The CEO of IOG, Charles Hoskinson, who is the creator of Cardano (ADA), has showcased an interest in helping Elon Musk fix Dogecoin (DOGE).
In a new video, Hoskinson suggests that Prism has to replace Scrypt to make the cryptocurrency created out of meme handle up to 10,000 transactions per second. The Prism protocol was jointly designed by MIT, Stanford, and other universities.
In order to keep Dogecoin (DOGE) ASIC-resistant, the creator of Cardano (ADA) recommends the HashCore algorithm that is targeted at making mining more accessible, efficient, and competitive by emphasizing computational resources.
To create a much more reasonable system, Charles Hoskinson pointed to Dan Boneh’s balloon hashing theory and the idea of rethinking difficulty targets.
Additionally, the CEO of IOG stated that it’s necessary for Dogecoin (DOGE) to be quantum-resistant, suggesting the addition of hash-based signature schemes. He believes that the meme token can have smart contracts with the aid of ErgoScript.
After tanking crypto prices in the market with the removal of Bitcoin (BTC) from Tesla payment options, Elon Musk took to Twitter on 13th May to reveal his effort with Dogecoin developers to improve its system transaction efficiency.
Elon Musk tweeted, “Working with Doge devs to improve system transaction efficiency. Potentially promising.”
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
As reported by Herald Sheets, the billionaire tech expert is also of the opinion that once Dogecoin (DOGE) gains 100x more transaction volume and 100x lower fees, it would ascend to the state of becoming the currency of the earth.
Elon Musk wrote, “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
Obviously, Elon Musk’s aforementioned agitation prompted the creator of Cardano (ADA), Charles Hoskinson, to come up with a reliable way of fixing Dogecoin (DOGE) issues.
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