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Dogecoin Transactions


Like bitcoin and Litecoin, Dogecoin functions using public-key cryptography, in which a user generates a pair of cryptographic keys: one public and one private. Only the private key can decode information encrypted with the public key; therefore the keys' owner can distribute the public key openly without fear that anyone will be able to use it to gain access to the encrypted information. All Dogecoin addresses are public key hashes. Unlike bitcoin addresses, which are 27 to 33 characters long, Dogecoin addresses are a string of 34 numbers and letters (both upper and lower case), starting with the letter D. A public key is the Dogecoin address to which other users can send Dogecoins. A private key, however, allows full access to the Dogecoin wallet; it must be kept secret and secure. Dogecoin holds the record for most transactions per day for any cryptocurrency, peaking at 2.5 times more transactions than all other cryptocurrencies combined in December 2013.

Compared with other cryptocurrencies, Dogecoin has a fast initial coin production schedule: 100 billion coins have been in circulation by mid 2015 with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin has been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content.[10] Many members of the Dogecoin community, as well as members of other cryptocurrency communities, use the phrase "To the moon!" to describe the overall sentiment of the coin's rising value. A gold version of a Dogecoin is being taken to the moon in 2017. Despite being introduced as a "joke currency" on 8 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of USD 60 million in January 2014; as of March 2016, it had a capitalization of USD 22.2 million.



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