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Cardano Creator Wants to Help Elon Musk Fix Dogecoin

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Mon, 05/17/2021 - 16:01
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Alex Dovbnya
Quantum-resistance, smart contracts and fast transactions: Charles Hoskinson shares his plan for fixing Dogecoin
Cardano Creator Wants to Help Elon Musk Fix Dogecoin
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IOHK CEO Charles Hoskinson has recorded a step-by-step video explainer for Tesla CEO Elon Musk to help him fix Dogecoin.

Hoskinson suggests that the meme cryptocurrency has to replace Scrypt with Prism, which can achieve up to 10,000 transactions per second.

The Prism protocol was created as a collaborative effort between MIT, Stanford and other universities.

To keep Dogecoin ASIC-resistant, Hoskinson recommends the HashCore algorithm that aims to make the mining market more accessible, efficient and competitive by stressing computational resources.

The Cardano creator also pointed to Dan Boneh's balloon hashing theory and the idea of rethinking difficulty targets to create a "much more reasonable" system.

On top of that, Hoskinson states that Doge has to be quantum-resistant, which is why he suggests adding hash-based signature schemes.

With the help of ErgoScript, Dogecoin can have smart contracts.

Dogecoin (Elon Vision)?

As reported by U.Today, Musk proposed scaling Dogecoin by increasing its block size ten times, among some other major fixes.

While being lauded by Doge community members, to whom Musk is what Pope Francis is to Catholics, the proposal also attracted sharp criticism from Bitcoiners who accused the billionaire of pulling a Roger Ver by trying to create his own version of the meme token.

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Some prominent developers recommended that Musk stick to launching rockets, with Peter Todd explaining that Musk's scaling plan would ultimately break consensus:

Dogecoin's block interval is already just 60 seconds. That's low enough that larger miners already have a big profit advantage over smaller ones. A six-second block interval with 10MB blocks would just break the consensus.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.