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Bitcoin & Dogecoin, the only 2 POW cryptos in the top 10 in the world

dogecoin

If you follow crypto, you have already heard about Dogecoin. The crypto Dogecoin (DOGE) is often in the news thanks (because?) to its luxury VIP, Elon Musk! Referred to as a coin meme, Dogecoin has gained credibility and prominence. Moreover, Dogecoin is now the second crypto after Bitcoin equipped with the POW protocol.

What is Dogecoin (DOGE)?

Before talking about the ranking of POW cryptos, let’s talk about what Dogecoin (DOGE) is.

History of Dogecoin

Dogecoin is one of those cryptos that were basically created more like a joke. This is also why we call the Dogecoin a “meme coin”. The history of Dogecoin goes back to December 2013. It was during this time that three people developed the code for the DOGE crypto: Billy Markus, Oregon Palmer, and Jackson Palmer. At that time, in the minds of these developers, the idea was more of a technical challenge. Their project required these three developers compete with bitcoin and also finance certain activities. For example, in 2014, some of the money raised for Dogecoin was used to help the Jamaican bobsled team compete in the Olympics.

Then, over the years, the developers went their separate ways. So, Jackson Palmer left the ship, not without resentment towards the crypto field elsewhere. At the time of writing this article, Dogecoin’s executive committee includes well-known crypto personalities. Among them are Jared Birchall (financial representative of Elon Musk) and Vitalik Buterin (creator of Ethereum).

Characteristics of the Dogecoin blockchain

Unlike many meme coins, Dogecoin has the specificity its own blockchain. In other words, to be precise, Dogecoin is a cryptocurrency and not a token. Technically, Dogecoin code comes from another crypto code, Litecoin (LTC).

How many Dogecoin coins are there? Unlike Bitcoin, the Dogecoin network does not limit the number of coins in circulation. Currently, the number of DOGE in circulation is over 132 billion according to data from Coinmarketcap. DOGE developers said they want to stabilize the number of coins in circulation around 100 billion. If the number is currently higher than 100 billion, in the long term, without a contribution mechanism, it could be lower because of the many coins “lost” or “destroyed”.

For this, the developers are available fixed reward for miners. Unlike Bitcoin, this reward does not decrease over time and is 10,000 DOGE. Otherwise, miners get 10,000 DOGE when they validate a block.

One reason for the lack of desire to limit the number of coins would come from Dogecoin’s ambition. Dogecoin is a crypto that was not designed to be a store of value. Its main purpose is to serve as a means of payment. The Dogecoin coin is therefore designed to be “used” and not stored for later gain.

Crypto POW: Dogecoin behind Bitcoin!

Bitcoin and Dogecoin are now the only two cryptos in the world’s top 10 equipped with the POW protocol.

Dogecoin, crypto POW

Dogecoin operates on a protocol of consensus POW or Proof of Work. This protocol is similar to that of Bitcoin. If it is effective, it is not effective. In fact, cryptos with POW are in the spotlight because of their Carbon footprint. Indeed, mining on POW cryptos are very energy intensive. All the miners are competing when a block needs to be validated, which “wastes” a lot of energy. In addition, involved in mining computing resources extremely under pressure.

Faced with this challenge, some cryptos decided to tackle the problem head on. This is the case of Ethereum. The second crypto in the world in terms of capitalization, Ethereum was originally designed with the POW protocol. But as you know, Ethereum developers have been working hard for months to transition. The goal is to move the Ethereum blockchain from a POW model to a POS (Proof-Of-Stake) model.

POS is already used on many blockchains such as Solana (SOL) or Cardano (ADA). With the transition to POS, Ethereum developers have planned reduce blockchain’s carbon footprint by 99%.

Been waiting for it for a long time, the move is now done! The famous “merger” has indeed happened. Officially, theThus Ethereum becomes a POS-equipped blockchain. What about blockchains with POW?

Bitcoin and Dogecoin are now the only POW cryptos in the top 10!

At the time of writing this article, the top 10 in the world in terms of market capitalization are:

  • Bitcoin (BTC);
  • Ethereum (ETH);
  • Tether (USDT);
  • USD coin (USDC);
  • BNB (BNB);
  • Binance USD (BUSD);
  • XRP (XRP);
  • Cardano (ADA);
  • Solana (SOL);
  • Dogecoin (DOGE).

Ripple (or crypto XRP), BNB, Solana, Cardano and so Ethereum are not POW cryptos. In short, if we remove the stablecoins (Tether, Binance USD), only Bitcoin and Dogecoin remain!

In other words, the pressure is now increasing on these two cryptos. Dogecoin announced in September 2021 consideration of the transition to POS, somewhat as Ethereum did. However, no major progress has been made in this regard. As for Bitcoin, the developers do not predict any change in this aspect at the moment.

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