Elon Musk supports latest Dogecoin update for reduced fee

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TL;DR Breakdown:

  • Elon Musk says the newest Dogecoin update is “important.”
  • The Dogecoin Core 1.14.4 includes bug fixes and performance improvements for the network.

The billionaire Dogecoin (DOGE) supporter, Elon Musk, has shown his support for a new update to the Dogecoin network aimed at improving securing and reducing transaction fees. As more nodes upgrade to new releases, Dogecoin will be circulated at a fraction of the current network fee, which probably lowers the barrier for more adoption. 

The new Dogecoin update is “important”

According to the GitHub page for the newly-released “Dogecoin Core 1.14.4,” this latest release aims at network performance improvement and includes bug fixes. The Dogecoin update introduces a fix to the bug that would cause 1.14 node to “open many parallel requests for headers to its peers,” which consequently reduces the synchronization time by 2.5 times.

More interestingly, the new Dogecoin update will reduce the transaction fees on the Dogecoin network, which would enable more adoption for DOGE for payments, especially by businesses. The update “prepares the network for a reduction of the recommended fees by reducing the default fee requirement 1000x for transaction relay and 100x for mining,” the GitHub page reads. 

In a tweet, Elon Musk showed he’s in support of this newest version of Dogecoin Core by responding it is “important.”  

The older nodes are encouraged to run this newest Dogecoin update for it to work effectively. 

Tesla CEO backs Dogecoin development

Dogecoin developers had disclosed they had been secretly working with the Tesla and SpaceX CEO over the past two years, according to a report in May. Thus, it’s now apparent why the billionaire backs Dogecoin as his favorite digital currency.

The meme cryptocurrency is currently the 7th largest cryptocurrency, with a market capitalization of over $36 million. DOGE was trading at $0.2804 ok CoinMarketCap during the time of writing. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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