It seems that the impression of $Doge among the newcomers in this round is still not deep! This is the ancestor of Web3meme! I will write about the origin and development of dog coins and how to enter the market at an ultra-low (nearly zero) cost,Divided into three chapters: 1. The background of Doge; 2
It seems that the impression of $Doge among the newcomers in this round is still not deep! This is the ancestor of Web3meme! I will write about the origin and development of dog coins and how to enter the market at an ultra-low (nearly zero) cost,
Divided into three chapters: 1. The background of Doge; 2. Deep analysis of technology/trends; 3. How to approach zero cost entry for Doge
The Background and Context of Doge
I believe that last night Musk's operation could cause an earthquake in the circle. This operation directly caused DOGE to break 0, but Musk is only a latecomer and he is just one of the fans of $Doge. However, in the end, it was Zhuang who became a fan. So how did Doge come from?
Dogcoin (abbreviated as DOGE) was developed by programmer Billy Markus and marketers in December 2013
Created by expert Jackson Palmer. The inspiration for DOge came from the popular dog terrier at the time, which features the image of a firewood dog, with the original intention of creating an interesting and more acceptable Token. Doge was initially seen as an interesting alternative to Bitcoin, but over time, it gradually developed into a cryptocurrency with practical application value, initially used for community entertainment rewards
So far, the application of DOge goes far beyond just giving rewards. It can even be used for shopping in some places in Australia or the United States, and hundreds of various charitable organizations have even received donations from DOge!
II. Technology/Trend Analysis
The characteristics and principles of Doge and its comparison with BTC are based on LTC technology, while LTC is a fork based on the BTC protocol. The underlying layer of DOge is similar to BTC/LTC, using decentralized distributed ledger technology. However, compared to BTC, Doge has a faster block generation speed and transaction confirmation time, making it more practical. The comparison between Doge and BTC is also significant
It is estimated that it has been basically fixed now. After all, there are still development teams available for both DOGE and LTC, which can be salvaged. However, from this matter, we can see that the focus of DOGE's existence is not on technology itself, but on spirit. If we pursue technology, I will definitely prefer XMR or the most popular ARB (the experience is indeed smooth). Moreover, BTC's UTXO protocol does have drawbacks, let's talk about anonymity, although the UTXO model has certain limitations
How to approach zero cost entry, Doge
Then it's time for this key chapter. Now, everyone enters the DOGE, usually through the DEX/CEX exchange to pick up orders, but there is actually another way to do so
Community activities and gifts: The DOGE community often holds various activities, such as competitions, Q&A, etc. Participating in these activities can sometimes earn DOGE rewards. In addition, users on some platforms may also receive gifts from DOGE, which can be found on the official website
Borrowing and pledging, faucets, work, and starting a company are different opinions. If you treat it as a currency, you can actually obtain it at almost zero cost. There are too many ways to do so, please check on the official website
Finally, I would like to evaluate its future and present from my personal perspective
Although DOGE was initially created as a funny and easy token, it has developed into a currency with certain value and influence in the cryptocurrency market. The activity of the global community of DOE has brought it unique value, and its current position in the cryptocurrency market is relatively stable, ranking among the top in terms of market value. Its potential depends on multiple factors
Such as community development, practical application, and mainstream recognition. Musk's support for Dogcoin has had a positive impact on its market performance, but it may also bring unstable factors. ElonMusk has repeatedly expressed support for DOGE on social media platforms such as Twitter, which has to some extent increased the popularity and market value of Dogcoin. His remarks can even trigger short-term fluctuations in the price of dog coins, which is not a good phenomenon
But if we consider landing, then Twitter may be a key point in breaking through the meme coin of Doge. After Musk became the CEO, he frequently called for Doge, and today he directly replaced it with a Twitter logo. If it is used as a reward, or even as a Twitter trading currency, the widespread landing of Doge may make it become a non sovereign endorsement fiat comparable to USDT, and its mechanism does indeed meet the circulation requirements of fiat coins
On the underlying mechanism, Doge uses proof-of-work (PoW) as its consensus mechanism. Doge uses the Scrypt algorithm, which is different from the SHA-256 algorithm used by BTC. The Scrypt algorithm reduces the difficulty of mining to a certain extent, making it easier for ordinary people to participate in the mining of DOGE. This design promotes ecological diversity and reduces the possibility of concentration of miners' resources. Compared to BTC, the threshold for miners is much lower
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