Dogecoin is one of the many cryptocurrencies that are currently out in the market such as Ethereum, Bitcoin, Litecoin etc. It was created as a joke but is now amongst the most popular crypto coins around. Popularly known as a “meme currency”, it is an open-source peer-to-peer (P2P) digital currency.
They achieved this motive as Dogecoin is significantly faster than its peers where it takes just a minute for completing one Dogecoin transaction. To put things in perspective, a Bitcoin transaction takes around 10 minutes. Markus based Dogecoin's algorithms on Luckycoin, which is itself is a derivative of Litecoin, and initially used a randomised reward for block mining, that was changed to a static reward in March 2014. Dogecoin has been made on Litecoin's scrypt technology and is a proof-of-work coin.
While Dogecoin has better features, making it a better alternative than most of the other cryptocurrencies, it is still in its infancy where mainstream applications are concerned. Nevertheless, with crypto enthusiasts like Elon Musk and celebrity crypto proponents like Gene Simmons and Snoop Dog expressing interest in this crypto, it may find more real-world applications soon.