Elon Musk, the sometimes controversial founder of SpaceX and a longtime cryptocurrency supporter, spoke late Sunday night in support of a number of major updates to the Dogecoin blockchain. The changes will radically change the architecture of cryptocurrency software and change tokens.

It looks like the popular “joke cryptocurrency” is on the cusp of becoming a very good currency after a massive capital injection earlier this year. It remains to be seen whether the updates that Mask supports will be good or bad for coin holders if they are accepted.

On Sunday on Reddit, Dogecoin core developer Patrick Lauder summed up the suggested updates:

This offer proposes to all Dogecoin stakeholders to reduce the average commission for standard transactions in the dogecoin chain by 100 times, share full control over all aspects of fees between miners and contract operators, rely less on core development and return a (small) free functionality of transaction space as incentivize Network maintenance. ”
The lower fees may attract more users who want to use Dogecoin (DOGE) to check cash, transfer funds and settle payments from online retailers. It could also reduce the incentives for miners to maintain, verify, update, and protect the blockchain.

Musk told Dogecoin core developer Ross Nicholl on Twitter Sunday night that these changes are “important to continue.”

Charles Hoskinson, who co-founded Ethereum with Vitalik Buterin and founded rival blockchain company Cardano, said in a recent podcast that he was just happy that Musk was moving the Dogecoin pot, even when he was only joking.

Hoskinson hopes to draw attention to a “real developers” project that “will start working with Doge to create and build on some benefits, so that it has at least minimal value and doesn’t collapse.”

Dogecoin received a price increase from Musk’s tweet, rising from $0.242 to $0.266 before settling below key resistance near the $0.260 level at press time.

Musk’s ability to move markets by clicking a tweet button made the former Bitrefill head, “Say something, Elon Musk!” DOGE has been out of business for six consecutive weeks last week. This followed a peak in May with the rest of the cryptocurrency market, even though Dogecoin overshadowed most of its competitors during its recent (and possibly ongoing) bull run.

Source: CoinTelegraph

LEAVE A REPLY