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Elon Musk Tells Doge Devs How to Go About Upgrade

Tesla billionaire, Elon Musk, is showing commitment to his plans for popular meme-based token, Dogecoin. Elon Musk in a recent tweet was quoted instructing developers on how to carry out the proposed upgrade on the token’s notes. The SpaceX founder had announced in an earlier tweet in May that he was looking for developers willing to collaborate with him in finding great value for Doge

Musk’s obsession with Doge began in February after Tesla’s $1.5 billion Bitcoin purchase. Back then, he seemed to have promoted the token for selfish gains. Without doubt, his influence on Doge paid off as it saw the price leap up to an all-time high of $0.74. Elon Musk became Doge’s number one promoter that he recently gave himself the name, ‘The Dogefather,’ indicating the level of influence he wielded over the token.

On June 9, Elon Musk had highlighted the deficiencies in the network of the topmost crypto assets by existence and market cap, Bitcoin and Ethereum. While responding to a tweet, he made a comparison between Dogecoin and the two other crypto assets, saying the former was better than the latter two. The billionaire said payment networks on both BTC and ETH have low throughput and high transaction costs. Accordingly, he noted that Dogecoin trumped the two in that regard. 

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Elon Musk Outlines The Form The Upgrade Will Take

In addition, he boasted that after the upgrade on Dogecoin’s protocol, the joke token will be superior to Bitcoin and Ethereum in terms of speedy transactions and lower transaction costs. Majority of the responses to Elon’s tweets were critical. One response noted that Dogecoin was 15 times faster already and that making block throughput faster than it already is would be difficult. In response, Elon said,

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“Block size & frequency should steadily increase to match broadly available bandwidth.”

— Elon Musk (@elonmusk) July 9, 2021

Elon Musk Told Dogecoin is Merge-mined with Litecoin

Interestingly, while Elon Musk outlined modalities of the proposed upgrade, his attention was drawn to a major factor that may affect the intended upgrade. Two Bitcoin influencers, Gabor Gubarcs and Samson Mow replied to Elon’s tweet, saying the billionaire may not be privy to the fact that Dogecoin’s blockchain is interlocked with Litecoin’s. 

Unfortunately, transactions on Litecoin network do not confirm speedily, but both cryptocurrencies are jointly mined. Thus, for an upgrade to be done on Dogecoin as proposed, developers would have to detach it from Litecoin or proffer an alternative.

Meanwhile, Elon Musk’s attempt to pump the price of Dogecoin both on Monday and Friday fell apart as the token only moved by 5% and 2% respectively. Instead, the billionaire tweets had instigated a price pump on copycat token, Baby Doge on Monday. Earlier this week, a tweet had also implored Elon Musk to pump Bitcoin, which he wielded influence over in the past. In his usual playful manner, he laughed at the request. Still, most investors look forward to an announcement from Elon Musk stating that Tesla had resumed receiving Bitcoin payments for their electric cars.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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