How do Dogecoins differ from Bitcoins

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The triumphant advance of cryptocurrencies began in 2009 with the introduction of Bitcoin by Satoshi Nakamoto, a mysterious developer who was hidden behind a pseudonym. In the years that followed, Bitcoin became the best-known and most widely used digital money in history. Bitcoin, with its technological design, has also inspired the development of hundreds of other virtual currencies, known as altcoins. As of August 2018, around 1,700 cryptocurrencies were traded in digital markets around the globe, with a total market capitalization of nearly $ 300 billion.

Among the cryptocurrencies, Litecoin and Dogecoin are two of the most influential alternatives to Bitcoin (Altcoins). Like Bitcoin, Litecoin and Dogecoin are decentralized, cryptographically secure, digital currencies that enable peer-to-peer payments between anyone in the world without relying on government or regulatory oversight. Bitcoin's supremacy seems to be able to continue, even if viable Altcoins will be available in the future with Litecoin and Dogecoin.

Litecoin

Charles Lee, an MIT graduate and former software developer at Google, started Litecoin in 2011. Litecoin is essentially based on the Bitcoin peer-to-peer protocol, with some technical differences designed as improvements over the Bitcoin system. The main technical difference that casual users will notice is the reduction in transaction processing time. A Bitcoin transaction takes around 10 minutes to be confirmed while Litecoin transactions can be completed in 2.5 minutes. The Litecoin amount is limited to 84 million units, which is roughly four times the amount of available bitcoins.

On July 30, 2018, a Litecoin is worth just $ 83 on the open market. The payment volume fluctuates around 22,000 transactions per day, a fraction of the daily volume that occurs on the Bitcoin network. The total number of Litecoins in circulation is over 57 million. Expressed in US dollars, Litecoin's market capitalization is over $ 4.772 billion. While hard numbers are not available, it is safe to say that Litecoin is far less common in retail than Bitcoin. At the time of this article, Litecoin functions primarily as a peer-to-peer payment system. Lately, however, Litecoin has been gaining popularity.

Dogecoin

Dogecoin was introduced in December 2013 and started out as a joke, but then evolved into a full-fledged cryptocurrency based on the Bitcoin system. It's named for Doge, an internet meme that combines images of a Shiba Inu dog with fragments of broken English. Dogecoin differs from Bitcoin and Litecoin in several ways. Most important for the end user is that Dogecoin miners only need about a minuteto confirm a transaction. In terms of speed, Dodgecoin outshines the competition. In addition, knows the Dogecoin system no upper limit for the number of Dogecoinsthat can be minted by users. As long as the Dogecoin miners continue to work, the supply of Dogecoins will steadily increase.

On July 30, 2018, more than 115 billion Dogecoins were traded with a value of $ 0.003076 per coin. Given the much higher reward given to miners, the total number of Dogecoins in circulation is unsurprising. The dollar-denominated market capitalization of the currency is just under $ 356 million. Dogecoin acceptance is not very widespread in retail. People often use the currency to give small tips for online content authors or forum participants, for example.

IOTA

IOTA, born in 2014 and founded in 2015, offered an Initial Coin Offering (ICO) in which around 1337 Bitcoin were invested.

All 2,779,530,283,277,761 IOTAS were created in the Genesis transaction.

Current market capitalization is $ 2.7 billion. An IOTA has to pay $ 0.98.

IOTA is not a blockchain. The underlying technology, the Tangle, is a distributed ledger (DLT) based on a directed acyclic graph.

IOTA is the only technology of its kind that is capable of serving as a DLT with scalability, quantum resistance and decentralization for a variety of use cases in the Internet of Things, micro-payments and machine-to-machine communication such as sensors, smart cities and others to act.

In contrast to blockchain, IOTA has no mining, no blocks, no transaction fees. The security and consensus of the network is not shared between miners, validators and users.

The users of the network validate two old transactions (using proof of work) in order to be able to carry out their own. Nobody gets a reward and nobody has to pay transaction fees. A key requirement for highly frequented processes.

IOTA is also the first technology that enables real nano payments.