Markus split what he'd mined 50-50 with Palmer. Its coin supply of 100 billion was set to ensure that each DOGE would remain reasonably priced, and also because it was easier to dig them up. Markus went live with Dogecoin in his lunch break and within five minutes of launching no longer had enough computer power to dig the currency himself. He simply changed a few core elements, including replacing the word ‘mine’ with ‘dig’ (because that’s what dogs do). In turn, Luckycoin is based on Litecoin, which also uses scrypt technology in its proof-of-work algorithm. Markus based Dogecoin on an existing cryptocurrency, Luckycoin, which features a randomized reward that is received for mining a block, although this was later changed to a static block reward in March 2014. According to Markus, it took him about three hours to create Dogecoin.
Market watch dogecoin software#
Billy Markus, a Portland, Oregon-based gaming geek and IBM software developer, made the concept a reality.
The idea for Dogecoin was conceived by Jackson Palmer, a marketer at Adobe Systems in Sydney, who tweeted a joke concept combining two of the internet's most talked-about topics: cryptocurrency and Doge. By January 2014, it had quickly and unexpectedly generated a large community following and had reached a market capitalization of $60 million.
Its branding featured a likeness of a Shiba Inu dog from a ‘Doge’ meme that was popular at the time. Dogecoin (DOGE) is a blockchain-based peer-to-peer cryptocurrency which was created in December 2013, as a tongue-in-cheek riposte to Bitcoin, and the crypto world generally.
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