#ScryptTechnology

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What Is Dogecoin? Complete Guide For Crypto Beginners

Dogecoin (DOGE, Ð) is an open-source and peer-to-peer cryptocurrency which was founded in 2013. 2013 is the year when Dogecoin emerged as a joke. DogeCoin was named after a Shibu Inu “doge” meme. Many users and the Internet community post DogeCoin memes online. Billy Markus and Jackson Palmer are the creators of DogeCoin.  History The hope of Billy Markus was to create a fun cryptocurrency which could reach more people as compared to Bitcoin (BTC). He wanted to keep aside the fun cryptocurrency from the controversial history of other cryptocurrencies. A student of a Colorado Community College called Front Range Community College used Twitter to encourage a member of the marketing department of Adobe Systems named Jackson Palmer for bringing the idea into a reality. Jackson Palmer has received various mentions on Twitter. He has purchased a domain named dogecoin.com. A splash screen was added. The logo of DogeCoin was featured by the splash screen. Comic Sans text was scattered by the splash screen. Mark has noticed a site connected with an IRC chat room. When Mark contacted Palmer, then he would have taken efforts for the creation of the fun cryptocurrency. Billy Markus is from Portland, Oregon. He has experience of working at IBM. DogeCoin is based on a cryptocurrency called Luckycoin (LKY). A miner will receive a randomized reward in a Luckycoin-based blockchain. A static block reward is a change in the Luckycoin-based blockchain. The change was done in 2014. While Luckycoin is a Litecoin cryptocurrency. Scrypt technology is used by Litecoin in its consensus algorithm called proof-of-work (PoW). When miners use Scrypt technology, then they will not able to use SHA-256. The miners have to use an integrated circuit called field-programmable gate array (FPGA) and another integrated circuit called an application-specific integrated circuit for mining in a Bitcoin blockchain as it uses SHA-256. The intention of the Dogecoin network was to produce 100 Billion Dogecoins. The later announcement was to produce unlimited Dogecoins. 

Scrypt Technology

Scrypt is pronounced as “ess crypt”. It is a password-based key derivation function (KDF). KDF is defined as the derivation of one or more secret keys from a secret value with the help of a pseudorandom function. A master key, a password, or a passphrase are examples of the secret value. Colin Percival is the founder of a secure online backup service called Tarsnap created Scrypt for Tarsnap. Pseudorandom function is defined as the returning of a pseudorandom output which is indistinguishable from random sequences.  An open standards organization called Internet Engineering Task Force (IETF) published the scrypt algorithm as RFC 7914- The scrypt password-based key derivation function (KDF) in 2016. Many cryptocurrencies use a simplified version of scrypt as a PoW.  In other words, Scrypt is an encryption method which uses a big memory volume and takes huge time for selection. Specialized ASIC miners can find difficulties while mining with Scrypt algorithm. While (CPU) or video cards (GPU) miners will find easy to mine with Scrypt algorithm. Colin Percival created the scrypt algorithm to protect crypto and keep the backup copies of UNIX-like OS. The main purpose of the scrypt algorithm is to artificially complicate the selection of options to solve a cryptographic task. The complication will be done by filling with randomly generated numbers called noises. The work time will be increased in results.  In the scrypt algorithm, the delay can be invisible due to the checking of the key of a user. When a hacker uses an exhaustive search method to break down the core, then the selection of options will be complicated. Operations will take huge time. A Scrypt algorithm-based network will require huge participants and each participant will do their part of work.  You must also know where to mine a scrypt algorithm-based cryptocurrency.  Fewer resources are required in Scrypt algorithm-based mining. Scrypt algorithm-based cryptocurrencies can be mined with multiple tools. Scrypt pool, Scrypt miner CPU and GPU, and Scrypt miner ASIC are the tools. Manufacturers of ASIC equipment tries to implement Scrypt function. The Scrypt hash rate is a must in mining. It depends upon equipment used for mining cryptocurrency. A hash is defined as an output of a hash function. A hash rate is defined as the speed at which a computer takes information and convert it into a certain length called Hash. While a hash function is a mathematical function whose main purpose is to convert information into a certain length.  Miners can use GPU to find a Scrypt hash in order to add a new block in a DogeCoin blockchain. Video cards can perform better than processors. Scrypt miner AMD is one of the best video cards. Assembling a farm of Scrypt miner AMD is not costly. Bigger memory volumes are required by Scrypt mining.  A Scrypt solo mining requires quite large resources. A person can do a Scrypt pool mining. Scrypt pool mining is a community where miners have to share his computing power. Mining works will be distributed equally and profits will also be distributed equally. If you want to find out the best mining pool, then you will have to look out the orientation of mining pools. There are also mining pools who offer to mine multi cryptocurrencies. A miner can jump from one cryptocurrency to another in a mining pool offering multi cryptocurrencies mining. 

Where To Use

Market: Stuffcoins, SuchList, BitcoinShop, DogeStuff's Store, DogeLet, DogEshop, GamerzHeat, and shopDOGE (inactive) Food and Drinks: Strange Donuts, STEEM, Sarah’s Bake, Shop BitBurgers, Burger Bear,and Salts Worldwide Hosting Hosting: Sublime | GC Hosting, Craftonne Hosting, Doge Web Hosting, and AllGamer Goods Goods: Meltdown Comics, Brew City Gardens, Distinguished Imports, Vapeur Canada, Doge Door, Piaf Vintage French, Midwest Cord, Fat Jack's Tash Wax, GoingGlobal, Mineral Pharmacy, and Lucid Posters Fashion: Fyrstikken, Shibeswag, DogeDayz, Fresh Doge, Life Sunglasses, and Threaded Concepts Services: Nodex, Graphix Designer, Super SeedBox, CJS CD Keys, Gamer Shibe, K/Hashes for Cash, PC Repariert, Ads4Doge, and Dogecoin Gift Cards E-books & Audio: Mike Connell Ministries Art: Bad Lizards, Blackbirds Studio, and dogma Portraits Travel: Veloleo Music: Quain Percussion Photography: Joey Stamp Pets: The Diamond Collar Gods Creatures

Cryptocurrency Exchanges

CoinCodex: David Černuta is the CEO and the co-founder of CoinCodex. It is headquartered in Ljubljana, Slovenia. It was founded in 2017. Customers can buy, sell, and trade cryptocurrencies. Kraken: Kraken is a cryptocurrency exchange which was founded in 2011. It is located in San Francisco, California, United States. Customers can buy, sell, and trade cryptocurrencies. Jesse Powell is the CEO and the founder of Kraken. It supports fiat currencies like USD, EUR, GBP, JPY, CAD. Electronic Funds Transfer, Bank transfer (SEPA), and Wire transfer are supported payment options. Bittrex: It supports fiat currencies like USD. Cryptocurrency and Wire transfer are supported payment options. Bill Shihara is the founder and CEO of Bittrex. It is headquartered in ‎Seattle, Washington, United States. Customers can buy, sell, and trade cryptocurrencies. YoBit.net: It is based in Russia, Ohio, United States. 2014 is the year when YoBit.net started its activity. The CEO of YoBit.net is Iyoi Tobi. While Pavel Krymov is the founder of YoBit.net. Customers can buy and sell cryptocurrency. It supports fiat currencies like USD and RUB. AdvCash, Cryptocurrency, Payeer, and Perfect Money are supported payment options. Binance: a. Binance is a blockchain ecosystem which consists of Exchange, Labs, Launchpad, Info, Academy, Trust Wallet, and Blockchain Charity Foundation (BCF). It is headquartered in Asia. b. It is headquartered in Malta. Cryptocurrency is the supported payment option in Binance. Customers can buy, sell, and trade cryptocurrencies. It was founded in 2017. Changpeng Zhao and Yi He are co-founders of Binance cryptocurrency exchange. The CEO of Binance cryptocurrency exchange is Changpeng Zhao.

Dogecoin Wallets

Dogecoin wallets are used to store and secure your Dogecoin. Mentioned below are a few Dogecoin wallets: Hardware Wallet: Ledger Nano X Wallet, Ledger Nano S Wallet, TREZOR One Wallet, TREZOR Model T Wallet, and KeepKey Wallet Mobile Wallet: Jaxx Liberty wallet, Coinomi Wallet, Cryptonator Wallet, and Dogecoin Wallet Desktop Wallet: Atomic Wallet, Jaxx Liberty wallet, and Dogecoin Wallet Web: Jaxx Liberty wallet and Cryptonator Wallet

Market

It is one of the top-thirty cryptocurrencies. At the time of writing, the market cap and price of Dogecoin are $350,163,129 and $0.002901 respectively. While the volume and circulating supply are $18,289,849 and 120,718,103,017 DOGE respectively.  Read the full article

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What Is Dogecoin? Complete Guide For Crypto Beginners-2

Scrypt Technology

Scrypt is defined as an encryption method. Many cryptocurrencies use a simplified version of Scrypt in PoW. Specialized ASIC miners can face more complication in mining with Scrypt. While Central Processing Unit (CPU) and Graphics Processing Unit (GPU) miners will mine easily with Scrypt algorithm. Read also What Is Proof-of-Authority (PoA)- Part 1 The pronunciation of Scrypt is “ess crypt”. Scrypt is actually a password-based KDF. The full form of KDF is Key Derivation Function. Obtaining one or more secret keys from a secret value with the help of a pseudorandom function is a purpose of KDF. The secret value can be a master key, a password, or a passphrase. The pseudorandom function is defined as a function which is indistinguishable from a random function. 

What Is Dogecoin? Complete Guide For Crypto Beginners-2

Colin Percival is the founder of an online backup service called Tarsnap invented Scrypt for Tarsnap at first. Colin Percival invented Scrypt so that the online backup service Tarsnap could be cryptoprotected. Scrypt was invented in the form of a cryptoprotection. Keeping the backup copies of UNIX-like OS was one more purpose behind the invention of Scrypt. An open standards organization called Internet Engineering Task Force (IETF) published Scrypt as RFC 7914- The scrypt password-based key derivation function (KDF) in 2016. Read about What Is Proof-of-Concept (POC)? Creating artificial difficulties in selecting options to solve a cryptographic task is a purpose of Scrypt. The difficulties will be created by filling with randomly generated numbers called noises. The work time will be increased in results.  In Scrypt, there is a chance that the delay can be almost invisible due to the checking of the key of a user. When a hacker uses an exhaustive search method to damage the core, then difficulties will be created. This operation will take huge time. Read the full article