Dogecoin Becomes Second Largest PoW Cryptocurrency

Follow movement TheMerges Ethereum, Dogecoin are now trailing Bitcoin as the largest cryptocurrency in the world today.

The Meme-inspired cryptocurrency Dogecoin (DOGE) is now officially a proof of work The second largest (PoW) in terms of market capitalization, following the increase proof-of-stake (PoS) Ethereum network.

What's that proof of work (PoW)?

Dogecoins — PoW on the Dogecoin network. Source: Workspace

proof of work (PoW) describes a system that requires insignificant but feasible effort to prevent reckless or malicious use of computing power, such as sending spam emails or launching a denial of service attack.

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The concept was later adapted to secure digital money by Hal Finney in 2004 through the idea of “reusable proof of work” using the SHA-256 hashing algorithm.

After its introduction in 2009, Bitcoin became the first widely adopted application of the PoW idea. Proof of work is also the basis of lots cryptocurrencies others, enabling secure, decentralized consensus.

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Bitcoin (BTC), remains well ahead of Dogecoin's $7.83 billion market cap, although well-followed memecoin is still ahead of third place PoW Ethereum Classic (ETC) cryptocurrency with $4.69 billion market cap, Litecoin (LTC ) at $4.01 billion and Monero (XMR) at $2.65 billion.

Traders don't seem to believe Dogecoin's rise to become the second largest PoW cryptocurrency after BTC.

Ethereum's transition to PoS may have added pressure on PoW-powered cryptocurrency networks to shift to a more sustainable consensus mechanism.

Also read: When to Sell Crypto? Find Out Here!

About Dogecoin (DOGE)

Dogecoin (DOGE) are cryptocurrencies open-source peer-to-peer. It is considered an altcoin and was launched in December 2013 with a Shiba Inu dog as its logo.

The Dogecoin blockchain has advantages with its basic technology derived from Litecoin. An important feature of Dogecoin, which uses the scrypt algorithm, is its low price and unlimited supply.

Jackson Palmer created Dogecoin in 2013 as a way to satirize the hype around cryptocurrencies. After receiving positive feedback and interest on social media, he purchased the domain dogecoin.com.

Billy Markus, a software developer at IBM, wanted to create a digital currency but had difficulty promoting his venture. Markus worked closely with Palmer to build the software behind Dogecoin.

Mark's Dogecoin code is based on Lucky Coin, derived from Litecoin, and originally used a random reward for block mining, although it was changed to a static reward in March 2014. Dogecoin uses Litecoin's scrypt technology and is a coin Proof-of-Work (PoW) .

Also read: How to Avoid Crypto FOMO, Don't Get Involved!

Palmer and Markus launched the coin on December 6, 2013. Two weeks later on December 19, Dogecoin's value jumped 300 percent. When this article was made the price was IDR 910.