Litecoin, often dismissed as a ghost chain due to its lack of technological development, is providing security for Dogecoin, one of the most valuable blockchain projects. Dogecoin, created as a joke in 2014, has gained attention from Tesla CEO Elon Musk and has a market capitalization of nearly $11 billion. Litecoin founder Charlie Lee created the network in 2011 by cloning Bitcoin’s code, and two software engineers, Billy Markus and Jackson Palmer, created Dogecoin by cloning Litecoin.
Dogecoin’s issuance model had deficiencies, and its halving schedule was too rapid, resulting in a network with low security. To save the coin from attack, Dogecoin had to hard fork and allow merged mining with Litecoin. Merged mining is when miners simultaneously secure two or more networks, receiving rewards from both without a deterioration in performance. Litecoin’s halving schedule provides the necessary security for Dogecoin, allowing it to remain secure and successful.
So that the Dogecoin network wouldn’t be easily attacked, said Lee.