Blockchain

Elon Musk expressed his support for Dogecoin’s proposed changes on Twitter

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Elon Musk, the sometimes controversial SpaceX founder and stop-and-go cryptocurrency supporter, Voiced He supported a series of major updates to Dogecoin later on Sunday (dog) Blockchain. These changes will completely redesign the software architecture of cryptocurrencies and change their token economics.

After a massive influx of capital earlier this year, the popular “joke encryption” seems to be preparing to become an important utility currency. If adopted, it remains to be seen whether the updates supported by Musk are good or bad for token holders.

In a Reddit post on Sunday, Dogecoin Core developer Patrick Lodder to sum up Suggested update:

“This proposal for all Dogecoin stakeholders proposes to reduce the average cost of standard transactions on the Dogecoin chain by 100 times, to fully control all aspects of the cost between miners and node operators, and to reduce reliance on core development. , And bring back functional (small) free incentives to maintain a healthy network trading space.”

Lower fees may attract more users who want to use Dogecoin for cash checks, remittances, and online merchant payment settlement. It may also reduce the motivation of miners to maintain, verify, update and protect the Governor’s blockchain.

Elon Musk told Dogecoin core developer Rose Nicole in a tweet on Sunday night that these changes are “important support.”

Charles Hoskinson-he co-founded Ethereum with Vitalik Buterin and founded the competing blockchain Cardano- Say In a recent podcast, he was very happy that Musk was stirring the pot for Dogecoin, even if he was just playing with it.

Hoskinson stated that he hopes this attention will prompt “real developers” to come in and “start to create some uses and utility for doge, so at least it has a bottom line of value and will not collapse.”

Dogecoin received a price increase from Elon Musk’s tweet, rising from $0.242 (USD) to $0.266, and then stabilizing at a key resistance near $0.260 at the time of launch.

Musk’s ability to push the market by clicking the tweet button made a former Bitrefill executive joked: “Say something, Elon Musk!” DOGE prices fall Six weeks in a row.This is after peaking with other cryptocurrency markets in May, but Dogecoin stands out During the recent (arguably ongoing) bull market, most of its competition.