Elon Musk, expressed through his twitter account, supported the changes that will be emerging within the Dogecoin platform. This was explained through a thread on twitter. Tesla CEO Elon Musk has indicated his support for Dogecoin’s fee policy change proposal, which was unveiled on Sunday.
In this regard, Dogecoin developer and software engineer Ross Nicoll posted on Twitter: “Dogecoin fee change proposal is complete.” Musk responded to his tweet: “Support is important.”
The changes would drastically redesign the cryptocurrency’s software architecture and alter the economics of its token.
The Dogecoin fee policy amendment proposal was submitted by Dogecoin developer Patrick Lodder. “This document proposes a new policy and fee structure for Dogecoin Core that will gradually be rolled out across the network through multiple software versions.” He suggested in his proposal.
On Reddit, he explained:
TLDR; This proposal proposes to all Dogecoin stakeholders a 100-fold reduction in average fees. For standard transactions on the Dogecoin chain, to fully share all fee management between miners and node operators. This to depend less on the fundamental improvements and to bring back a functional (small) free transaction. A place that encourages the maintenance of the health of the network.
The popular “meme coin” seems to be preparing to become a utility coin. It would be after a massive influx of compounding earlier this year. It remains to be seen whether the updates Musk supports would be good or bad for DOGE.
Elon Musk hailed Dogecoin development in May
Recall that, Musk started talking about the development of Dogecoin in May. On Twitter, he wrote: Doge is working with developers to improve the efficiency of the system’s transactions. Potentially promising.
The CEO of Tesla has also urged anyone who wants to help develop Doge to submit ideas on the Github and Dogecoin Reddit forums.
In May, he tweeted: Ideally, the Doge will speed up lockdown time by 10 times. It will increase the block size by 10 times and reduce the fee by 100 times. Then win. Dogecoin’s fee change proposal can be found here.
Lower fees can attract more users who want to use Dogecoin for cash payments, remittances, and online merchant settlements. It can also decrease the incentive for miners to maintain, validate, update, and secure the Doge blockchain.
Charles Hoskinson happy with Musk’s support for Doge
Meanwhile, Charles Hoskinson (who co-founded Ethereum with Vitalik Buterin, and founded competing blockchain Cardano) said on a recent podcast that he’s glad Musk is stirring the pot for Dogecoin. Even when he’s just being silly.
Hoskinson said he hopes the attention will prompt “real developers” to come and “start working on Dogecoin to create some use and utility for it. So at least it has a value floor and it won’t collapse. “
Musk’s ability to move markets with the touch of the tweet button led a former Bitrefill executive to joke: “Say something, Elon Musk!” last week with the price of DOGE falling for six consecutive weeks. That was after reaching a peak in May. Along with the rest of the cryptocurrency market, though Dogecoin outperformed most of its competition during the recent (and arguably current) bull run.