What separates cryptocurrency from fiat money is the blockchain. This digital, decentralised ledger stores data - such as transactions - in blocks, which are linked together in chronological order. But does Dogecoin have its own blockchain?
The Bitcoin and Ethereum blockchains are well-established chains, with other cryptocurrencies basing themselves on these blockchains, for example.
Here's a rundown of Dogecoin's blockchain situation, alongside the recently formed 'renDOGE'...
Does Dogecoin have its own blockchain?
As an 'Altcoin', Dogecoin does have its own blockchain. The Dogecoin blockchain is made up of 3,753,138 blocks as of June 2021. In comparison, the Ethereum blockchain is made up of 12,547,676 blocks, while there are 685,773 blocks in the Bitcoin blockchain.
Much like other decentralised blockchains, the Dogecoin blockchain is fully accessible to anybody. You can see the latest blockchain activity here.
As Dogecoin exists on its own blockchain, this means you can mine the digital coin directly. If you're thinking of mining DOGE, Dogecoin's block time is 1 minute, with a reward of 10,000 DOGE per block.
Is Dogecoin on the Bitcoin or Ethereum blockchain?
Certain cryptocurrency tokens, such as NFTs, Tether, or SHIBA INU coin exist on the Ethereum blockchain. Dogecoin is not a token, but an Altcoin, meaning it does not require any other blockchains.
However, the open protocol token Ren that seeks to provide inter-blockchain access for numerous cryptocurrencies recently launched renDOGE, which can exist on the Ethereum or Binance blockchain. This allows for users to deposit Dogecoin and instead mint renDOGE onto blockchains that utilise smart contracts.
RenDOGE currently has a price of $0.3272 (as of June 2021) compared to Dogecoin's $0.3211. In the past month, its price has fluctuated to a high of over $0.73 on 8 May 2021 - matching the fluctuations of regular Dogecoin.
READ MORE: How many Dogecoin are in circulation?