Dogecoin Price - DOGE/NZD : $0.27071
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What is Dogecoin (DOGE)?
Dogecoin is an open-source cryptocurrency that started out as a big joke. To the surprise of its developers, DOGE found fast fame and quickly grew into one of the leading digital currencies by market cap. It began a new craze in crypto, which saw the release of many other dog-based currencies also based on viral internet memes.
Dogecoin utilises blockchain technology and is a highly secure and decentralised system free from third-party interference. Its peer-to-peer network is powered by Dogecoin users.
Based on Bitcoin
Dogecoin runs on a dedicated blockchain that was indirectly based on Bitcoin’s code. This is why Dogecoin shares many characteristics of Bitcoin, including its hash and consensus mechanism.
Eventually, Dogecoin made a few changes and switched from being a proof-of-work (PoW) protocol to an auxiliary proof-of-work consensus mechanism (AuxPoW). The two algorithms have their similarities but differ in how the winning miner is selected. In AuxPoW, the miner chosen to finish validating the block is done by a lottery instead of competing with CPU power and mining pools. Dogecoin also changed its hashing algorithm to Scrypt technology, making mining faster and less power-intensive than its original SHA-256.
Putting the fun in crypto
Dogecoin was created to be different from other cryptocurrencies. Although it was intended just as a parody, its unique, fun nature stood out among the serious cryptocurrency market. Dogecoin made crypto more approachable and accessible for those outside the market, which increased acceptance in the real world.
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How we treat client assets
No commingling of customer funds: we keep client assets completely separate from our own.
1:1 reserves
We maintain a full 1:1 reserve of all client fiat and crypto assets.
We hold the vast majority of crypto assets in secure offline cold storage, protected in underground vaults with maximum security.
Audited
Our books are balanced and we carry no debt on our balance sheet. We engage external auditors to undertake an annual audit of our financial statements in accordance with Australian Accounting Standards. This includes verification of all fiat and crypto balances held in custody on behalf of clients.
Segregated funds
We do not commingle customer funds. We maintain complete segregation of all client assets to ensure that when you need to make a withdrawal you can.
We keep your assets safe. That is our promise.
Sole custodian
Independent Reserve is the sole custodian of all crypto assets held on our platform. Custody is managed in Australia and we do not use any third party custodians.
We adhere to industry best practices and never lend, trade or reinvest your assets.