Dogecoin Data Revealed By ETH Researcher

W3T founder and former Ethereum researcher Alex Valaitis goes into significant Dogecoin specifics. In a series of tweets, Valaitis elaborates on Dogecoin’s foundations, scalability, and application cases.

DOGE utilizes a proof-of-work consensus algorithm on its own Layer 1 blockchain. Luckycoin and Litecoin served as inspiration for DOGE. DOGE uses Scrypt technology, which means that SHA-256 Bitcoin mining equipment cannot be used to mine DOGE.

DOGE is the second largest PoW blockchain behind Bitcoin. Instead, miners must purchase less potent FPGA and ASIC equipment. There are currently 5,896 nodes in total, which are evenly distributed throughout the world. The largest POW blockchain, Bitcoin, has almost 10,000 full nodes worldwide.

Dogecoin boasts TPS

Elon Musk, the CEO of Tesla, previously made a Twitter allusion to DOGE payments.

DOGE would need to be able to handle a high volume of transactions quickly and affordably enough to be appropriate for use cases like micro-tipping in order to support a platform of the size of Twitter. According to Valaitis, TPS does not appear to have a throughput that is high enough to scale for Twitter. One minute for each block is likewise.

In order to boost throughput, the Dogecoin blockchain would either need Layer 2 scaling solutions or larger blocks. A significant upgrade for Dogecoin is scheduled for 2023, as well as one for this year. Dogecoin does not feature smart contracts, in contrast to Ethereum, although it does enable “Script Opcodes.”

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Annie

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