🪙 $DOGE is a pure memecoin or POW (Proof of Work) like BTC, LTC, DGB, etc...? 🐶

Proof of Work (PoW) is a form of cryptographic proof in which one party (the Verifier) verifies to another party (the Verified) that a certain number of specific computational efforts have been expended. The verifier can then confirm this amount of computation with a minimum number of calculations. This concept was first articulated by Cynthia Dwork and Moni Naor in 1993 as a way to prevent denial-of-service attacks and other service abuses such as spam on the network by requiring a certain amount of work from the service requester, typically meaning computational processing time. The term "proof of work" was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels. Proof of Work later became more popularized by Bitcoin and has become a foundation for consensus in decentralized networks without a power system, where miners compete to add blocks and mine new coins, with each miner experiencing a probability of success proportional to the computational effort they expend. PoW and PoS (Proof of Stake) are the two most well-known Sybil attack mechanisms. In the context of cryptocurrency, they are the most common mechanisms.