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DOG (DOG): The Fair and Community-Driven Meme Coin on the Bitcoin Blockchain

DOG (DOG): The Fair and Community-Driven Meme Coin on the Bitcoin Blockchain

Beginner
2024-05-27 | 5m

What is DOG (DOG)?

DOG (DOG) is a decentralized meme coin launched on April 24, 2024, as a part of the Runes protocol on the Bitcoin blockchain. Unlike many other cryptocurrencies, DOG was created and distributed with a strong focus on fairness and community. There was no presale, no team allocation, no insider deals, and no paid promotions. Instead, DOG was airdropped to members of the Bitcoin Ordinals community, ensuring an equal and fair distribution.

How DOG (DOG) Works

How Bitcoin Runes Work

To understand DOG, it's essential to understand Bitcoin Runes, the protocol it uses. Runes were created by Casey Rodarmor, the same person behind the Ordinals protocol, which allows for NFT-like inscriptions on the Bitcoin blockchain. Runes enable the creation of tokens on Bitcoin, similar to how tokens are created on blockchains like Ethereum and Solana.

UTXO Model: Bitcoin uses a transaction model called Unspent Transaction Outputs (UTXO). In this model, each transaction consumes one or more UTXOs and creates new UTXOs as the output. Runes leverage this model to create and transfer tokens.

OP_RETURN Opcode: This special feature in Bitcoin allows extra information to be added to transactions without affecting the spendability of the outputs. For Runes, this means that token data can be included in transactions without clogging the network.

Etching and Minting: Creating new Runes involves a process called etching, where the token’s details (such as name, symbol, and supply) are defined in the OP_RETURN field of a Bitcoin transaction. After etching, tokens can be minted. Minting can be open (anyone can mint) or closed (only specific conditions allow minting).

Edicts: These define how Runes can be transferred and include options for batch transfers, airdrops, and transferring all minted tokens to a single account.

Advantages of Bitcoin Runes

Simplicity: Runes make it easy to create and manage tokens on the Bitcoin network without needing off-chain data or additional native tokens.

Resource Efficiency: Unlike other token standards that can create a lot of unspendable UTXOs, Runes use the OP_RETURN model to minimize blockchain bloat and make efficient use of Bitcoin’s resources.

Compatibility with Lightning Network: Runes work with the Lightning Network, a layer 2 solution on Bitcoin that enables faster and cheaper transactions. This integration enhances the usability and efficiency of Runes.

Increased Miner Revenue: By increasing the number of transactions on the Bitcoin network, Runes can help boost transaction fee revenue for miners, especially important after the Bitcoin halving.

Expanded Utility: The ability to create tokens on Bitcoin broadens its use cases, attracting new users and projects to the network.

Key Features of DOG

No Presale: Many cryptocurrencies raise funds through presales, which often benefit insiders and early investors. DOG skipped this step, opting instead to distribute tokens directly to the community.

No Team Allocation: The team behind DOG did not reserve any tokens for themselves. This means that every token in circulation was distributed to the community.

No Paid Promotions: DOG has not paid for any promotions or endorsements from influencers and KOLs. This ensures that the coin's value and popularity are organic and community-driven.

No Favoritism to Whales: DOG was designed to prevent large holders from dominating the market. The distribution method aimed to create a level playing field for all participants.

100% Circulating Supply: All DOG tokens were distributed at launch. There are no hidden reserves or future token releases that could dilute the supply.

Volunteer Initiative: The entire DOG project was organized by volunteers, further emphasizing its community-driven nature.

Refusal to Pay for Listings: DOG will not pay centralized exchanges (CEXs) for listings. The project relies on its community and organic growth to gain exchange listings.

DOG Goes Live on Bitget

DOG’s launch and distribution model set it apart from other memecoins. Its focus on fairness, community involvement, and refusal to engage in paid promotions or insider deals has created a strong and dedicated user base. Currently, DOG is one of the top Runes by market cap, highlighting its popularity and potential.

By leveraging the Bitcoin Runes protocol, DOG not only taps into the security and stability of the Bitcoin network but also benefits from the efficiency and simplicity of Runes. This combination positions DOG as a standout meme coin in a crowded market.

Join the vibrant community of DOG by trading DOG on Bitget right now!

How to Trade DOG on Bitget

Listing time: May 23, 2024

Step 1: Go to DOGUSDT spot trading page

Step 2: Enter the amount and the type of order, then click Buy/Sell

Trade DOG on Bitget now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.