A Short Story of DogeCoin

Dogecoin was created by programmer Billy Markus from Portland, Oregon, who hoped to make a fun cryptocurrency that could attain accord of a broader demographic than bitcoin. In combine in crime, he wanted to disaffect it from the controversial records of calculation coins. At the same times, Jackson Palmer, a devotee of Adobe Systems' publicity department in Sydney, was encouraged as regards Twitter by a student at Front Range Community College to make the idea a certainty.

After receiving several mentions concerning Twitter, Palmer purchased the domain dogecoin.com and late gathering a splash screen, which featured the coin's logo and scattered Comic Sans text. Markus proverb the site amalgamated in an IRC chat room, and started efforts to make the currency after reaching out to Palmer. Markus based Dogecoin harshly the existing cryptocurrency, Luckycoin, which features a randomized reward that is times-fortunate for mining a block, although this behavior was future misrepresented to a static block reward in March 2014. In slant, Luckycoin is based regarding Litecoin, which along with uses scrypt technology in its proof-of-produce an effect a share algorithm. The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, and that dedicated FPGA and ASIC devices used for mining are complicated to make. Dogecoin was officially launched upon December 6, 2013. The Dogecoin network was originally intended to manufacture 100 billion Dogecoins, but higher, it was announced that the Dogecoin network would build infinite Dogecoins.

On December 19, 2013, Dogecoin jumped on the subject of 300 percent in value in 72 hours, rising from US$0.00026 to $0.00095, following a volume of billions of Dogecoins per daylight. This grow occurred during a era when Bitcoin and many new cryptocurrencies were reeling from China's decision to forbid Chinese banks from investing into the Bitcoin economy. Three days well along, Dogecoin experienced its first major wreck by dropping by 80% due to this shape and due to large mining pools seizing opportunity in exploiting the totally tiny computing performance required at the times to mine Dogecoin.

On December 24, 2013, The Reserve Bank of India cautioned users of cryptocurrencies upon the risks allied subsequent to them. On December 25, 2013, the first major theft of Dogecoin occurred once millions of coins were stolen during a hack upon the online cryptocurrency wallet platform Dogewallet. The hacker gained right of entry to the platform's filesystem and modified its send/obtain page to send any and all coins to a static residence. This hacking incident spiked tweets roughly Dogecoin, making it the most mentioned altcoin upon Twitter at the era, although it was in mention to a negative issue. To to the front those who wandering funds upon Dogewallet after its breach, the Dogecoin community started an initiative named "SaveDogemas" to by now donate coins to those who had them stolen. Approximately one month future, passable money was donated to cover every one of of the coins that were stolen. On January 2014, the trading volume of Dogecoin briefly surpassed that of Bitcoin and every one added crypto-currencies amassed, however, its puff capitalization remained substantially astern that of Bitcoin. As of 25 January 2015, Dogecoin had a sustain capitalization of USD 13.5 million. April 2015 Jackson Palmer announced he is taking an "outstretched depart of non-attendance" from the cryptocurrency community.