Elon Musk, the controversial once controversial SpaceX founder and stop-and-go crypto proponent, Voice over his late Sunday support for a number of important updates to the Dogecoin (DOGE) blockchain. The changes will significantly redesign the software architecture of the cryptocurrency and change the economy of the token.
The popular “joke cryptocurrency” appears to be preparing to become a serious utility coin after a massive capitalization surge earlier this year. It remains to be seen whether the updates supported by Musk will be good or bad for coin owners when they’re carried over.
In a Reddit thread on Sunday, Dogecoin Core Developer Patrick Lodder summed up the proposed updates:
“This proposal to all Dogecoin stakeholders proposes a 100-fold average fee reduction for standard transactions in the Dogecoin chain, which divides full control of all fee aspects between miners and miners, which provides an incentive to maintain a healthy network.”
Lower fees could attract more users looking to use Dogecoin for checks, money transfers, and online payments to merchants. It can also reduce the incentive for miners to maintain, validate, update, and secure the Doge blockchain.
Elon Musk told Dogecoin Core developer Ross Nicoll in a tweet on Sunday evening that the changes were “critical for support”.
Important to support
– Elon Musk (@elonmusk) June 28, 2021
Charles Hoskinson – who co-founded Ethereum with Vitalik Buterin and co-founded the competitive blockchain blockchain Cardano – said on a recent podcast that he’s just thrilled that Musk is rocking the trend for Dogecoin, even if he just likes it.
Hoskinson said he hoped the attention would encourage “real developers” to get involved and “start working on Dogen to get some benefit and benefit from it, so at least it’s worth it.”
Dogecoin rebounded on Elon Musk’s tweet, rising from $ 0.242 (USD) to as high as $ 0.266 before settling below the key resistance of $ 0.260 at press time.
Musk’s ability to move markets with the click of a tweet button prompted a former Bitrefill manager to joke, “Say something Elon Musk!” last week with DOGE prices falling six weeks in a row. This was after the peak in May along with the rest of the crypto market, although Dogecoin outperformed most of its competitors during its recent (and arguably sustained) bull run.
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