While BTC and ETH have multi-tiered schemes, Elon Musk says, “It is to the Doge’s credit to maximize the base tier” – Bitcoin News

Tesla CEO Elon Musk is a base-class fan when it comes to blockchain technology, and on Friday Musk stated that the Dogecoin chain has a “merit” in “minimizing transaction costs.” Dogecoin developers are currently preparing to update the Dogecoin network by gradually making the updates available “across multiple software versions” in the network.

Tesla’s Elon Musk believes in the base layer of Dogecoin wholeheartedly

On Friday morning (EDT), top Dogecoin (DOGE) youtuber Matt Wallace tweeted about the fact that the Dogecoin upgrade was coming in the near future. “Memory,” Wallace tweeted. “The Dogecoin update is coming soon. It 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 testimony, saying:

BTC [and] ETH has a multi-tier transaction system, but the base tier transaction rate is slow [and] Transaction costs are high. There are merits [IMO] to Doge maximizes the base tier transaction rate [and] Minimizing transaction costs with exchanges that act as a de facto secondary layer.

The message from Musk follows his June 27 statement on Twitter saying it was “important to support the Dogecoin upgrade”. Dogecoin core developer Patrick Lodder and Dogecoin core maintainer Michi Lumin worked with a team that programmed the upgrade.

“The changes proposed below bring back the power to decide which transactions to include back to the miners rather than the relay network and increase the configurability of all fee-related parameters, thereby improving the sovereignty of each individual node operator and the community as a whole,” says fee structure for Dogecoin Core says. Back in May, Tesla’s CEO said he hoped block times would increase 10 times and fees would decrease 100 times. Lodder’s new fee structure states:

  • Lower the minimum tier fee to 0.001 DOGE
  • Lower the dust limit to 0.01 DOGE
  • Set the standard rate for recording blocks to 0.01 DOGE. firmly
  • Bring back a functional free transaction space
  • Lower the standard fee rate to 0.01 DOGE

Answers to Musk See recommendations like Solana, the Lightning Network, Stacks, Drivechain, and Bitcoin Cash Bitcoin

Currently, the cost of sending Dogecoin (DOGE) is 0.0052 DOGE per byte, which converts to 2.13 DOGE per transaction ($ 0.454). In the first week of May, transaction fees for Dogecoin peaked at $ 2.37 per transfer. Dogecoin prices were much higher then than they are today. Some people responded to Musk’s tweet about the base tier transaction rate, stating that there are existing blockchains that are already up to date.

“Solana, you are literally just asking about Solana,” a crypto fan answered on Friday to Musk. Software developer Patrick Dugan responded to the person’s Solana tweet. “The only thing Doge would do better than Solana is its PoW mining and the impact of that on the payback on solar and battery installations,” Dugan tweeted.

Of course, supporters of the Lightning Network (LN), which was far less well received 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 the likes of Udi Wertheimer and other.

Bitcoin Cash supporters also got involved replied on Musk’s base layer statement. “In the meantime, BCH is already making … solid electronic money for everyone … even the poorest people on the planet,” wrote one BCH supporter in response to Musk’s Dogecoin statement.

Other people responded by doing things like Paul Sztorc’s Drivechain (BIPs 300 + 301) and the Batch log. A Stacks rep wrote that Musk’s inquiries have been innovative for a while and he believes Stacks offers these benefits.

“Everything Elon Musk says is what the space has innovated over the past 5 years,” Louise Ivan Valencia tweeted to Musk. “TLDR; Stacks increases scalability [and] Smart contract functionality to Bitcoin without changing it. “

What do you think of Elon Musk’s statements about the base tier of the Dogecoin network? Let us know what you think on this matter in the comments below.

Tags in this story

Bitcoin cash, Doge developer, Doge fees, Dogecoin fee, Dogecoin fee change, Dogecoin fees, Drivechain, Elon Musk, Elon Musk Doge, Elon Musk Dogecoin, Elon Musk Shiba Inu, support from Elon Musk, fee change, fee change proposal, lightning network, Patrick Dugan, Solana Blockchain, Stacks

Photo credits: Shutterstock, Pixabay, Wiki Commons

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