Doge Token (DOGET) aims to be a revival of Dogecoin, a meme-based token in terms of security. Dogecoin can be understood as a fun alternative to traditional cryptocurrencies based on an internet joke. Doge Token deploys the Stellar blockchain technology. According to the platform, Stellar is one of the fastest-growing blockchains, and through Stellar, Doge Token self-proclaims to be more than just a hobby-driven token and aims to be advanced and secure.
According to the whitepaper, Doge Token aims to solve the issues of scalability that Dogecoin faces. The issues pertaining to transactions, both in magnitude and value, tend to waste more electricity to power the technology. Ultimately, the process impacts the environment and offers reduced mining rewards. Since Stellar is environmentally sustainable, it does not employ proof-of-work (PoW) mining. PoW is an energy-intensive consensus mechanism of cryptocurrency that uses a lot of energy to validate new transactions, add them to the blockchain, and produce new tokens. Stellar’s consensus method does not involve the approval of the whole miner network. Instead, it employs the Federated Byzantine Agreement (FBA) method, which allows for speedier transaction processing. As a result, Doge Token aims to make use of Stellar’s increased transaction speed and lower transaction costs without sacrificing security.
Doge Token endeavors to be invulnerable to 51% attacks. Hypothetically, a 51% attack is an attack on a blockchain by a team of miners who has command of over 50% of the hash rate or computing power. The attacker or a group of attackers tends to disrupt the mechanism of recording new blocks by influencing the majority of the computational power on the network. Accordingly, the platform aims to have a trusted ecosystem and claims that any application built on top of Stellar with Doge Tokens may be readily audited by developers.
The official ticker of the Doge Token is DOGET. The Doge Token aims to airdrop DOGET to holders of various tokens. In the crypto community, an airdrop is a practice of delivering coins or tokens to wallet addresses in order to raise awareness of new digital currencies. These tokens are delivered, typically in exchange for a small service fee to the wallets of active members of the blockchain community.
