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Elon Musk Voices Support for Proposal That He Believes Will Help Dogecoin Win Against Bitcoin

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Mon, 06/28/2021 - 06:07
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Alex Dovbnya
Tesla CEO Elon Musk cannot stop tweeting about Dogecoin even on his birthday
Elon Musk Voices Support for Proposal That He Believes Will Help Dogecoin Win Against Bitcoin
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Tesla CEO Elon Musk has just voiced his support for a proposal that would dramatically change Dogecoin’s fee policy.

The proposal—which was published on Github by Liberate, Inc CEO Patrick Lodder—posits that the recommended fee of 1 DOGE disincentivizes on-chain transaction activity. He points out that transacting Dogecoin is currently five times more expensive than transacting Litecoin.

Lodder also adds that people are reluctant to move their holdings off exchanges due to the fact that the perceived value loss is too high.  

Hence, he proposes lowering the default block inclusion fee rate to just 0.01 DOGE:

This proposal to all Dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the Dogecoin chain, split full control over all aspects of fees between miners and node operators, rely less on core development, and bring back a functional (small) free transaction space that incentivizes keeping the network healthy.  

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Musk believes Dogecoin could win against Bitcoin

As reported by U.Today, Musk recently outlined how Dogecoin could scale enough to win “hands down” against Bitcoin.

Apart from making fees 100 times cheaper, the entrepreneur’s grand plan also includes speeding up Dogecoin’s block time and increasing its block size by a factor of 10.

Some Bitcoiners ended up shredding Musk’s contribution to the great scaling debate, which was seemingly put to rest years ago.

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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.