Dogecoin (DOGE)

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Dogecoin
Consensus mechanismPoW
Total supplyNone. Inflationary
Websitehttps://dogecoin.com/

 Basics

  • Started in: 6-12-2013
  • Started as a meme, still is a meme.
  • A cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo.

History

"Jae Kwon and Jehan Tremback (Interchain Security lead, at Informal Systems) contributed to early debates about Dogecoin monetary policy in this github issue."

"It was created by Jackson Palmer and Billy Markus to satirize the growth of altcoins by making the doge internet meme into a cryptocurrency. While it was birthed as a joke, it actually led to some practicality as it’s large supply and low price facilitated efficient micro-tipping content on social media. It is a derivative of Luckycoin which forked from Litecoin. There is no cap to the supply of coins and thus the coin can inflate infinitely."

"Dogecoin is a meme cryptocurrency with the internet-famous Shiba Inu canine breed as a mascot. The project was introduced on Twitter by Jackson Palmer on November 27, 2013 when he tweeted about "investing" on “Dogecoin”, a made-up name. Some of Palmer's friends encouraged him to create a real Dogecoin project, so he registered dogecoin.com and started working. Billy Markus saw the website and reached out to Palmer. Markus and Palmer thought Dogecoin would make the cryptocurrency space more palletable to newcomers since, as they built the protocol, Bitcoin was beleaguered by associations with Silk Road and dark web. Palmer exited the Dogecoin project and community in June 2014 by tweeting, "Unsubshibing. Peace.""

Audits & Exploits

Bugs/Exploits

  • Halborn discovered a DoS and an authenticated remote code execution vulnerabilities in node software on a number of UTXO chains including Litecoin, ZCash, Doge, and others (3-2023).

Governance

DAO

Treasury

"Includes a community-donated developer fund, which currently holds just over $1,700,000 worth of DOGE. Nicoll said that the developers share access to the fund via a multisignature wallet."

Token

Launch

Token Distribution

Utility

Other Details

Coin Distribution

"Dogecoin (DOGE) boasts 5,406,500 holders. The top 10 wallets command a significant portion of the DOGE supply, accounting for 46.11%. Furthermore, the top 50 DOGE addresses hold 60.87% of the supply, while the top 100 wallets maintain 66.29% of the total supply."

"A mysterious Dogecoin whale holds almost 34.9 billion DOGE, or more than $1.2 billion. While the very first transaction in February 2019 saw it receiving a modest 100 DOGE, other transactions contained hundreds of millions of coins. With the circulating supply of 128.2 billion DOGE, this represents 27% of all available coins–certainly something to make you think about how centralized Dogecoin might be. More than a half of DOGE’s total supply is concentrated across 20 addresses."

Technology

"Dogecoin has no formal white paper, although several fans have written blog and forum posts as stand-in explainer documents."

  • Code can be viewed here.
  • Programming language used:

Transaction Details

How it works

"Dogecoin is modeled on Bitcoin but, like Litecoin, it uses a different code, Scrypt, which is less energy-intensive."

Mining

"It is sometimes “merged mined” with Litecoin, meaning miners run programs to mine both chains simultaneously. The network’s hashrate is roughly 300 terahashes. To put this into perspective, Bitmain’s latest and most powerful miner produces over 50 terahashes at peak performance and Bitcoin’s hashrate is roughly 161 exahashes (or 161,000,000 terahashes).

But Dogecoin uses the Scrypt hashing algorithm instead of Bitcoin’s SHA-256, which is supposed to be ASIC resistant, meaning Dogecoin is meant to be mined with computer processors (CPUs) or graphics cards (GPUs), resulting in a lower hash, though ASICs like the Antminer L3+ run Skrypt.

It’s theoretically easy (compared to Bitcoin or Ethereum) to 51% attack Dogecoin to cheat its network to steal coins from others. Some back-of-the-napkin figures crunched by CoinDesk suggest that it would cost roughly $8 million to attack the Dogecoin network for a week (using Antminer L3+ ASICs)."

"DOGE has historically made up 10% of all LTC merge mining revenue. Litecoin miners are seeing 5x increase in daily revenue (80% from DOGE income). Opportunistic LTC miners have driven up Dogecoin’s hashrate by 48% YTD (30D) with the merge-mined coin now having a higher market cap than its base coin."

Scaling

"One of the things that brought Nicoll and others back to DOGE were the “scaling problems” the team discovered. Over the past month, Dogecoin’s full node count (those running the Dogecoin source code and recording the network’s transaction history) has grown from a few hundred to some 1,300, Nicoll said. Most Dogecoin nodes, he continued, are running on the default setting that only allows outbound connections but not inbound ones.

Because Dogecoin node users are not disabling this firewall to allow incoming connections from peer nodes, the network’s topography is wonky, Nicoll explained. Hundreds of nodes only have a one-way connection to the rest of the network, and since they aren’t connecting to other nodes, some wallets are having trouble syncing."

Interoperability

Different Implementations

Other Details

Oracle Method

Their Other Projects

Upgrades

"As the price rises from the depths, Dogecoin’s historically scattered development is rising with it. Take Dogecoin lead maintainer, Ross Nicoll, for example. His last commitment to the open-source project on Github came in October of 2019, but in the past two weeks he’s taken on a handful of new pull requests to make changes to DOGE. As he and four other Dogecoin developers take up the keyboard, they’re tasked with upgrading a software whose last major release happened nearly two years ago in June 2019.

They also have their hands full catching up to the seven major releases Bitcoin Core has made since Dogecoin’s development more or less stopped. That’s because for many years Dogecoin’s technical development was copied step-for-step from Bitcoin Core, meaning the code for any new Bitcoin release was copied and adapted for Dogecoin. Since March 2014, “[Dogecoin Core] has always been based on Bitcoin,” Dogecoin developer Maximilian Keller told CoinDesk. This was a security decision that he said “has contributed significantly to the stability” of Dogecoin.

“The Dogecoin network does not necessarily have the same challenges as Bitcoin, so it’s less of a pressing issue for us [to update regularly],” Keller said."

Roadmap

"Tulsa-based mobile apps development firm AppSwarm Corp and blockchain research lab and startup accelerator DogeLabs.Io have plans to build out a global Dogecoin development team that will focus on building applications on top of the memecoin’s blockchain. DogeLabs.io, a company focused on developing commercial apps around the Dogecoin protocol, said the newly formed DevOps teams would share ideas and support Dogecoin-based apps. The research lab is still in the hiring process but it plans to set up its DogeLabs DevOps teams in Europe, Asia, the Middle East, Africa and South America and will be responsible for expanding the projects related to the Shiba Inu-themed coin."

"Critics point to that barren GitHub page and question whether any real Doge developers exist at all. Nicoll's response is that he sees no sense in "development effort just for the sake of spending development effort," especially when Dogecoin upgrades can take up to 18 months for the network to adopt. "Why would we do a more frequent upgrade? That seems crazy," he said. The network currently does have "performance issues with the network synchronization," said Nicoll, and that will be remedied with an upcoming upgrade."

Usage

"Since May 22, the Dogecoin network has consistently confirmed over a million transactions each day, reaching 1.42 million on May 23. Saturday, May 27 witnessed a milestone for the Dogecoin network as it soared to an all-time high, processing 2,079,070 transactions. The surge in DOGE transactions can be attributed to the introduction of DRC20 tokens, akin to the BRC20 tokens minted on the Bitcoin blockchain. To illustrate, the Scrypt hashrate dedicated to the Dogecoin network on May 9 stood at 638 terahash per second (TH/s). However, it has escalated by 38.71% to its current standing of 885 TH/s."

Projects that use or built on it

Competition

Pros and Cons

Pros

  • Such wow!
  • Much moon!

Cons

Team, Funding, Partnerships, etc.

Team

Funding

"Dogecoin developer Ross Nicoll says Elon Musk has been advising the small team working on the cryptocurrency since 2019. Musk has offered to fund the devs (an offer they politely declined)."

Partners 

 (:

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