What Is the Technology Behind Dogecoin Games?

By Srikanth
5 Min Read
What Is the Technology Behind Dogecoin Games? 1

We know not everybody into crypto must have anticipated the sudden rise of dogecoin on 20th April 2020 when it surged to a value of 1 dollar. This day was earmarked as “Doge Day.” Now, many crypto enthusiasts are investing their capital into Dogecoin since it has been dubbed as a cryptocurrency for the future. There is no surprise there because even prominent figures like Elon Musk and Snoop Dogg have said one or two things about this crypto and Dogecoin mining. 

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What Is Dogecoin?

Dogecoin can be considered an altcoin popularly known as an alternative coin. As we all know, altcoins are cryptocurrencies other than Bitcoin. It is a peer-to-peer and open-source cryptocurrency which allows users to have transactions in a secure system and its decentralised nature allows no involvement from a third party.

How Was Dogecoin Started?

Dogecoin was based and created as a joke in late 2013 by two software engineers Billy Markus and Jackson Palmer. These two engineers created the website Dogecoin.com which they thought was taken too seriously since they both thought of it as a joke in the first place.

This meme coin was created based on a picture of a Shiba Inu dog that was adopted by a Japanese teacher from an animal shelter in 2008. Surprisingly, Dogecoin was a huge success and it was widely talked about on Reddit and it was even talked about by Elon Musk. No wonder when it was just two weeks after its launch, it hit a record of more transactions per day than Bitcoin. 

How Does Dogecoin Work?

As every other cryptocurrency runs on blockchain technology, that is how Dogecoin works. Blockchain is a digital ledger that helps store all transactions made by any cryptocurrency and it is decentralized. That is, free from a centralized authority.

Dogecoin Blockchain Technology

  • If you are using the Dogecoin network, you must have a digital wallet that consists of two keys – a public key and a private key.
  • You can easily request a transaction with another person if you know the person’s wallet ID and public key.
  • Once you have made the request for a transaction to be made, the system immediately allows all the miners of Dogecoin to continue with the process.
  • The miners then immediately validate the transaction and find out if the proposed sender is valid or not. If the transaction passes the inspection, the transaction request is approved.
  • Also, all the Dogecoin miners compete to collect all the nonce. These are all the pending transaction data.
  • Once this is done, a mathematical function is applied by the Dogecoin miners to get the actual hash number of a particular nonce of the pending transaction.
  • Any miner who gets the hash code immediately gets a reward of 25 Dogecoins in his wallet.
  • After this process, they both get an alert that the request has been approved. 
  • The receiver of the Dogecoin gets the stipulated amount into his wallet and that means the transaction has been successful. 

Rise of Dogecoin

For those looking to experiment with cryptocurrency without any strings attached, Dogecoin was a popular choice in 2013. In 2014, the trading value of Dogecoin surged compared to other cryptocurrencies, particularly bitcoin, after internet forums like Reddit and Dogecoin began paying content creators with Dogecoin.

This cryptocurrency that was formerly a joke had its price skyrocket after SpaceX founder Elon Musk, Dogecoin’s most vocal supporter, began tweeting regularly about a fake “Doge” magazine cover. After that, other famous people began tweeting about and endorsing Dogecoin as well, including Gene Simmons and Snoop Dogg. Now we have many dogecoin casinos utilizing the low transaction cost of this cryptocurrency. 

The value of Dogecoin increased by more than 600% after Elon Musk tweeted, “Doge barking at the moon,” in April 2020. The present value of Dogecoin is $41 billion, thanks to these activities.

Conclusion

You have just learned the basics of blockchain technology, the ideas behind Dogecoin, and the cryptocurrency itself in this article. Continue to follow us up for more engaging and informative content.

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