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

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 current 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.  

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.

Sourse: u.today

Start mining bitcoin now

Start trading bitcoin now

Category: News | Views: 140 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoin Price #BTC | Rating: 0.0/0
Total comments: 0
Name *:
Email *:
Code *:
The Bitcoin cycle will last 1,000 days, one analyst says, as crypto rallies despite 40% volume drop (5)
This Country Could Make Bitcoin a Legal Tender After El Salvador (0)
Bitcoin Market State: Investors Holding Steady Instead of Selling Large Volumes like 2018, But Volatility to Remain Under Pressure until Q3 (0)
Apple Co-Founder Steve Wozniak Calls Bitcoin a "Miracle," Says It's Better Than Gold (0)
We must stop bitcoin before it's too late (0)
Bitcoin price under pressure as regulatory concerns mount (0)
In First, Israeli Authorities Seize Digital Wallets Containing Bitcoin and Other Cryptocurrencies Destined for Hamas (0)
The Wyckoff Accumulation: Why Is Bitcoin at a Critical Level According to the Model? (0)
When Will Bitcoin Rally Again? (0)
Elon Musk Receives Amusing Request to Start Pumping Bitcoin Again But He Says "No" (0)