Dogecoin, Elon Musk’s favorite crypto, is supported by the Litecoin network thanks to “merged mining,” an agreement proposed by Charlie Lee to provide security from his blockchain.
Dogecoin: Elon Musk’s favorite crypto is supported by Litecoin with merged mining
Dogecoin (DOGE), the memecoin that became famous thanks in part to the interest of the CEO of Tesla, Elon Musk, is backed by the Litecoin network with merged mining.
This is why one of the most historic crypto assets should not be underestimated, given its importance in supporting even those that have become more popular.
It was actually 2014 when the Dogecoin blockchain was at risk of attack, as it was about to run out of block rewards, given the frenetic pace of the coin’s issuance. So, Charlie Lee, CEO of Litecoin, wanted to propose the merged mining deal, which allowed Dogecoin to borrow the security of LTC’s network.
Within a month, Dogecoin’s hashrate/mining difficulty increased by +1500% due to the
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