The developers of the project were recommended to reduce the commission for transactions on the network by 100 times. Earlier, the head of Tesla and SpaceX said that such decisions will help altcoin beat bitcoin
Tesla and SpaceX CEO Elon Musk supported the proposal to update the Dogecoin network. It argues that the average transaction fee on the altcoin blockchain should be reduced by 100 times.
At the moment, the cost is about 1 Doge, which is, on average, five times more expensive than transferring funds on the Litecoin network.
Important to support
— Elon Musk (@elonmusk) June 28, 2021
Over the past day, the Dogecoin price has increased by 5%, to the current level of about $ 0.25. The cost of the cryptocurrency rises against the background of the rise in price of bitcoin, the price of which has increased by 4% over the past 24 hours, to $ 34.5 thousand.
In May, Musk wrote in his Twitter account that Dogecoin Bitcoin can win if altcoin will be introduced major changes network.
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.
— Elon Musk (@elonmusk) May 16, 2021
The billionaire also said that he is working with the developers of the project to improve the transactional efficiency of the system.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Late last month, Ethereum co-founder Vitalik Buterin criticized Musk ‘s idea of scaling Dogecoin.
Response to the most common response: no, I have not “changed” from being a “big blocker” to being a “small blocker”! I’ve been quite consistently a “medium blocker” all along!
See also:https://t.co/IQ3C9u4pkb
— vitalik.eth (@VitalikButerin) May 24, 2021
According to the creator of the largest altcoin in terms of capitalization, the proposals of the head of Tesla and SpaceX will deprive the asset of decentralization and other distinctive technological properties.
