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Dogecoin Was a Joke Coin. Was It Really?

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Dogecoin is perhaps the most controversial altcoin on the market today.  The mascot of this altcoin is a Shibu Inu dog, a Japanese breed. The enthusiasts of Dogecoin call themselves shibes and are extremely fond of the meme.  Akin to bitcoin and its counterparts, Dogecoin can be mined and used to conduct monetary transactions. The limit of Dogecoin is set at 100 billion coins whereas that of bitcoin is set at 21 million coins. Unlike Bitcoins, Dogecoins do not require ASICs for the mining process. The algorithm type of Dogecoin is Scrypt.

The Origin

The story goes that Jackson Palmer was fed up with the hype created by bitcoin since its inception in 2009. Like many, he was also cynical about bitcoin’s relationship with the Silk Road website. Dogecoin was finally created on Nov. 27, 2013 by Palmer and Billy Markus. Palmer and Markus launched the official website on Dec. 6, 2013 after there were rumors that the crypto-coin was being used to fund illegal activities online. It was initially launched as a parody coin. After its went public, Dogecoin made it to news headlines and numerous blog posts. At one point, it even became the seventh largest cryptocurrency by market cap.

Dogecoin

The mascot

Dogecoin vs. Bitcoin

The main difference between bitcoin and Dogecoin lies in the encryption algorithm. The algorithm used to mine bitcoin is SHA-256 while that of Dogecoin is Scrypt. Thus, the mining of the Dogecoin blocks is more computer-grade hardware friendly. The time taken to confirm a transaction on Dogecoin blockchain is only about 1 minute, which is significantly less than bitcoin’s. Even though bitcoin has the highest market cap and volume among all the existing cryptocurrencies, Dogecoin has traveled a long distance since its first step in 2013. The altcoin has a remarkably fast initial coin production schedule.

Dogecoin and Litecoin

The first noticeable similarity between Dogecoin and Litecoin is the algorithm. Dogecoin is actually based on a fork of Litecoin, the LuckyCoin protocol. Hence, the ‘joke’ coin is often mined with Litecoin on devices that support the Scrypt algorithm. The Dogecoin wallet is also alike the Litecoin Core wallet. Both can be used to store and spend tokens. If a person has locked up their wallet then they will lose an insignificant amount. Dogecoin is supported by many merchants and can thus be used to purchase goods and services. Reports say that currently, Dogecoin is the most widespread token.

Dogecoin Markets

Jubi and Poloniex are the more popular crypto exchanges that support Dogecoin. The digital currency was quite popular among Chinese investors before the country banned crypto exchanges. Other popular cryptocurrency exchanges that support Dogecoin are Bittrex, Kraken, YoBit and GitHub. One of the easier ways of getting Dogecoin is through Changelly, where a person can get several Dogecoin in exchange for a Litecoin. Many countries may start to support Dogecoin during economic and political crises. As an example, Venezuela is a leading region when it comes to Dogecoin since its national currency collapse.. Currently, the volume of Dogecoin is 13,190 BTC and the market cap is 112,469 BTC (as of Jan. 9, 2018).

There are basically three ways of making money with Dogecoin:

  • If quality articles or funny comments or art is posted online (on Reddit) then, a person can receive tips via Dogecoin. They are automatically added to the digital wallet. The person can then use it to buy products or services and even tip others.
  • It is extremely easy to conduct transactions using Dogecoin, just like transactions of fiat currency. Besides USD, EUR numerous online platforms have plugins that accept DOGE as payment. Anyone from a writer to a business developer can benefit from Dogecoin.
  • Trading Dogecoin is just like trading any other cryptocurrency or fiat currency. A vast number of crypto exchanges now support DOGE. The market of Dogecoin is highly volatile.

In March 2017, the founder of Dogecoin told CoinDesk: “New features aren’t being implemented into dogecoin because there’s no active development anymore. Eventually, it will become outdated. And with that, the network will organically wind down.”

“I have a lot of faith in the dogecoin core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn’t released a software update in over 2 years has a $1B+ market cap.”

Jackson Palmer, creator of Dogecoin

Jackson Palmer worries that the rapid success of cryptocurrencies will actually deter people from investing in more legitimate projects. “The bigger this bubble goes, the bigger negative connotation it’s going to have,” he said. “It’s going to be like the dot-com bust, but on a much more epic scale.”

Many crypto connoisseurs now suggest that it is time to shift the focus from bitcoin to other cryptocurrencies like Litecoin, Ethereum, Ripple, IOTA, and Dogecoin. With the rapid increase in the value of Dogecoin, more and more cryptocurrency traders are embracing this altcoin. Therefore, even amid some speculation, the future of Dogecoin looks bright.

Initially dubbed as the ‘joke’ coin, Dogecoin broke $1 billion market cap last week. This, more than anything, shows that it is high time to be serious about the altcoin. After all, is really difficult to kill a cryptocurrency. The core developers are quite determined to keep the crypto-coin alive as long as there is interest in cryptocurrencies and the chance of developing and updating the existing technology.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 9 rated postsHira Saeed is a tech geek girl with a passion to write on latest technology trends. She is the Founder of Tech Geeks community in Pakistan and also runs her copywriting and social media agency, Digital Doers. Follow her on @heerasaeed.




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  1. belmont85

    January 11, 2018 at 10:40 am

    DAYS LATE ON THIS ARTICLE. NO NEW INFO. What is going on???? You can’t just copy/paste old news from CoinDesk and CCN and charge people $39 a month!!

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Altcoins

The Long-Awaited Altcoin Extinction Event May Be Near

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The cryptocurrency market is undergoing a major paradigm shift as low-quality altcoins embark on a mass extinction event, according to Xapo President Ted Rogers. This view, which is shared by industry titans like Vitalik Buterin, suggests things will get a lot worse before they get better.

Mass Extinction

In a Monday tweet, Rogers warned that more than 90% of altcoins and tokens could disappear in the not-too-distant future.

“We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of CoinMarketCap list will disappear eventually – might as well happen now.  Meantime, lower BTC price means incredible opportunity to buy more bitcoin,” he said.

Rogers’ tweet echoes previous comments by Ethereum founder Vitalik Buterin, who believes that 90% of tokens listed on CoinMarketCap will go to zero. Buterin made the comments back in October during the historic run-up in cryptocurrency prices.

Whereas Buterin emphasized the emergence of higher quality coin offerings following a mass-scale correction, Rogers believes now is the ideal time to buy more bitcoin. The leading digital currency continues to cannibalize altcoins with its share of the total market crossing 54% on Tuesday.

At the time of writing, there were 1,833 cryptocurrencies listed on CoinMarketCap. A couple hundred were added to the website’s tracker in the last few weeks.

ICO Cash-Out?

Crypto assets have shed roughly $220 billion over the past three months and are trading at less than a quarter of their all-time highs. Although the recent meltdown originated last Tuesday when the SEC communicated its non-decision on the VanEck SolidX Bitcoin ETF, the extent of the selloff suggests there are other factors in play.

With the bulk of the declines concentrated in altcoins and tokens, many are blaming the latest rout on a large-scale cash-out of initial coin offerings (ICOs). This has direct implications on Ethereum, which is one of the most important bellwethers of the ICO market.

The ether price has experienced an unprecedented drop over the past seven days, losing more than a third of its value to trade at its lowest level in 14 months. Previously, the developer’s cryptocurrency had shown resilience in the face of broader market moves.

While ICOs have raised more than $6.6 billion this year, investors appear to be selling too early. Short holding periods are placing significant pressure on the market.

Although the path forward is paved with uncertainty, a structural shift in the ICO market will ultimately benefit cryptocurrencies. As Buterin said last October, “there are some good ideas, there are a lot of very bad ideas, and there’s a lot of very, very bad ideas, and quite a few scams as well.” Cleaning up this image is a good thing even with the accompanying pain it has produced.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 546 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Why Investors Should Pay Attention to Waves

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Despite the proliferation of cryptocurrencies and ICOs over the last 5 years, the process of undertaking an ICO and getting funding is still not nearly as simple as it should be. There are complex regulations and heavy amounts of friction that make it hard for the “crowdfunding” model of startup financing to occur.

Waves is a platform (with an eponymous token) whose aim is to solve this problem by launching a decentralized cryptocurrency trading platform and opening more gateways between other cryptocurrencies and fiat currencies.

The Waves Team

The team at Waves are planning on changing the crowdsale model to make it much less complicated for companies trying to get funding. The team operates out of Switzerland, but is run by Russians (the CEO, Sasha Ivanov, is a trained physicist with a strong past in the cryptocurrency space).

The Progress Waves Has Made

Waves’ ICO occured in April 2016, with 100 million tokens being issued. 85% of the tokens went to ICO investors, with the remainder going to strategic partners, Pre-ICO bounties, and internal development and marketing.

Since then, there have been considerable advancements in the power of the network. Their DEX launched in April 2017 with various gateways (both fiat and crypto) being unveiled in the following months. This has made it much simpler to get money into the exchange, thus breaking down funding barriers for any protocols issued on the platform.

Understanding the Business Model

Waves is all about helping companies obtain funding for their projects, and all of their work has been focused on this singular goal. Tokens need to have a specific use or utility in order to justify their existence, and the Waves token has been designed to fulfill this condition.

You can either pay a fraction of a WAVES to transfer tokens or buy a token, or you can spend 1 WAVES to create a new token on the network. Additionally, there are rewards on the network for tokenholders based on their balance of WAVES. The incentive structure is clear in this protocol: owning tokens helps you trade or create tokens, which is the purpose of the platform. The tokens may also be used to run smart contracts, which is why many consider WAVES to be a competitor of Ethereum.

The End Result

Waves tokens are currently trading at approximately $1.70, although it has reached peaks above $16.00. This sharp drop-off in price can largely be attributed to the phishing scam that has occurred in the last few days. Last month they were hacked when their CEO’s passport was falsely reproduced and used to obtain access to the domain and obtain the personal information of customers. Although the facts currently being reported make it sound like the fault lies with the domain provider, this is not the sort of issue that should be happening in a trading exchange.

In addition, Waves currently has limited KYC requirements and allows users to trader without submitted extensive identification information. This can be seen as a positive thing or a negative thing, depending on where you are standing. Yes, it is great that there are few barriers to entry for anyone who would like to trade on the DEX, but it is also likely to attract the ire of regulators in the USA. With a token that is strongly linked to this exchange, it is definitely something to pay attention to.

With the goal of creating a network of new tokens that are all interconnected and tradeable, Waves certainly has its worked cut out for it. However, with this recent drop in price due to security issues, it might be a great time to buy some tokens.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Altcoins

MB Technology and GoChain Partner to Accelerate Innovation on the Blockchain

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MB Technology has recently announced that it is committed to bringing $500 million USD worth of ICOs to the GoChain platform. MB Technology is an expert ICO advisory firm that has advised blockchain projects with a combined valuation of over $2 billion in several industries. Some of the companies that they advised include Fantom, Origo, GoChain, QuarkChain, CoinSuper, Icon and other top ICOs.

The company is committing $500 million to GoChain because it has already launched it’s mainnet functioning at 100 times the speed of Ethereum while being 1,000 times more energy efficient. GoChain is fully compatible with existing Ethereum wallets, smart contracts, dApps, etc. Two companies have already chosen GoChain to launch their ICOs: Solaster Health and Etherprise with a combined value of $63 million.

GoChain has hit the ground running. While many blockchains are still trying to finish up their technical whitepaper or have yet to launch their mainnet, GoChain is way ahead of the curvey. Although blockchains are competing to deliver the fastest Transactions-Per-Second (TPS), they nothing without the dApps that build on them. While speed is important, most blockchains releasing now are more than capable of handling sufficient TPS for production dApps. The dApp ecosystem built on top of a blockchain is just as important, if not more, than the speed of the blockchain itself.

ICOs struggle to build on new blockchains as there are not many well-defined standards. GoChain’s codebase is 100% compatible with Ethereum so any dApp that can or has been built on top of it will easily port to GoChain. This makes it easy for existing Ethereum apps to move over to GoChain and immediately work 100 times faster. A few blockchains build amazingly fast transacting software yet have no use cases or a dApp ecosystem building strategy.

With MB Technology bringing half a billion dollars to GoChain, the coin is extremely undervalued. Compared to other projects on CoinMarketCap, GoChain should be at least in the $100 million market cap range. Competing blockchains talk about overtaking Ethereum, yet GoChain has a working mainnet with dApps being added at a blinding rate. GoChain is one of the most underestimated and undervalued blockchains at this time. Look for GoChain to grow to five to ten times in the next few months from its current market cap of $19.4 million. GoChain is currently only on Kucoin. Look for it to list on other exchanges as it gains daily trading volume.

MB Technology offers advisory services to bring specific solutions designed to boost a project’s outcomes. They also create global investor awareness through their network of partners, influencers, and media outlets.

Disclaimer: Writer does not own GoChain. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 49 rated postsKent Hamilton - ICO Analyst on Hacked and Co-Founder of SpryOne - Loyalty Platform on the Blockchain




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