after reaching out to Palmer.
When Dogecoin officially launched on December 8, 2013, it was originally intended to produce 100 billion Dogecoins, but later announced that the network would produce an infinite amount of coins. It quickly developed its own community and members often use the phrase “To the moon!” to describe their overall sentiment of the coin’s rising value. Compared to other cryptocurrencies, it has a fast initial coin production schedule.
Unlike Bitcoin, Dogecoin is not based off of its hashing algorithm of SHA-256, but is more similar to Litecoin in that it uses scrypt. Although similar to Bitcoin, as well as Litecoin, Dogecoin functions using public-key cryptography, in which a user generates a pair of cryptographic keys: one public and one private. Only the private key can decode information encrypted with the public key; therefore the keys’ owner can distribute the public key openly without fear that anyone will be able to use it to gain access to the encrypted information.
This altcoin has definitely positioned itself as the “fun” and “feel-good” cryptocurrency. When Dogecoin caught wind that the two-man Jamaican bobsled team had qualified to be in the 2014 Winter Olympics, Sochi, but didn’t have the money to go to Russia- this altcoin community pulled resources to help them in their endeavor. Liam Butler who runs the Dogecoin Foundation, started Dogesled, to raise money for the famous team. The internet-born, dog-coin family ended up raising over $30,000 in Dogecoins.
Inspired by the Winter Olympics fundraiser, the Dogecoin foundation began working alongside the foundation Charity: Water, collecting donations to build a well in the Tana River basin in Kenya. They set out to raise $30,000 in Dogecoin before World Water Day. The campaign ended up succeeding with collections coming in from over 4,000 donors as well as a very large sum from an anonymous benefactor in the amount of $11,000 in Dogecoin.
On March 25, 2014, the Dogecoin community, again, successfully raised money in an effort to sponsor NASCAR driver Josh Wise. They raised $55,000 (that’s 67.8 million Dogecoins) and Wise ran with a Dogecoin/Reddit sponsored paint scheme on his car at the Aaron’s 499 at Talladega Superspeedway. Wise and his car were featured for nearly a minute, during which the race commentators discussed Dogecoin and the crowdfunding effort. Because of its popularity and discussion, the developer for the game NASCAR ’14 added the Dogecoin racecar as a drivable car in the game. Not bad for a cryptocurrency.
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I'll mine that shit. Though, my machine is weak - so I'm relying on the mining pool and shares approach to get smaller slices of the pie at a faster pace.dogecoin faucet
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