What is LiteDoge (LDOGE) Crypto Beginner’s Guide
LiteDoge (LDOGE) is a cryptocurrency. It is created through a Proof-of-Stake mechanism. Coins are created when users run a node. The block generation time and block rewards depend on the amount of LDOGE coins that are held in the users wallet. LiteDoge is based on the Bitcoin code. It is an encrypted digital currency. It is used to process transactions and transfer assets.
LiteDoge was started in March 2015. LiteDoge is ranked 840th among cryptocurrencies. The block generation time is 64 seconds. The transaction fee is 0.1 LDOGE. The total supply is 50 billion LDOGE. LiteDoge relies on a network of peer-to-peer nodes. As a blockchain platform, it records transactions on a public blockchain ledger. There’s a digital wallet for users; it confirms transactions and blocks from other nodes. The wallet stores LDOGE coins.
LDOGE Coins Trading Data
The best way to earn LDOGE coins is by validating block transactions. After tokens have been stored in the digital wallet for 8 hours, they become eligible for staking.
LDOGE is traded on several cryptocurrency exchanges including Cryptopia, YoBit, and Trade Satoshi. LDOGE coins are paired with BTC, LTC, ETH, and DOGE. LDOGE has a market capitalization of $1.35 million. Daily trading volume exceeds $1,600. The circulating supply is 15,048,477,050 LDOGE.
The wallet is available on different operating systems including Windows, Mac OS X, and Ubuntu desktop. There’s also a paper wallet generator. The code is available at Github.
There’s a block explorer. Users can view transactions as they happen. This one has a nice UI. The hash addresses contrast nicely with the background. The block height is listed, along with the amount of LDOGE coins awarded. The date and time of the transaction is also included. Other noteworthy bits of information in the block explorer is the difficulty rating and coin supply. There’s also a search bar that lets users search for transactions.
The Proof-of-Stake Revolution
LiteDoge uses the Proof-of-Stake mechanism. It is an algorithm used by blockchain networks to create distributed consensus. It is an alternative to Proof-of-Work, which consumes a lot of electricity. One estimate made in 2015 concluded that one Bitcoin transaction required the same amount of energy to power 1.57 American households per day. To cover the electricity cost, miners would exchange their cryptocurrency to fiat currency and pay the bill. This would reduce the value of the cryptocurrency.
To avoid these issues, a new consensus mechanism was developed called Proof-of-Stake. It is dependent on the number of coins held by the miner. Each miner can only mine a percentage of the available cryptocurrency. If the miner holds 2% of the coins, they can only mine 2% of the blocks. Proof-of-Stake is a more secure network than Proof-of-Work. Miners are less likely to attack the network because it would result in a decline in value of their holdings.
A popular cryptocurrency, Ethereum, started converting from a Proof-of-Work system to a Proof-of-Stake system in 2017. Nxt uses Proof-of-Stake as well.