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TL;DR Breakdown
- Musk pushing for DOGE mainstream adoption.
- Elon Musk and Doge developers already speaking
Self-acclaimed Dogecoin CEO Elon Musk has not stopped firing at cylinders towards pushing for Doge’s mainstream adoption. The Tesla CEO compared Bitcoin to Dogecoin once more, explaining what can be done to the meme coin to make it win against BTC.
He said major network changes have to be implemented on the meme coin’s network to overtake the number one cryptocurrency.
The world second-richest man said, “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
He explained his point further when a Twitter user argued that larger blocks and low fees would leave the Dogecoin network vulnerable to attacks.
Elon said, “100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become the currency of Earth.”
Elon Musk in touch with Doge developers already
Ross Nicoll, one of the developers of Dogecoin, has said previously that the Tesla CEO got in touch with the meme coin developers since 2019 and has been helping enhance the blockchain.
Nicoll, however, said his team that has part-time developers declined being funded by the billionaire. This is as Jackson Palmer and Billy Markus who initially founded Doge abandoned the project long ago.
It is believed that one reason Elon Musk remains a big fan of Doge is because he believes it can be more environmental friendly than BTC. This is against the backdrop of electric car makers, Tesla halting BTC payment owing to environmental concerns.
However, environmental issues aside, Musk has been a Doge fan since way back. The billionaire for once cannot get over talking about the meme coin, its potential and pushing for its adoption at the mainstream level.
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Muhaimin Olowoporoku
Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what’s happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.
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