Dogecoin key facts hidden from users revealed by ETH researcher DOGE DogeArmy $DOGE Ethereum Dogecoinrise Dogecointothemoon dogecoin
According to him, Dogecoin is a standalone Layer 1 blockchain that runs on a proof-of-work consensus mechanism. Dogecoin was modeled after Luckycoin and Litecoin.
Dogecoin is the second largest PoW blockchain after Bitcoin; it uses Scrypt technology, which implies that SHA-256 Bitcoin mining equipment cannot be used to mine DOGE. Rather, miners must buy less powerful FPGA and ASIC devices for mining. Currently, there are 5,896 total nodes, which are well distributed globally. Bitcoin, the largest POW blockchain, has nearly 10,000 full nodes globally.In terms of TPS, Dogecoin boasts a higher TPS of 33 as compared to Bitcoin's TPS of 7 .
Tesla CEO Elon Musk previously hinted at Dogecoin payments on Twitter. To support a platform of Twitter's magnitude, Dogecoin would need to be able to process a high volume of transactions in a way that is fast and affordable enough to be suitable for use cases like micro-tipping. Valaitis notes that TPS does not seem to have a high enough throughput to scale for Twitter. A block time of one minute also leaves much to be desired.
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