Ethereum
$ 1,149.99 2.63%
Solana
$ 35.74 4.70%
Dogecoin
$ 0.067320 3.49%
ApeCoin
$ 5.09 4.44%
Bitcoin
$ 20,357.00 1.78%
BNB
$ 228.96 2.04%

Dogecoin on the tip of fulfilling Elon Musk-supported upgrade

Dogecoin

TL; DR Breakdown

  • Dogecoin core 1.14.5 minor version release is almost done according to developers working on it.
  • The new core reform brings many exciting features to the table, including an increased block addition fee.

Dogecoin Core 1.14.5 is a new minor version release that is almost done. It revolves around the very-frenzied fee cut for all network users. The developers issued an update on the anxiously awaited upgrade.

Dogecoin on the tip of fulfilling Elon Musk-supported upgrade 1

The upgrade is not your average update! The new minor version release also introduces several bug fixes and operation enhancers. Therefore, it’s approved for every user.

The new core reform brings many exciting features to the table, including an increased block addition fee. For instance, the recommended price for core wallets has just been adversely lowered to 0.01 DOGE (approximately$0.002) per kb.

With this latest release, you can update it on a current installation without demanding to uninstall or stop. Just close down your operating 1.14 version of dogecoin-QT and then perform the setup process once it’s finished installing.

While with version 1.14.4, the system began to carry low fees. Therefore version 1.14.5 will continue adopting low costs automatically. Consequently, intermediary wallets such as Exodus and Ledger will allow lower transactions.

Facilitating future fee reductions

Because of this upgrade, the doge protocol is preparing to reduce its transaction fees by1000x and mining reward 100X.

The updates will let miners, wallet operators, and node manufacturers agree on fees despite built-in defaults. These controls give them the freedom to deviate from those standards to set their rates. At the same time, it solidifies Dogecoin’s place as an efficient alternative currency system. This gives it advantages over other cryptocurrencies.

“In this release, we’re implementing a two-stage approach to lowering Dogecoin’s transaction cost. In the first stage of our plan, you’ll see an update that lowers suggested fees for carrying sales through your node or mining pool operator.”

Elon Musk, the CEO of Tesla, has always been a champion for lowering Dogecoin’s transaction charges. In his understanding, such a development would assist in turning the popular crypto into a formidable means of pay for more people.

Dogecoin on the tip of fulfilling Elon Musk-supported upgrade 2

The plan to lessen the transaction fee had to get the community’s support because Dogecoin is decentralized.

Other implemented changes

Apart from reducing costs, the new version fixes several vulnerabilities that affect most users.

With this development, the algorithm lessens the duration for nodes in a doge network to sync up by 2.5 times. It also downloads 50% fewer data per peer during initial block propagation. So it enhances synchronization.

Besides, it disallows peers from sending block headers that could build on an invalid chain. It further improves security in terms of handling the logging of invalid blocks.
All the developments, coupled with Tesla’s plan to accept Dogecoin, might see its price surge to a new all-time high.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

Related News

Hot Stories

Chainlink price analysis: LINK rejected at $7.00, falls below $6.50 support
Traderpowers review 2022
Bitcoin, Ethereum, Polygon, and Stellar Daily Price Analyses – 28 June Roundup
Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records