11 May 2021 Dogecoin Cryptocurrency
Dogecoin Cryptocurrency
Context
SpaceX accepts dogecoin as payment to launch lunar mission in 2022
Details
- It is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees.
- Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.
- It was introduced on December 6, 2013, and quickly developed its own online community, reaching a high market capitalization value
Use and exchanges
- Dogecoin is an altcoin with many users. Mainstream commercial applications of the currency have gained traction on internet, such as a tipping system, in which social media users tip others for providing interesting or noteworthy content
- It is also used in sell house, poker industry
Other Developments
- On May 9th, 2021 the Geometric Energy Corporation announced the DOGE-1 Mission to the Moon. This marked the first-ever commercial lunar payload in history paid entirely with Dogecoin.
- In addition, it was chosen as the unit of account for all lunar business between Space Exploration Technologies Corp. (SpaceX) and Geometric Energy Corporation. This set a precedent for future missions to both the Moon and Mars
Issues/Concern
Cryptocurrencies can be highly volatile and may crash as fast as they rise. This is because they do not have any intrinsic value such as land or gold. Further, they are also susceptible to manipulation by small groups who often hold large numbers of virtual currency in circulation
Source: (The Hindu)
Yojna IAS Current Affairs Team
No Comments