How Dogetipbot Turned a Spoof Altcoin into a Tipping Phenomenon
Bitcoin might not be considered a currency te some circles and, right now, government agencies are beginning to look at it spil more of a speculative asset.
Albeit BTC is very divisible, it has yet to take off spil a method of microtransactional payments – a fact not helped by bitcoin’s potential to skyrocket te price due to hoarding by speculators.
Dogecoin, however, has emerged spil a dearest microtransaction method on reddit. Te fact, most people get their very first dogecoin via tipping on the community-oriented webpagina. And that’s all because of Dogetipbot.
How it works
Dogetipbot interfaces with the reddit API to facilitate transactions on the webpagina. When someone makes a comment, a reply can be made that includes a directive to peak someone an amount of dogecoin:
Fifty DOGE is worth around two US cents. That may not be much, but it’s the denomination that is enticing.
A comparable bitcoin valuation for the same two cents is 0.00004512 BTC, which is a bit hard to wrap your brain around and just looks messy. So what would people rather receive, 0.00004512 te BTC or a 50 DOGE peak?
And the process is elementary. A message ter a user’s reddit inbox gives someone the option to accept or decline a peak.
Said Josh Mohland, the co-founder of Dogetipbot:
“Most of the time, people receive a peak, and all you need to do is react with ‘accept’.”
Dogetipbot by the numbers
Mohland provided some statistics to CoinDesk to voorstelling how popular the Dogetipbot service is on reddit:
“Wij’ve got overheen 32,000 users with a balance higher than zero. The average transaction is $0.25. Wij’re averaging a little overheen a million te dogecoin tips vanaf day.”
A million of anything usually sounds like a large number. Te the world of doge, that’s about 1 BTC, however. Mohland says, tho’, that when there are fundraising efforts or charity drives, the amount can hop drastically.
He said that there have bot days, such spil April Fools’, when the number of DOGE tips are the omschrijving of 10-15 BTC ter one day:
“[The average] Three,000 active users a day, can leap up to Five,000-10,000 based on the level of activity. There’s fairly a few ‘power users’, I should say.”
Mohland adds that Dogetipbot is approaching a total of 150m DOGE tipped via reddit so far.
Donation driving force
After tipping, donations are one of the fattest drivers of dogecoin’s transactional nature.
Some of the best known examples of this include raising money for Indian Olympic athletes, the Kenyan water depressie and an accidental circumstance that led to a NASCAR driver getting 20m DOGE ter wedloop sponsorship.
Te the latter example, Alex Green – founder of Moolah, a cryptocurrency payments podium – typed te a 20m DOGE donation, instead of the two million he meant to send for Joe Wise’s No. 98 Chevrolet sponsorship campaign.
Moolah also helps with donation campaigns, and albeit many larger donations come te directly through the Dogecoin protocol, Dogetipbot plays a big part according to Green:
“A lotsbestemming of the shibes with smaller amounts of coins to give tend to peak to the donation address on reddit via Dogetipbot.”
The term ‘shibes’ is a dogecoin community term for people active within their sphere, and references the Shiba Inu dog type that is the coin’s mascot.
Green says that the tipping culture inspired Moolah to create Mootip, a micropayments toneel that went live on photo hosting service Imgur. With Dogetipbot’s plans to stir to other social networks, Green has determined to concentrate Moolah on other things:
“With the superb work that Josh [Mohland] is doing with Dogetipbot, have determined to pull out of that sector and leave it to his more-than-capable arms.”
Mohland says that reddit is just the beginning for Dogetipbot.
Twitter and Imgur are the next steps for Dogetipbot social media integrations, and he is considering other services spil well. However, there have to be modifications to how the bot performs on certain services, he said:
“The Twitter API – there’s certain things wij can’t do, like unsolicited rechtstreeks messages. Their API rules are pretty limitary.”
Tipping and donation campaigns have bot significant te helping the reddit community increase the general acceptance of cryptocurrencies.
Mohland says, however, that some social media or community-powered sites make it downright unlikely for Dogetipbot to function the way that it does on reddit:
“Facebook and YouTube, I’d say, are the two largest ones wij have requests for. But their terms of service wouldn’t permit it, unless wij had a special exemption. Reddit’s bot very positive on our end.”
Dogetipbot Two.0, the newest version of the software, has its own internal ledger that calculates account deposits and withdrawals. So when people send or receive a peak, it’s off the block chain. Only when coin is moved to an outer wallet is the dogecoin block chain used.
Dogetipbot 1.0 wasgoed simply a fork of a tipping client called altcointip, but that software wasgoed incapable to treat the sheer mass of transactions through the peak bot.
“Wij were processing so many transactions a day that it just got to the point where it wasgoed testing the boundaries of what [altcointip] wasgoed capable of.”
This is the reason why Dogetipbot keeps an internal ledger of account deposits and withdrawals – to reduce strain on the system.
“Wij were using the dogecoin daemon for the longest time with version 1, but on the fresh version wij have an internal ledger,” said Mohland.
Mohland wasgoed primarily a litecoin miner. When he heard about dogecoin, tho’, he pointed his scrypt equipment ter its direction and his wallet wasgoed soon bulbous with DOGE.
“I thought [dogecoin] wasgoed hilarious, so I determined to point my miners at a dogecoin pool and got about three million dogecoins,” he said.
It wasgoed the viral facet that got dogecoin itself to where it is today, something that many startups pine for.
“It zuigeling of just spread virally. At the time [dogecoin] wasgoed still considered a joke. It wasn’t worth anything at all.”
Mohland said that Dogetipbot just happened – there wasn’t a entire lotsbestemming of programma, and people ter the dogecoin subreddit were asking for it. So he forked the altcointip client and then posted what he had done on reddit back ter December 2013.
He didn’t expect any sort of traction for Dogetipbot ter the beginning. Now, it’s a full-time thing for Mohland, spil he has since embarked a company called Wow Such Business, Inc. to run his peak bot:
“I forked altcointip, and got that up and running. I went to sleep and woke up the next morning and my postbode had got on the pui pagina of reddit. So it zuigeling of just happened overnight.”
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