Dogechain Wallet Review
When investing in virtual currency, you need to do your research. Accordingly, to find the best altcoin wallet or the most reliable bitcoin wallet, you need to learn more about each such wallet. This review of Dogechain Wallet consists of three chapters: origin & background, technology specification and advtanges.
Origin & Background
Programmer Billy Markus from Portland, Oregon, created Dogecoin. He hoped to create an exciting cryptocurrency that could reach a broader demographic than Bitcoin. Additionally, he wanted to distance it from the controversial history of other coins. Similarly, but on Twitter, a student encouraged Jackson Palmer to make the idea a reality.
Dogecoin is a decentralized, peer-to-peer digital currency that allows you to simply send money online. Dogechain is a user-friendly webwallet for Dogecoin. It needs users to register an account with their email. The user’s browser then encrypt the user’s files. These files can then only be decrypted with the user’s password. Storage of the encrypted files is “in the cloud” and Dogechain cannot decrypt them by itself.
After receiving numerous mentions on Twitter, Palmer purchased the domain dogecoin.com. He added a splash screen, which featured Dogecoin’s logo and scattered Comic Sans text. Moreover, Markus saw the site linked in an IRC chat room, and started efforts to create the currency after reaching out to Palmer. Markus based Dogecoin on an accessible cryptocurrency, Luckycoin, which features a randomized remuneration received for mining a block. This reward later changed into a “static block reward” in March 2014. Luckycoin in turn, takes much of its inspiration from Litecoin, which also uses script technology in its proof-of-work algorithm.
The use of script means that miners cannot use SHA-256 bitcoin mining equipment. This is because the creation of the committed FPGA and ASIC devices used for mining is complex. Dogecoin formally launched on December 6, 2013.The Dogecoin network was initially intended to produce 100 billion Dogecoins. Later on, it was announced that the Dogecoin network would produce infinite Dogecoins.
These are a few of the advantages with the Dogechain Wallet and the Dogecoin generally:
- Quicker transaction confirmations;
- Lower transaction fees;
- Higher theoretical transaction per second limit;
- Lots of coins, so no need to deal in decimal values like 0.000034 BTC (more user friendly for micro transactions); and
- Finally, a super astonishing community, that might not observed like a big deal but it really is.