Cours du Dogecoin

OKcoin Europe LTD

54930069NLWEIGLHXU42

Dogecoin

Dogecoin is present on the following networks: binance_smart_chain, dogecoin. Binance Smart Chain (BSC) uses a hybrid consensus mechanism called Proof of Staked Authority (PoSA), which combines elements of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA). This method ensures fast block times and low fees while maintaining a level of decentralization and security. Core Components 1. Validators (so-called “Cabinet Members”): Validators on BSC are responsible for producing new blocks, validating transactions, and maintaining the network’s security. To become a validator, an entity must stake a significant amount of BNB (Binance Coin). Validators are selected through staking and voting by token holders. There are 21 active validators at any given time, rotating to ensure decentralization and security. 2. Delegators: Token holders who do not wish to run validator nodes can delegate their BNB tokens to validators. This delegation helps validators increase their stake and improves their chances of being selected to produce blocks. Delegators earn a share of the rewards that validators receive, incentivizing broad participation in network security. 3. Candidates: Candidates are nodes that have staked the required amount of BNB and are in the pool waiting to become validators. They are essentially potential validators who are not currently active but can be elected to the validator set through community voting. Candidates play a crucial role in ensuring there is always a sufficient pool of nodes ready to take on validation tasks, thus maintaining network resilience and decentralization. Consensus Process 4. Validator Selection: Validators are chosen based on the amount of BNB staked and votes received from delegators. The more BNB staked and votes received, the higher the chance of being selected to validate transactions and produce new blocks. The selection process involves both the current validators and the pool of candidates, ensuring a dynamic and secure rotation of nodes. 5. Block Production: The selected validators take turns producing blocks in a PoA-like manner, ensuring that blocks are generated quickly and efficiently. Validators validate transactions, add them to new blocks, and broadcast these blocks to the network. 6. Transaction Finality: BSC achieves fast block times of around 3 seconds and quick transaction finality. This is achieved through the efficient PoSA mechanism that allows validators to rapidly reach consensus. Security and Economic Incentives 7. Staking: Validators are required to stake a substantial amount of BNB, which acts as collateral to ensure their honest behavior. This staked amount can be slashed if validators act maliciously. Staking incentivizes validators to act in the network's best interest to avoid losing their staked BNB. 8. Delegation and Rewards: Delegators earn rewards proportional to their stake in validators. This incentivizes them to choose reliable validators and participate in the network’s security. Validators and delegators share transaction fees as rewards, which provides continuous economic incentives to maintain network security and performance. 9. Transaction Fees: BSC employs low transaction fees, paid in BNB, making it cost-effective for users. These fees are collected by validators as part of their rewards, further incentivizing them to validate transactions accurately and efficiently. Dogecoin (DOGE) uses a Proof of Work (PoW) consensus mechanism, similar to Bitcoin, but with some key differences. Core Concepts 1. Nodes and Miners: Nodes: Nodes in the Dogecoin network are computers running the Dogecoin software. They validate transactions, maintain the blockchain, and relay information across the network. Miners: Miners are specialized nodes that solve cryptographic puzzles to create new blocks and validate transactions. This process is known as mining. 2. Blockchain: The blockchain is a public ledger that records all Dogecoin transactions in a series of blocks. Each block contains a list of transactions, a reference to the previous block (hash), a timestamp, and a nonce (a random number used once). 3. Hash Functions: Dogecoin uses the Scrypt hash function, which is different from Bitcoin's SHA-256. Scrypt is designed to be more memory-intensive, making it more resistant to ASIC (Application-Specific Integrated Circuit) mining and encouraging more widespread participation by regular users with less powerful hardware. Consensus Process 1. Transaction Validation: Transactions are broadcast to the network and collected by miners into a block. Each transaction is validated by nodes to ensure it adheres to the network's rules, such as correct signatures and sufficient funds. 2. Mining and Block Creation: Nonce and Hash Puzzle: Miners compete to find a nonce that, when combined with the block's data and passed through the Scrypt hash function, produces a hash below a certain target value. This target value is adjusted periodically to maintain a consistent block creation time. Proof of Work: Finding a valid nonce requires significant computational effort. Once a miner finds a valid nonce, the new block is broadcast to the network. 3. Block Validation and Addition: Other nodes in the network verify the new block to ensure the hash is correct and that all transactions within the block are valid. If the block is valid, nodes add it to their copy of the blockchain, and the process repeats for the next block. 4. Chain Consensus: The longest chain (the chain with the most accumulated proof of work) is considered the valid chain by the network. Nodes always work to extend the longest valid chain. In the case of multiple valid chains (forks), the network will eventually resolve the fork by continuing to mine and extending one chain until it becomes longer. Security and Economic Incentives 1. Incentives for Miners: Block Rewards: Miners are incentivized to participate in the network by receiving block rewards. Initially, Dogecoin had a variable block reward, but now it offers a fixed reward of 10,000 DOGE per block. Transaction Fees: Miners also collect transaction fees from the transactions included in the block. These fees provide an additional incentive for miners. 2. Security: Hash Rate and Difficulty: The security of the Dogecoin network is directly proportional to its hash rate, the total computational power of all miners. A higher hash rate means more difficult and costly attacks. 51% Attack: An attacker would need to control more than 50% of the network's hash rate to double-spend or rewrite parts of the blockchain. The cost and resource requirement for such an attack make it impractical for a sufficiently large and decentralized network like Dogecoin. 3. Merged Mining: Dogecoin supports merged mining with Litecoin (LTC). This means miners can mine both Dogecoin and Litecoin simultaneously without additional computational effort. This enhances the security of both networks by pooling their hash rates.

Dogecoin is present on the following networks: binance_smart_chain, dogecoin. Binance Smart Chain (BSC) uses the Proof of Staked Authority (PoSA) consensus mechanism to ensure network security and incentivize participation from validators and delegators. Incentive Mechanisms 1. Validators: Staking Rewards: Validators must stake a significant amount of BNB to participate in the consensus process. They earn rewards in the form of transaction fees and block rewards. Selection Process: Validators are selected based on the amount of BNB staked and the votes received from delegators. The more BNB staked and votes received, the higher the chances of being selected to validate transactions and produce new blocks. 2. Delegators: Delegated Staking: Token holders can delegate their BNB to validators. This delegation increases the validator's total stake and improves their chances of being selected to produce blocks. Shared Rewards: Delegators earn a portion of the rewards that validators receive. This incentivizes token holders to participate in the network’s security and decentralization by choosing reliable validators. 3. Candidates: Pool of Potential Validators: Candidates are nodes that have staked the required amount of BNB and are waiting to become active validators. They ensure that there is always a sufficient pool of nodes ready to take on validation tasks, maintaining network resilience. 4. Economic Security: Slashing: Validators can be penalized for malicious behavior or failure to perform their duties. Penalties include slashing a portion of their staked tokens, ensuring that validators act in the best interest of the network. Opportunity Cost: Staking requires validators and delegators to lock up their BNB tokens, providing an economic incentive to act honestly to avoid losing their staked assets. Fees on the Binance Smart Chain 5. Transaction Fees: Low Fees: BSC is known for its low transaction fees compared to other blockchain networks. These fees are paid in BNB and are essential for maintaining network operations and compensating validators. Dynamic Fee Structure: Transaction fees can vary based on network congestion and the complexity of the transactions. However, BSC ensures that fees remain significantly lower than those on the Ethereum mainnet. 6. Block Rewards: Incentivizing Validators: Validators earn block rewards in addition to transaction fees. These rewards are distributed to validators for their role in maintaining the network and processing transactions. 7. Cross-Chain Fees: Interoperability Costs: BSC supports cross-chain compatibility, allowing assets to be transferred between Binance Chain and Binance Smart Chain. These cross-chain operations incur minimal fees, facilitating seamless asset transfers and improving user experience. 8. Smart Contract Fees: Deployment and Execution Costs: Deploying and interacting with smart contracts on BSC involves paying fees based on the computational resources required. These fees are also paid in BNB and are designed to be cost-effective, encouraging developers to build on the BSC platform. Dogecoin uses a Proof of Work (PoW) consensus mechanism to ensure network security and integrity, relying on economic incentives for miners and transaction fees from users. Here’s an in-depth look at these mechanisms: Incentive Mechanisms 1. Miners: Block Rewards: Miners receive block rewards for successfully mining new blocks. Initially, Dogecoin had a variable block reward, but it now offers a fixed reward of 10,000 DOGE per block. These rewards are a primary incentive for miners to invest in the computational power necessary to secure the network. Transaction Fees: In addition to block rewards, miners also earn transaction fees from the transactions they include in the blocks they mine. Although Dogecoin’s transaction fees are typically low, they still provide an important supplementary income for miners. Merged Mining: Dogecoin supports merged mining with Litecoin, allowing miners to simultaneously mine both cryptocurrencies without additional computational effort. This process increases the hash rate and security of both networks by pooling their resources. 2. Security: Hash Rate and Difficulty: The security of Dogecoin’s network is directly related to its hash rate, the total computational power used by all miners. A higher hash rate makes the network more resistant to attacks. The mining difficulty adjusts periodically to ensure that blocks are mined approximately every minute, maintaining network stability. 51% Attack Deterrence: Controlling more than 50% of the network's hash rate to perform a 51% attack is costly and difficult. The significant computational power and energy required make such attacks impractical for a large and decentralized network like Dogecoin. Fees Applicable on the Dogecoin Blockchain 1. Transaction Fees: Flat Fee Structure: Dogecoin uses a relatively simple fee structure. The typical transaction fee is 1 DOGE per kilobyte of transaction data. This low fee is one of Dogecoin’s appeals, making it suitable for small and micro-transactions. Incentives for Faster Processing: Although transaction fees are generally low, users can choose to pay higher fees to incentivize miners to include their transactions in the next block, ensuring faster processing times. 2. Mining Rewards: Block Subsidy: The fixed block reward of 10,000 DOGE incentivizes miners to continue securing the network. This reward will persist as Dogecoin does not have a maximum supply cap, ensuring continuous incentives for miners. Fee Inclusion: Besides the block subsidy, the inclusion of transaction fees provides an additional, albeit smaller, incentive for miners to process transactions efficiently.

2024-03-12

2025-03-12

8303644457.75699 (kWh/a)

15.116111638 (%)

0.41879 (kWh)

To determine the proportion of renewable energy usage, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from the European Environment Agency (EEA) and thus determined.

The energy consumption of this asset is aggregated across multiple components: For the calculation of energy consumptions, the so called “top-down” approach is being used, within which an economic calculation of the miners is assumed. Miners are persons or devices that actively participate in the proof-of-work consensus mechanism. The miners are considered to be the central factor for the energy consumption of the network. Hardware is pre-selected based on the consensus mechanism's hash algorithm: Scrypt. A current profitability threshold is determined on the basis of the revenue and cost structure for mining operations. Only Hardware above the profitability threshold is considered for the network. The energy consumption of the network can be determined by taking into account the distribution for the hardware, the efficiency levels for operating the hardware and on-chain information regarding the miners' revenue opportunities. If significant use of merge mining is known, this is taken into account. When calculating the energy consumption, we used - if available - the Functionally Fungible Group Digital Token Identifier (FFG DTI) to determine all implementations of the asset of question in scope and we update the mappings regulary, based on data of the Digital Token Identifier Foundation. To determine the energy consumption of a token, the energy consumption of the network(s) binance_smart_chain is calculated first. Based on the crypto asset's gas consumption per network, the share of the total consumption of the respective network that is assigned to this asset is defined. When calculating the energy consumption, we used - if available - the Functionally Fungible Group Digital Token Identifier (FFG DTI) to determine all implementations of the asset of question in scope and we update the mappings regulary, based on data of the Digital Token Identifier Foundation.

0.00000 (tCO2e/a)

3421068.80157 (tCO2e/a)

0.17254 (kgCO2e)

To determine the GHG Emissions, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from the European Environment Agency (EEA) and thus determined.