The Dogecoin Dilemma

Dogecoin, Uncategorized
-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 When Satoshi Nakamoto mined the genesis block on January 3, 2009, Bitcoin became the first cryptocurrency to use a block chain secured by the proof-of-work (POW) process known as mining. The algorithm used to mine Bitcoin blocks is two rounds of SHA-256 hashing. Soon after, the Bitcoin community gained an appetite for a distributed naming system. The project was initially named BitDNS. It was finally implemented when Bitcointalk user vinced mined the genesis block of Namecoin in April of 2011. Namecoin also used two rounds of SHA-256 hashing as its mining algorithm. Using the same mining algorithm became a problem as Bitcoin and Namecoin then competed to attract miners to secure each block chain. As time went on, it became clear that the dominant…
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