Dogecoin (DOGE) is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" internet meme as its logo. Dogecoin was based on Luckycoin which was based on Litecoin.
|Firmware (device) support||1.5.2. (Trezor One), 2.0.5. (Trezor Model T)|
|Available in Trezor Wallet?||Yes|
How to use Dogecoin with Trezor
Dogecoin is integrated in Trezor Wallet. It is, therefore, possible to use it in the standard interface.
- Plug in your Trezor device.
- Go to wallet.trezor.io.
- Select Dogecoin in the top-left corner of the screen (see Getting to know Trezor Wallet#Switching cryptocurrencies (1)).
- Work with Trezor Wallet as usual. For more information, see User manual.
What is Dogecoin?
It has a block time of 60 seconds and the difficulty retarget time is four hours. There is no limit to how many Dogecoins can be produced, i.e., the supply of coins remains uncapped. As a result, Dogecoin is an inflationary coin, while most cryptocurrencies (like Bitcoin) are deflationary (there is a maximum coin supply cap).
History of Dogecoin
Dogecoin was officially launched on 6 December 2013. Dogecoin was created by programmer Billy Markus, who attempted to create a fun cryptocurrency that could reach a broader demographic than Bitcoin. Additionally, he wanted to distance it from the sometimes controversial history of some other cryptocurrencies.
At the same time, Jackson Palmer was encouraged on Twitter by a student at Front Range Community College to make the idea a reality. Palmer purchased the domain dogecoin.com and created a screen featuring the coin logo and Comic Sans text. Markus saw the site and started efforts to create the currency.
Dogecoin is a fork of Luckycoin (which is itself a fork of Litecoin), which features a randomized reward for mining a block. This behavior was later changed to a static block reward. The use of scrypt means that it is not possible to use SHA-256 bitcoin mining equipment and that dedicated FPGA and ASIC devices used for mining are not easy to create.
Dogecoin, charity and fundraising
Dogecoin is often associated with tipping and charitable fundings.
It is used for tipping on social media and forums, such as Reddit, to send dogecoins to users who have provided a useful answer or a useful contribution to the discussion.
Dogecoin was also used to fund the Jamaican bobsled team for the Winter Olympics in 2014, who qualified, but could not afford to actually go.
The Dogecoin community also successfully raised almost 68 million Dogecoins (around $55,000 at the time) to sponsor NASCAR driver Josh Wise.