Review on Dogecoin by Inioluwa Okedeji
Dogecoin: A Meme Come To Life
Dogecoin, launched on December 2013 by Jackson Palmer, a product manager at the Sydney, Australia office of Adobe Inc., is a p2p i.e peer-to-peer, open-source cryptocurrency, just like litecoin's underlying technology, Dogecoin's was derived from It.
Dogecoin is considered an altcoin (any other cryptocurrency aside Bitcoin) and an almost sarcastic meme coin. Even though it's creation was seemingly as a joke, its blockchain still has its merits.
Dogecoin's market capitalization is under $500 million.
It's current market cap rank given by CoinMarketCap is 26.
Present price is $0.00274511
Circulating supply, as at February 2018 113 billion coins have been mined
Uses Of Dogecoin
1 It can be held has an investment like any other cryptocurrency
2 It can be traded in the hopes of making profits
3 It can be mined.
Pros
- Dogecoin is based on Litecoin and has the same technology behind its proof-of-work (POW)
- Dogecoin can be mined alongside litecoin because they both have the same technology behind their Proof-of-work, that's why a lot of litecoin miners also mine dogecoin alongside it
- Its transaction fees are cheap and very easy to afford
- Dogecoin also have an exceptionally short block time
- It's platform is easy to use
Cons
- Dogecoin is a coin of very less value, thereby not drawing much interest from the public and traders.
- It is not stable like every other cryptocurrency
- It's security is less in comparison to other altcoins
- It's profitability is very low because it is mined using the proof-of-work technique
