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Review on Dogecoin by Klaus Kuhn
Despite Dogecoin’s long-standing statue in the cryptocurrency space, there are…
Despite Dogecoin’s long-standing statue in the cryptocurrency space, there are more promising cryptocurrency projects out there whose coins have more potential to “moon” than Dogecoin. Hence, if you are going to purchase Dogecoin, in the hope that the Dogethereum Project will boost its price, it should be a rather small holding in your crypto asset portfolio.
Pros
- Dogecoin is derived from Luckycoin which is built on the Litecoin code base. It makes use of the Scrypt algorithm in order to validate proof-of-work (PoW) protocol. It also inherited Luckycoin’ s random-sized block reward generating process. The latter feature has been patched in March 2014, mainly because the largest crypto multi pools were mostly solving blocks that offered the largest rewards. Consequently, regular miners were left out from solving blocks with higher rewards. In that same patch update, DigiShieldwas added. Developed by DigiByte’s team, this algorithm is responsible for re-targeting the coin’s difficulty between every block.
Cons
- Time will tell regarding the future of Dogecoin. Even though it is a gimmicky cryptocurrency based on a meme, its novelty and playfulness is welcome in a world saturated with lazy imitators and malicious brand heists
