Dogecoin is a cryptocurrency based on the popular "Doge" Internet meme and features a Shiba Inu on its logo. Dogecoin is a Litecoin fork. Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined.
A test operation showed that minting NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. on the Dogecoin network a network refers to all nodes in the operation of a blockchain at any given moment in time. can be much cheaper than doing it on Ethereum. A new use case for DOGE?
A developer of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies space claims to have created and mined the firsttoken a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. non fungible in cryptocurrency, fungibility is when a coin or token can be replaced by any other identical coin or token. (NFT) on the blockchain of theDogecoin. The news mediaFinbold reported first.
Identified on Twitter asinevitable360 the anonymous anonymity is when something is not known or named. developer announced the milestone through a tweet this week, where he provided some details about the operation. As he explained, he used the functions hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. Sha-256 a cryptographic hash function that generates a 256-bit signature for a text, used in Bitcoin proof-of-work (PoW). the mining algorithm a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer. of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. to mint the digital collectible. Then, the NFT was stored in a CheckSum, or checksum, a simple function used to detect that a set of data or files has not been modified.
However, the most striking aspect of the operation was its low cost. Thedetalles de la transacción muestran que minar el token non-fungible on the blockchain of the Dogecoin cost only 0.1 DOGE (or USD$0.017 at current prices).
First NFT Ever “Minted” on #Dogecoin Blockchain!
How can it be done? Proof on scrrens!
Opinions please 🙂 pic.twitter.com/XXrjdCXjB6
— inevitable360 (@inevitable360) December 13, 2021
Blockchain Dogecoin sees its first NFT
As such, the first NFT mined atDogecoin is a JPG file with a simple design, showing nine squares with the head of the iconic doggy with a background of different vibrant colors. The animated canine heads also appear to be accompanied by a body made of sticks.
Los NFT se han convertido en una de las tendencias más marcadas del criptoespacio este año. Estos coleccionables basados en Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. can represent almost anything, from an image, to a song, to a video, to genetic code. NFT’s most successful series can sell for up to millions of dollars a piece.
However, one of the latent challenges within this space is the high costs to create or mine an NFT. AtEthereum a decentralized open-source blockchain with smart contracts functionality.the most widely used blockchain for the development of decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. applications and NFT, mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. a single collectible can cost up to more than $100 currently. In this regard, the use ofDogecoin to mint an NFT was much cheaper by comparison.
The achievement of inevitable360 attracted attention within the Twitter cryptocurrency community. Many developers applauded the initiative and even the founder of Dogecoin , Billy Markus, commented about it; though he didn’t seem too impressed. Some of the users sent their support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. to the developer in the form of tips viaSoDogeTip, unbot launched earlier this month.
Dogecoinoriginally created as a prank cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. inspired by the famous meme of aShiba Inuhas become very popular in terms of adoption as a payment mechanism and may now have found a new utility for its network with NFTs.
However, it is not all settled and there could be a long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. way to go before NFTs non-fungible token, a unique non-interchangeable piece of digital content that is stored on a distributed ledger (blockchain). on the netDogecoin become more widespread. Having been a test transaction the developer inevitable360 noted that there are features that still need to be worked out in order to bring the use case to more users, including the ability to send the NFT to other addresses.
DOGE Price Remains Down
At the beginning of the year, the market an area or arena, online or offline, in which commercial dealings are conducted. for DOGE experienced a bullish rally amid widespread adoption and repeated comments from Elon Musk supporting thetoken via Twitter. Memecoin memecoins are the crypto tokens created as a joke or meme and claim to offer huge gains to holders. rose more than 10,000% in price to trade at an all-time high of USD $0.7 in May. At the time, investors and enthusiasts ofDogecoin predicted the record high of one dollar.
But the canine-image token has been steadily losing momentum since then, even in light of the billionaire entrepreneur’s latest posts. On Tuesday of this week, a tweet of Musk announcing the adoption of payments with DOGE by your electric car company Tesla managed to take off the price of the currency currency is a medium of exchange that defines value. by more than 25%.
However, the last boost was short-lived, as a few hours after the news broke the price ofDogecoin comenzó a retraerse lentamente. Para el momento de edición, la criptomoneda registra pérdidas de 8% en las últimas 24 horas para cotizarse alrededor de los USD $0,17.
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Article by Hannah Estefania Perez /DiarioBitcoin
Image from Unsplash edited in Canva