How To Build A Peer-To-Peer Cryptocurrency App Like Dogecoin?
Blockchain
20May 2021
Recently, cryptocurrencies such as Bitcoins are used widely. The question that often arises is- how and where we store bitcoins? This is not an easy task as they cannot be touched or seen. Creating your own Bitcoin wallet allows you to make multiple transactions, including buying & selling the cryptocurrency.
What is cryptocurrency? It’s a digital asset that’s traded via mobile apps allowing you to trade or sell other foreign currencies, like pounds or dollars. You would be interested to know that there is no central server that records all the transactions or balances.
Cryptocurrency works using Blockchain technology (a decentralized tech spread across several computers that control and record transactions). This is the reason why it is highly-secured technology.
Topics To Cover
- The Rise of Dogecoin
- How to Buy Dogecoins?
- Is Dogecoin a Worthy Investment?
- The Dogecoin Mining Process
- What to Choose - Dogecoin Mining in Solo or Pool
- Conclusion
The Rise Of Dogecoin
Several cryptocurrencies are booming in India over the past few years, such as Bitcoin, Dogecoin, and Ethereum. Dogecoin has seen massive growth since it was initiated and had quite an interesting story. Did you know this cryptocurrency came into life due to a meme that went viral?
The Dogecoin meme became famous in 2013. The aim of developing Dogecoin was to make people laugh. The app developers had humorously created a replica programming it for 3 hours, as they claimed. Dogecoin’s development process was an imitation of Bitcoin.
This fun cryptocurrency was developed by two software engineers named Jackson Palmer and Billy Markus in December’13. The face of the Dogecoin was the dog Shiba Inu, a trending DOGE meme.
World’s 2nd richest man and Tesla’s Founder Elon Musk also supported Doge and made a funny meme about it on a social media site. Today, this cryptocurrency is skyrocketing as it spreads awareness about the significance of blockchain tech among the public.
In the starting days, one coin was valued at less than a cent but looking at it now; it is valued at $0.122680, i.e., almost 12 cents. Isn’t that remarkable for a virtual currency that started as a joke?
How To Buy Dogecoins?
To buy cryptocurrencies, you need crypto exchanges, making it available for users to trade cryptocurrencies. To put it simply, crypto exchanges are websites or apps such as WazirX & CoinSwitch that help in crypto trading.
If you are keen to purchase Dogecoins, you can do it with Coinswitch Kuber, CoinDCX, WazirX. We have used the crypto exchanges app to describe the whole process of downloading and using these apps on your mobile.
Below are the steps that you must follow;
- You must visit the App Store or Google Play Store on your phone.
- Search the crypto exchange apps and download anyone you find the best.
- After downloading the app, run it on your smartphone.
- Now you need to create your account by giving the essential information.
- You have to KYC (Know your customer) your account and ensure to activate two-factor authorization.
- Post KYC, include your Bank Account & UPI information.
- This process will allow you to add money to your app wallet for buying and selling.
This is a simple step-by-step process of trading Dogecoins in India.
Is Dogecoin A Worthy Investment?
There is no limit on the no. of Dogecoins, and millions of new Dogecoins are launched in the market every day. Hence, there is no incentive to hold the cryptocurrency over the long haul.
As mentioned earlier, the per value of Dogecoin was low for most of 2020, so people were likely to sell them off. However, in 2021, Dogecoins witnessed a sudden rise. Considering that the cryptocurrency culture will stay for a long time, investing in Dogecoin is undoubtedly a good idea.
Moreover, you should know that those who purchased Dogecoin in 2021 have been rewarded very well. However, there is a concern about security which hasn’t been the same as Bitcoin or Ethereum. Therefore, it is more exposed to malware attacks than Bitcoins.
But, it must be noted that while buying cryptocurrencies always does involve some sort of risk, it is always worth giving it a try by buying a few coins and knowing the system well.
The Dogecoin Mining Process
The Scrypt tech that it uses makes it different from Bitcoin. The block time allocated to Dogecoin is one minute. There is no restriction to the number of Dogecoins allowed.
Like any other cryptocurrency, the mining process here is based on a network of nodes. Once a node confirms a transaction, it becomes a part of the blockchain network created by one of the top blockchain development companies.
Also, Dogecoin uses a unique hashing algorithm for its cryptocurrency, as it uses Scrypt tech like Litecoin. Scrypt tech is way quicker than the usual SHA-256. Compared to Bitcoin that has a block time of 2.5 mins, Dogecoin has a block time of 1 min only.
What To Choose - Dogecoin Mining In Solo Or Pool?
Solo mining is where you invest all your efforts & resources self-reliantly, hence the name. Therefore, you get to keep 100% of the returns you earn. This process also needs more patience as the transaction confirmation is time-consuming (it can take weeks or months).
Whereas, Pool mining is more convenient but less helpful as you get a small fraction of the total reward you generate, unlike Solo mining. However, the frequency of block mining is a lot higher, so the rewards must be higher too.
Conclusion
If you must have witnessed, the value of Dogecoin has constantly been fluctuating. However, Dogecoin has experienced a whopping 1073% rise in its value in April. No doubt, it is less profitable than other virtual currencies such as Bitcoins, Ethereum, etc. This is because of the number of Dogecoins revolving in the market. Dogecoin has a broader market circulation than other currencies such as Ripple, Bitcoins, etc., it doesn’t mean you won’t earn through Dogecoins. This virtual currency is observing huge growth, and there is always a chance to get high returns on investments.
Harnil Oza is the CEO & Founder of Hyperlink InfoSystem. With a passion for technology and an immaculate drive for entrepreneurship, Harnil has propelled Hyperlink InfoSystem to become a global pioneer in the world of innovative IT solutions. His exceptional leadership has inspired a multiverse of tech enthusiasts and also enabled thriving business expansion. His vision has helped the company achieve widespread respect for its remarkable track record of delivering beautifully constructed mobile apps, websites, and other products using every emerging technology. Outside his duties at Hyperlink InfoSystem, Harnil has earned a reputation for his conceptual leadership and initiatives in the tech industry. He is driven to impart expertise and insights to the forthcoming cohort of tech innovators. Harnil continues to champion growth, quality, and client satisfaction by fostering innovation and collaboration.
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