Bitcoin News and Finance
As BTC and ETH Pursue Multilayer Schemes, Elon Musk Says ‘There’s Merit to Doge Maximizing the Base Layer’ Skip to main content

As BTC and ETH Pursue Multilayer Schemes, Elon Musk Says ‘There’s Merit to Doge Maximizing the Base Layer’

The CEO of Tesla, Elon Musk, is a fan of base layers when it comes to blockchain technology and on Friday, Musk explained there’s “merit” to the Dogecoin chain “minimizing transaction cost.” Dogecoin developers are in the midst of preparing to update the Dogecoin network by gradually deploying the updates to the network “over multiple software releases.”

Tesla’s Elon Musk Wholeheartedly Believes in Dogecoin’s Base Layer

On Friday morning (EDT), top dogecoin (DOGE) Youtuber Matt Wallace tweeted about the fact that the Dogecoin upgrade was coming in the near future. “Reminder,” Wallace tweeted. “The Dogecoin update is coming soon. It will position Doge perfectly to become one of the most used currencies in the world.” Following the tweet, Elon Musk decided to respond to Wallace’s statement and said:

BTC [and] ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow [and] transaction cost is high. There is merit [IMO] to Doge maximizing base layer transaction rate [and] minimizing transaction cost with exchanges acting as the de facto secondary layer.

The message from Musk follows his June 27 statement on Twitter, where he said it was “important to support” the Dogecoin upgrade. Dogecoin core developer Patrick Lodder and Dogecoin core maintainer Michi Lumin have been working with a team that has been coding the upgrade.

“The proposed changes below bring the decision power towards which transactions to include back to miners instead of the relay network and increase configurability of all fee-related parameters, enhancing the sovereignty of each individual node operator and the community as a whole,” the new fee structure for Dogecoin core says. Back in May, Tesla’s CEO said he was hoping block times would increase 10X and the fees would drop 100X. Lodder’s new fee structure states:

  • Lower the minimal relay fee to 0.001 DOGE
  • Lower the dust limit to 0.01 DOGE
  • Set the default block 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 to send dogecoin (DOGE) is 0.0052 DOGE per byte, which can be translated into 2.13 DOGE per transaction ($0.454). During the first week of May, dogecoin transaction fees touched a high of $2.37 per transfer. Dogecoin prices at that time 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 speed.

“Solana, you literally are just asking for Solana,” one crypto fan replied to Musk on Friday. Software developer Patrick Dugan responded to the individual’s Solana tweet. “The one thing that would make defi on Doge better than Solana is its PoW mining and the impact of that on amortizing solar and battery installations,” Dugan tweeted.

Of course, supporters of the Lightning Network (LN), which has seen significantly less adoption than many other networks used for BTC sidechain purposes, tried to convince Musk to look into the LN protocol. LN was recommended to Musk by people like Udi Wertheimer and others.

Bitcoin Cash supporters also chimed in and responded to Musk’s base-layer statement. “Meanwhile BCH is already doing it… sound electronic cash for everyone.. even the poorest people 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 (BIPs 300+301) and the Stacks protocol. A Stacks representative wrote that Musk’s requests have been innovated on for quite some time now and he believes Stacks offers these benefits.

“Everything that Elon Musk is saying is what the space has been innovating for the past 5 years,” Louise Ivan Valencia tweeted to Musk. “TLDR; Stacks adds scalability [and] smart contract functionality to Bitcoin without modifying it.”

What do you think about Elon Musk’s statements about the Dogecoin network’s base layer? Lets us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory