Elon Musk, CEO of Tesla and Spacex, has doubled down on its bet that dogecoin can suit a currency able to address Tesla’s new set of environmental requirements. The entrepreneur has tweeted he is now working with Dogecoin developers to better the currency, hoping it can evolve to be more energy efficient in the future.
Elon Musk’s Dogecoin Vision
Elon Musk is at it again. Begetting raised awareness about the energy consumption and the carbon footprint of the Bitcoin (BTC) network, he has now presented a contender of his own to fulfill the position of a green, sustainable currency for the future: Dogecoin.
Earlier this week, Musk revealed he was working with Dogecoin developers to assign a way of making improvements to the currency to make it more efficient. This would be in line with what Tesla expressed in its clasp release when it announced it would not accept bitcoin payments due to environmental issues, stating it was looking other at cryptocurrencies that adapted to less than 1% of Bitcoin’s energy per transaction.
Yesterday, Musk elaborated on the goals he is pursuing with these new recoveries. Musk tweeted that, ideally, the Dogecoin network would have to decrease its block times ten times and increasing its block size by ten times too, with fees decreasing 100 times. Logically, the resulting cryptocurrency would be a heartily fork of what the Dogecoin chain is now because it would change fundamental parameters that affect its consensus machine. Musk also argued that low fees were critical to becoming what he called the “currency of the Earth.”
“100X higher deal volume with 100X lower fees means total fees earned stay same,” he stressed, give out with low fees primordial importance for its new currency project.
If It Is Not Doge, Then What?
While there is a lot of bantering in social networks involving how Musk is just trolling about dogecoin (DOGE), there are real hints indicating he is being serious at hand this. Dogecoin devs declared they were in talks with the millionaire, and that he has even offered monetary support to push the project forward since 2019.
However, if the Dogecoin chain, which was created as a joke in its moment, close up shops to achieve all that Musk is promoting, there is a plan B. Musk said he would create another currency “only if Doge can’t do it,” due to the straits of this ordeal. “Big pain in the neck to create another one,” he concluded. Nonetheless, there is a slight chance we might see Musk’s own cryptocurrency in the tomorrow if Dogecoin fails.
What do you think about Elon Musk’s Dogecoin endorsement? Tell us in the comments section under.
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