DEFINITIONS AND HISTORY OF DOGE COIN

What is DOGE Coin is a Cryptocurrency featuring the appearance of Shiba Inu's dog from "Doge" internet meme as its logo. Introduced as a "joke currency" on December 8, 2013 dogecoin quickly developed its own online community and reached a capitalization of US $ 60 million in January 2014 as of March 2016, it has a capitalization of US $ 22.2 million.
 Compared to other cryptocurrencies, dogecoin has a fast initial coin production schedule: 100 billion coins have been circulating in mid-2015 with an additional 525.6 million coins every year thereafter. As of June 30, 2015, 1 billion dogecoin was mined. Although there are several major commercial applications, currencies have gained traction as an internet tip system, where social media users give dogecoin tips to other users to provide interesting or important content. Many members of the dogecoin community, as well as other members of the cryptocurrency community, use the phrase "For the month!" to illustrate the overall sentiment of this coin's increased value. Thanks to crowdfunding efforts, gold coins representing cryptocurrency will reach the surface of the Moon in 2017.

Overview and history 

 Dogecoin is made by programmer Billy Markus of Portland, Oregon, who hopes to make fun of cryptocurrency that can reach a wider demographic than Bitcoin. In addition, he wanted to distance himself from bitcoin's controversial behind history, especially his relationship with the online Silk Road drug market. At the same time, Jackson Palmer, a member of Adobe Systems' marketing department in Sydney, was pushed on Twitter by a student at Front Range Community College to make ideas come true.
After receiving several mentions on Twitter, Palmer bought the dogecoin.com domain and added a splash screen, which featured a coin logo and scattered Comic Sans text. Markus sees related sites in IRC chat rooms, and begins an effort to create currencies after reaching Palmer. Mark was dogecoin-based on the existing cryptocurrency, Luckycoin, which was supplemented by random rewards received for block mining, although this behavior later turned into a block of static rewards in March 2014. In turn, Luckycoin was based on litecoin, which also used scrypt technology in its proof algorithm -work. The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, and that dedicated FPGA and ASIC devices are used for complicated mining to make. Dogecoin was officially launched on December 8, 2013. The dogecoin network was originally intended to produce 100 billion Dogecoins, but later, he announced that the dogecoin network would produce unlimited Dogecoins

On December 19, 2013, dogecoin surged nearly 300 percent in value in 72 hours, up from US $ 0,00026 to $ 0,00095, with volumes of billions of Dogecoins per day. This growth occurred during the time when Bitcoin and many other cryptocurrencies recovered from the decision. China to ban Chinese banks from Yuan Chinese investment into the bitcoin economy. Three days later, dogecoin suffered its first major accident by dropping by 80% because large mining pools seized opportunities in utilizing the very little computing power needed at that time to mine coins.
On December 24, 2013, The Reserve Bank of India warned users of dogecoin and other cryptocurrencies at the risks associated with them. On December 25, 2013, the first major dogecoin theft attempt occurred when millions of coins were stolen during a hacking attempt on the Dogewallet wallet online platform. Hackers gained access to the filesystem platform and modified their send / receive pages to send each and all coins to static addresses. This soaring Tweet about dogecoin makes it the most mentioned altcoin on Twitter. To help those who lost funds at Dogewallet after the breach, the dogecoin community initiated an initiative called "SaveDogemas" to help donate coins to those who lost them. About a month later, enough money was donated to cover all lost coins. In January 2014, the volume of dogecoin trading briefly surpassed that of bitcoin and all other crypto-currencies combined. On January 25, 2015, dogecoin had a market capitalization of USD 13.5 million. April 2015 Jackson Palmer announces he is taking "extended absence leave" from the cryptocurrency community

Usage and Exchange

Some online exchanges offer Doge / BTC and Doge / LTC trades. Three exchanges, Mengmengbi, Bter and BTC38, offer Doge / CNY trading. On January 8, 2014, AltQuick.co was the first exchange to launch the Doge / USD exchange. On January 30, 2014, Canadian-based exchange Vault from Satoshi also announced the Doge / USD and the Trade / CAD Doge. In February 2014, the Hong Kong Asia NexGen exchange announced that it would support Dogecoins trading in all major currencies. China-based exchange BTC38 also added their support on the dogecoin exchange, increasing market capitalization by more than 24 hours. On the first day of trading, dogecoin was the second most traded currency on the platform, after BTC. In September 2014, the UK-based exchange Yacuna began offering Doge / EUR and trading Doge / GBP.

On January 31, 2014, trading volume on the main exchanges was valued at $ 1,050,000 USD. Close the market is USD $ 60 million. Three exchanges contributed part of the volume: Bter (60%), Cryptsy (23%), and Vircurex (10%). The most traded currency pairs are Doge / BTC (50%), Doge / CNY (44%) and Doge / LTC (6%).
Physical trading, tangible items in exchange for the Doge take place in online communities such as Reddit and Twitter, where users often share eye-related information. On December 23, 2013, Tristan Winters from the online journal Bitcoin Magazine discussed what was needed for dogecoin to replace bitcoin.
First dogecoin ATM demoed at Coinfest in Vancouver in February 2014. Two bitcoin ATMs support Dogecoins and other altcoins opened in Tijuana, Mexico on March 17, 2014.
Dogecoin has also been used to try to sell homes, and has been used in pornography and industrial poker.

Weather forecasting mobile applications, web applications, and this weather doge creator site Katia Eirin and Bennett Wong request tips in dogecoin to safeguard their websites.

Dogetipbot is a cryptocurrency transaction service used on popular sites like Reddit and Twitch.tv. This allows users to send Dogecoins to other users via commands via Reddit comments; support for Twitch.tv and Twitter has been stopped This service was launched in 2013 on Reddit. The "dogetipbot" trademark was officially registered on August 19, 2014. In November 2014, the development team behind Dogetipbot raised $ 445,000 in venture capital funding.

Transaction
 Like bitcoin and litecoin, the dogecoin function uses public key cryptography, where the user generates a pair of cryptographic keys: one public and one private. Only private keys can decode information encrypted with public keys; Therefore key owners can distribute public keys openly without fear that people will be able to use them to get access to encrypted information. All dogecoin addresses are public key hashes. Unlike bitcoin addresses, which are 27-33 characters, dogecoin addresses are strings of 34 numbers and letters (both upper and lowercase), beginning with the letter D. The public key is the dogecoin address that other users can send Dogecoins. A private key, however, allows full access to the dogecoin wallet; it must be kept confidential and safe. Dogecoin holds the record for most transactions per day for any cryptocurrency, peaking at 2.5 times more transactions than all other cryptocurrencies combined in December 2013.

 Mining Parameters
The implementation of dogecoin is different from litecoin by several parameters. The dogecoin block time is 1 minute as opposed to this litecoin 2.5 minutes. Time difficulty in retargeting once per block and fixed rewards based on the block schedule are listed below. However, when dogecoin was first introduced, difficulty targeting again once every four hours, and reward is a random number between 0 and the maximum is determined by the block schedule. Under the system where a random number of coins is distributed, rewards are calculated using Mersenne Twister pseudo-random number generator. While the implementation of the original dogecoin is intended for it to be a fixed number of coins per block from blocks 600.001 so on only (providing 10,000 coins per block), the algorithm in dogecoin change starting from block 145000 so the prize is always given (providing 250,000 coins per block to block 200,001).

On March 12, 2014, version 1.6 of the dogecoin client was announced. Along with allowing for it to be a fixed gift per block, the new client update also introduces a new difficulty algorithm called DigiShield. The main objective of the new difficulty algorithm, adopted from the altcoin Digibyte, is to prevent multipools from being able to mine (and thus profit) from coins, reduce the price of coins drastically, along with forcing single-coin miners to deal with the increase in pool difficulties leaving behind them . Thanks to the near-in instant change algorithm, each multipool entering the dogecoin network will leave immediately, because the difficulty of mining will spike to severe, causing a decrease in profitability and, ultimately, the absence of multi-pool. Some cases of using a computer employer or university to mine dogecoin have been found.

Quoted from Wikipedia

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