Dogecoin
| Dogecoin | |
|---|---|
| Denominations | |
| Plural | DOGE, Dogecoins |
| Nickname | Doge |
| Demographics | |
| Date of introduction | December 8, 2013 |
| User(s) | International |
| Valuation | |
| Inflation | Approximately 100 billion coins to be mined by early 2015, and 5.256 billion new coins per year. |
Dogecoin (/ˈdoʊʒkɔɪn/ DOHZH-koyn, code: DOGE, symbol: Ð and D) is a featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. Introduced as a "joke currency" on 8 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014; as of March 2016, it had a capitalization of US$22.2 million.
Compared with other cryptocurrencies, Dogecoin has a fast initial coin production schedule: 100 billion coins have been in circulation by mid 2015 with an additional 5.256 billion coins every year thereafter. As of 30 June 2015[update], the 100 billionth Dogecoin has been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content. Many members of the Dogecoin community, as well as members of other cryptocurrency communities, use the phrase "To the moon!" to describe the overall sentiment of the coin's rising value. Thanks to crowdfunding efforts, a gold coin representing the cryptocurrency will be reaching the Moon's surface in 2017.
Dogecoin was created by programmer Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a broader demographic than bitcoin. In addition, he wanted to distance it from the controversial history behind bitcoin, mainly its association with the Silk Road online drug marketplace. At the same time, Jackson Palmer, a member of Adobe Systems' marketing department in Sydney, was encouraged on Twitter by a student at Front Range Community College to make the idea a reality.
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