Dogecoin (DOGE) Co-creator Billy Markus said that the Shiba Inu-themed cryptocurrency appeared on the Proof of Work blockchain as “one of the most secure coins” since an important move seven years ago.
What happened: On Monday, Markus explained the safety advantages of DOGE in an interview with Benzinga.
See also: How to Buy Dogecoin (DOGE)
“I think after Dogecoin implemented AuxPOW, it became one of the safest coins on a proof-of-work blockchain,” revealed Markus.
The Auxiliary Proof-of-Work or AuxPOW switch was announced in August 2014 – post a suggestion from the creator of Litecoin (LTC) Charlie Lee on Reddit.
AuxPoW enables one cryptocurrency to use the work done on another cryptocurrency to essentially create a parent and an additional blockchain.
Dogecoin co-creator told Benzinga that after implementing AuxPOW, the cryptocurrency “can merge mine with any scrypt coin”.
Markus pointed out the resulting environmental benefits and said: “[Dogecoin] gets the benefits of a high hash rate without as significant a carbon footprint as other Scrypt coins, making them very robust and secure.
In an earlier post on Twitter in April, Markus said that “trying to get the [Dogecoin] community to accept AuxPow “was the last thing he did before leaving the project in 2014.
This post and trying to help the community accept AuxPOW was the last thing I did for Dogecoin before stepping down in 2014. The @dogecoin_devs took over the reins at this point and their AuxPOW release was the main DOGE release – it saved the coin.
– Shibetoshi Nakamoto (@ BillyM2k) April 17, 2021
Markus said he would “not change anything” if he were still connected to Dogecoin as a developer today. He said, “It has been incredibly successful and has had a long life, which is quite rare in this area.”
“On CoinMarketCap 5000 coins are listed and many thousands more dead coins and it is currently 6th place in market capitalization. I wouldn’t change anything. “
At press time, DOGE had a market capitalization of $ 34.6 billion and was ranked seventh on CoinMarketCap’s list of cryptocurrencies, ranked by this metric.
Why it matters: From a security perspective, a small or low hash proof of work blockchain can strengthen itself against a so-called 51% attack by using the hash power of a larger blockchain.
Since proof-of-work blockchains depend on the distribution of hashing power, it is plausible that a significant number of miners could abandon such a coin, resulting in a single unit getting more if the price of a coin goes up drops to a level that makes mining unprofitable than 50% of hashing power and establishment of a mining monopoly that controls the coin and the blockchain.
See also: Dogecoin Creator Defends Meme Crypto Offer: Doesn’t Matter For The Price
Last week, OkCoin COO Jason Lau Benzinga said that Dogecoin was “backed up by proof of work and has never had any security issues.”
“It is clear that technologically sound meme coins are not just a joke, but also have a place in the cryptosphere as they are fun and community-driven,” Lau said.
Markus had previously indicated that Dogecoin security had kept pace Bitcoin (BTC), denying claims that the project was stagnating.
DOGE was trading 4.44% higher at $ 0.27 at press time, while BTC was trading 7.11% higher at $ 53,715.22.
Read on: Curious what Dogecoin ‘sounds like’? At $ 364, you can know
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