Coinmicroscope Advertising

ETH Researcher Discloses Important Dogecoin Data Hidden from Users: Details

ETH Researcher Discloses Important Dogecoin Data Hidden from Users: Details

His latest research. Valaitis lays out Dogecoin’s fundamentals, scalability, and use cases in tweets. According to him, Dogecoin is an independent Layer 1 blockchain running on a proof-of-work consensus mechanism. Luckycoin and Litecoin inspired Dogecoin. Dogecoin is the second largest PoW blockchain after Bitcoin; it uses Scrypt technology, meaning the SHA-256 Bitcoin mining rig cannot mine DOGE.

Instead, miners must buy less powerful FPGA and ASIC devices for mining. There are currently 5,896 nodes in total, well distributed globally. Bitcoin, the largest POW blockchain, has nearly 10,000 full nodes around the world.

Scalability and throughput

 In terms of TPS, Dogecoin has a higher TPS of 33 compared to Bitcoin’s TPS of 7 (without the Lightning Network). Tesla CEO Elon Musk previously hinted at Dogecoin payments on Twitter. To support a platform of the scale of Twitter, Dogecoin needs to process a large volume of transactions quickly and affordably enough to be suitable for use cases like micro-tipping. Valaitis notes that TPS doesn’t appear powerful enough to scale for Twitter. Block 

The time of one minute also leaves a lot to be desired. The Dogecoin blockchain would need to scale performance through Layer 2 scaling solutions or by increasing the block size. According to U.Today, Dogecoin is planning a major upgrade in 2023 and another one this year. Unlike Ethereum, Dogecoin does not have smart contracts but supports “script opcodes.”

5 billion new DOGE mined yearly with 2,000 vendors accepting it

 Valaitis noted that the current block reward is 10,000 DOGE per block, and one block is mined every minute. a circulating supply of 132.6 billion. According to him, more than 2,000 retailers, such as the Dallas Mavericks, Twitch, and Tesla, currently accept Dogecoin as a payment method as it continues to thrive in this regard.

Share to Social Media

Share on facebook
Share on telegram
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit
Share on whatsapp

Recent News

Hot stories

Promotion

Join Our Newsletter