Dogecoin (DOGE) Profile

Dogecoin Token Profile (PDF)

Dogecoin (DOGE) was created in 2013 and named after the “Doge,” a popular internet meme. The project’s initial goal was to break the stigma of digital tokens following the shutdown of the Silk Road, an online black market, by appealing to a broader demographic than Bitcoin and associating itself with the popular internet icon. Dogecoin’s protocol is based on Tenebrix and Litecoin, two digital currencies that pioneered the use of Scrypt-based Proof of Work. Scrypt was developed to enable any computer to participate in the mining process and became popular around the time that Bitcoin mining was becoming unprofitable without specialized hardware. By using a nascent mining algorithm that even generic computers could use, Dogecoin catered to the developer community, which was also fond of the “Doge.” Dogecoin has been used for many philanthropic endeavors and has also been extensively used for “internet tipping,” which is when an internet user tips another for an informative or funny comment. In January 2018, when the token had a market capitalization of more than one billion dollars, Dogecoin's founder, Jackson Palmer, wrote a blog post that he created the token as a joke and the project had not had any development in more than a year.