The Understated Role of Litecoin in Dogecoin’s Survival
In the world of cryptocurrencies, one story is often neglected – the rescue of Dogecoin by Litecoin back in 2014. As noted by Litecoin supporter Shan Belew, Litecoin played a crucial role in saving Dogecoin from potential collapse, an event largely ignored in Dogecoin’s history.
The Dogecoin Dilemma and Litecoin’s Timely Intervention
Dogecoin, originally created as a joke cryptocurrency, found itself on the verge of running out of blocks due to its rapid pace of currency issuance. This issue exposed the Dogecoin network to possible attacks. Here, Litecoin’s creator, Charlie Lee, offered a lifeline in the form of a “merged mining” arrangement. This move allowed Dogecoin to bolster its network security using Litecoin’s, ensuring the survival of the cryptocurrency.
Dogecoin, being among the world’s largest cryptocurrencies with a market value surpassing $11 billion, owes much of its blockchain security to Litecoin. Dogecoin’s cryptocurrency, DOGE, is ubiquitous owing to its Shiba Inu dog breed mascot and frequent mentions by Tesla CEO Elon Musk on his X (previously Twitter) platform.
Charlie Lee, a computer scientist trained at the Massachusetts Institute of Technology (MIT), founded Litecoin in 2011 by cloning Bitcoin’s code. Subsequently, Billy Markus and Jackson Palmer, software engineers, created Dogecoin by allegedly cloning Litecoin’s clone, Luckycoin. However, due to some deficiencies in Dogecoin’s issuance model, it deviated from Bitcoin’s original parameters and their proof-of-work system.
In 2014, Dogecoin faced a situation so dire that it had to hard fork – make a permanent change to its blockchain – to allow for merged mining with Litecoin. This move permitted miners to secure both blockchains simultaneously, thus making the network more robust and secure.
The Lifeline Named Litecoin
For Litecoin, rescuing Dogecoin was notably a matter of providing necessary security. By facilitating the hard fork and enabling merged mining, Litecoin strengthened Dogecoin’s defense against potential attacks. Today, Dogecoin generates blocks every minute, and although halving no longer happens, the removal of the 100 billion DOGE cap allows for a continuous reward of 10,000 DOGE per block.
Litecoin’s regulatory framework and innovative solutions have not only helped save Dogecoin but also demonstrated its latent potential in the evolving crypto market. Despite some critics terming Litecoin as a “ghost chain”, its potential to rescue and secure another blockchain shows that it carries immense importance in the world of cryptocurrency.
What do you think of Litecoin’s role in Dogecoin’s survival? Share your opinions in the comment section below.
