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In recent years, the internet has suddenly been flooded with photos of a lovely Japanese dog covered with Comic Sans legends. This dog soon became the mascot of a new cryptography, named Dogecoin in honor of its canine inspiration. Dogecoin has not yet gained wide acceptance as other crypto-coins, but there are already a significant number of retailers that accept it - Dogecoin's business directory has more than 200 companies that accept it as a form of payment. It also has an enthusiastic and committed user base, and currency holders have participated in various charity campaigns to help establish their legitimacy.
Under the hood, Dogecoin is essentially a working proof coin. Dogecoin's main technological difference is its hashing algorithm - the code it uses to create the difficult math problems that drive its "proof of work" scheme. Dogecoin uses an algorithm called "Scrypt," which is designed to require more computing power to perform than the traditional SHA-256 algorithm. Scrypt was originally introduced in the hope that this would break the domain of users who use specialized hardware to monopolize mining but later found that Scrypt could also run on custom hardware, so the supposed benefit was lost.
The main advantage of Scrypt-based encryption today is that many of these currencies enable "fused mining" with other compatible currencies. This means that users of Scrypt-based encryption can compete to verify transactions on multiple exchange networks at once without having to spend more processing power. This can offer greater financial rewards and improve the energy efficiency of a coin, allowing a processor to do multiple jobs at the same time. Some SHA-256 coins also allow mining combined with Bitcoin, but the practice is much less common.
Dogecoin is considered highly secure, and its dedicated community helps ensure that it remains as a medium of exchange as opposed to a short-term investment. Its value also remained fairly stable, although it was affected by the recent clash of cryptography, along with almost all other crypto-coins. The main concern with Dogecoin is its low market value, which is partly due to the high supply of money.
As a community of future crypto enthusiasts, Dogecoin stands out as a warm and cheerful group. As a serious financial investment, it lacks value. Overall though, the monetary risk of trying Dogecoin is unbelievably low.