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Tesla CEO Elon Musk is a fan of the grassroots when it comes to blockchain technology and on Friday Musk explained that there is a “merit” to the Dogecoin chain in “minimizing transaction costs.” Dogecoin developers are in the process of preparing to update the Dogecoin network by gradually rolling out updates to the network “over multiple software versions”.
Tesla’s Elon Musk wholeheartedly believes in the base layer of Dogecoin
Top Dogecoin YouTuber (DOGE) Matt Wallace tweeted that the Dogecoin upgrade is coming in the near future on Friday morning (EDT). “Recall”, Wallace tweeted. “The Dogecoin update is coming soon. This will perfectly position Doge to become one of the most widely used currencies in the world. Following the tweet, Elon Musk decided to respond to Wallace’s statement and said:
BTC [and] ETH pursues multilayer transaction system, but base layer transaction rate is slow [and] the transaction cost is high. There is merit [IMO] to the Doge maximizing the base layer transaction rate [and] minimize transaction costs with exchanges acting as the de facto secondary layer.
Musk’s post follows his June 27 statement on Twitter, where he said it was “important to support” the Dogecoin upgrade. Dogecoin lead developer Patrick Lodder and Dogecoin lead maintainer Michi Lumin worked with a team that coded the upgrade.
“The changes proposed below give miners the power to decide which transactions to include instead of the relay network and increase the configurability of all fee-related parameters, thus improving the sovereignty of each individual node operator and the network. community as a whole, ”the new fee structure for the Dogecoin core said. In May, the CEO of Tesla said he hoped block times would increase 10 times and fees would decrease 100 times. Lodder’s new pricing structure states:
- Lower minimum relay fees to 0.001 DOGE
- Lower the dust limit to 0.01 DOGE
- Set the default bulk inclusion fee rate to 0.01 DOGE
- Bring back a functional free transaction space
- Lower the default fee rate to 0.01 DOGE
Responses sent to Musk See recommendations like Solana, the Lightning Network, Stacks, Drivechain and Bitcoin Cash
Currently, the cost of sending dogecoin (DOGE) is 0.0052 DOGE per byte, which can be translated to 2.13 DOGE per transaction ($ 0.454). In the first week of May, dogecoin transaction fees peaked at $ 2.37 per transfer. Dogecoin prices back then were much higher than they are today. Some people responded to Musk’s base layer transaction rate tweet and explained that there are existing blockchains that are already up to date.
“Solana, you literally only ask Solana”, a crypto fan replied at Musk Friday. Software developer Patrick Dugan responded to the individual’s Solana tweet. “The only thing that would make the challenge on Doge better than Solana is his PoW mining and its impact on the depreciation of solar and battery installations,” Dugan tweeted.
Of course, supporters of the Lightning Network (LN), which has been adopted far less than many other networks used for BTC sidechain purposes, have tried to convince Musk to consider the LN protocol. LN was recommended to Musk by people like Udi Wertheimer and others.
Bitcoin Cash supporters also stepped in and replied to Musk’s base layer statement. “Meanwhile, BCH is already making it… solid e-money for everyone… even the poorest on the planet,” a BCH supporter wrote in response to Musk’s dogecoin statement.
Other people responded by recommending things like Paul Sztorc’s Drivechain (BIP 300 + 301) and the Battery protocol. A representative from Stacks wrote that Musk’s applications have been innovating for quite some time now and he believes Stacks provides those benefits.
“Everything Elon Musk says is what the space has been innovating for 5 years”, Louise Ivan Valencia tweeted in Musk. “TLDR; Stacks adds scalability [and] smart contract functionality to Bitcoin without modifying it.
What do you think of Elon Musk’s statements on the base layer of the Dogecoin network? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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