How Does Dogecoin Work? Dogecoin is based on a fork of Litecoin (LTC) called Luckycoin. However, notable changes have since been made to the protocol. Let’s see how it works. Blockchain. Similar to Bitcoin, Dogecoin uses a blockchain, where blocks are appended via Proof-of-Work., What is Dogecoin? Learn about this popular meme coin, its history, and why it has gained significant attention., Dogecoin is many things to many different people. At its heart, Dogecoin is the accidental crypto movement that makes people smile! It is also an open-source peer-to-peer cryptocurrency that utilises blockchain technology, a highly secure decentralised system of storing information as a public ledger that is maintained by a network of computers called nodes., Magic and memes! (Just kidding. Kind of.) First things first: Dogecoin is money. Like other popular cryptocurrencies, Dogecoin works by utilising blockchain technology. Unlike a lot of other popular cryptocurrencies, though, the fees to send Dogecoin are extremely small, and the speed by which Dogecoin transactions are confirmed is relatively fast. Simply put, if you would like to send money , Key Takeaways. Dogecoin (DOGE) is a meme-inspired cryptocurrency known for its fun, accessible nature and strong online community. Dogecoin uses a proof-of-work system with the scrypt algorithm, enabling faster transactions than Bitcoin.. Dogecoin is primarily used for microtransactions, tipping, and small payments due to its low fees and fast transaction times, Dogecoin is the original ‘memecoin’, with its creators aiming to build a "fun and friendly Internet currency" based on the "Doge" meme. It has gained a devoted following that includes influential figures like Elon Musk, who have pushed it into the public consciousness..