What is Dogecoin?
It was founded by two engineers called Billy Markus and Jackson Palmer. Markus worked at IBM and Palmer at Adobe So, Dogecoin was the self depricating example of a clone coin trying to be the “next Bitcoin” and on the 6th of December 2013, the first block was mined Dogecoin is based off of a proof of work cryptocurrency called ‘luckycoin’. This was actually a fork of Litecoin which is why Dogecoin can be merge mined with Litecoin Block rewards could be anywhere from 1 DOGE per block all the way up to 1 million DOGE per block.
I should also point out that there was no premine to Dogecoin The developers then decided that they would remove the randomness component altogether and the block reward was fixed at 10,000 DOGE per block. Since a Dogecoin block is mined every minute, this meant a supply growth of 5.2 billion DOGE When it comes to network effeciency, Dogecoin can handle around 30 transactions per second which implies a transaction time of about 5 to 10 minutes. The average transaction fee is about 1 cent.
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