Dogecoin Flashcards
What type of coin is dogecoin
It’s a first gen coin, similar to bitcoin. Nothing special
What is a smart contract cryptocurrency
A self executing contract with the terms of the agreement between buying and seller being directly written into lines of code.
Where do the codes and agreeents of a smart contract exist
A distributed, decentralised blockhsin network
What is staking
The process of participating in transaction validation(similar to mining) on a proof of stake blockchain
How do you get staking rewards
On the blockchain of the cryto you are validating, if you own above a certain amount, you get rewards
What is a important part of making a first gen cryptocurrency
A secure network
What is dogecoin all about?
Having fun and being lighthearted. As opposed to being created to prevent the masses being oppressed by the masses like bitcoin.
Why is dogecoin not similar to litecoin
It is not trying to be better and compete with bitcoin by being superior
How would dogecoin be taken down by hackers
Similar to bitcoin, hackers would need to control 51 percent of the networks hashing power, which is extremely unlikely
What is a consensus?
A general agreement
How can you mine dogecoin
You can only use FPGA AND Asic devises. You cannot use high power bitcoin mining rigs
Why can you only mine dogecoin with asic and FPGA devises
The proof of work consensus algorithm is not the same as the bitcoin version
What did dogecoin do when they lost there dogecoin due to hacking
They started save dogemas and recovered all the coin
Are dogecoin ethical
Yes they do charity work and donations
