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Dogecoin (DOGE), a meme coin famous for its Shiba Inu dog logo, apparently has an interesting new feature: Doginals. Many people wonder about what Doginals are. Doginals is a digital asset similar to Non-Fungible Tokens (NFTs), but with some fundamental differences. What are Doginals, how do I create them, and what are their advantages over regular NFTs?
Understanding Doginals
Doginals are small fragments of Dogecoin, called Shibe, that are given unique values through "inscriptions" in the form of text or images. For example, you can create a Doginal with the inscription "I love Doge" or a picture of your favorite dog. Each Doginal has a unique serial number, so it cannot be exchanged for another Doginal.
Doginals was inspired by Bitcoin, the first cryptocurrency to also have small denominations, called Satoshi. Doginals represent 1,000 Satoshis, Bitcoin's smallest unit. As such, Doginals is also an homage to Bitcoin's creator, Satoshi Nakamoto.
How Doginals differ from NFTs
Just like NFTs, Doginals is a digital asset on the blockchain. However, there are some fundamental differences:
No Smart Contract
NFTs are typically created using smart contracts on blockchains like Ethereum. Doginals are instead "pegged" directly to Shibe on the Dogecoin blockchain, without the need for a separate token. This makes Doginals simpler, safer, and durable like Dogecoin.
Not a New Token
NFTs are minted as new tokens, while Doginals are part of Dogecoin that are given "inscriptions" aka artifacts.
Data Stored on the Blockchain
Doginals store their data directly on the blockchain, making it safer from external attacks than NFTs whose data can reside outside the blockchain.
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How to make Doginals
The process of creating Doginals is similar to "mining" Bitcoin, but adapted for Dogecoin. Currently, the process may not be as easy as using an application, but some parties are working to make this process easier. Doge Labs, for example, is rumored to be releasing a Doginals manufacturing service soon.
In addition, there are also several platforms that already offer Doginals creation services, such as Doginal.com and DogeNFT.io. There, you can choose the inscription you want, or upload your own image, and pay a transaction fee with Dogecoin.
Standard Doginals: drc-20
The crypto community agrees that the same standards are important for a thriving ecosystem. Just as Bitcoin uses the "brc-20" standard, Doginals uses the "drc-20" standard. Initially, several Doginals standards sprung up, but they were not compatible with each other. Doge Labs finally decided to follow the existing standard, namely brc-20, to ensure interoperability and the future of Doginals.
Why Are Doginals Attractive?
Doginals has several advantages that make it attractive to NFT collectors and Dogecoin enthusiasts. First, Doginals is cheaper and faster to create than NFTs on other blockchains, due to Dogecoin's lower transaction fees and shorter confirmation times.
Secondly, Doginals is more environmentally friendly, as it uses a Proof-of-Stake (PoS) consensus mechanism, which is more energy efficient than the Proof-of-Work (PoW) used by Bitcoin and Ethereum. Third, Doginals is more fun, because it carries the spirit of Dogecoin which is funny, relaxed, and inclusive.
So, Doginals is an interesting innovation that makes Dogecoin even more feature-rich. With its uniqueness, Doginals has the potential to become a new choice for NFT collectors and Dogecoin enthusiasts.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Bitcoin (BTC) is available on Bittime with the BTC/IDR market pair. To be able to buy BTC IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor the price chart movements of Bitcoinn (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What is DRC-20? Uncovering the Details and Advantages of Standard Tokens in the Blockchain Ecosystem
Dogecoin Whale (DOGE) Moves 332.9 Million DOGE to Binance
Business with Dogecoin (DOGE): Here's a List of Companies That Accept DOGE!
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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