By Alicia Maher
In a tweet, Elon Musk, CEO of Tesla and SpaceX, as well as a Dogecoin enthusiast and one of the currency’s most prominent backers, called for as many systems to be upgraded to the latest Dogecoin version as soon as feasible.
Musk presented his idea of how Doge characteristics might be changed to have it become a superior payment unit than Bitcoin back in mid-may. One of them was a 100% reduction in DOGE transaction costs. A cup of coffee really shouldn’t cost more than the coffee itself if you purchase it with Dogecoin, Musk says.
According to MicroStrategy’s CEO Michael Saylor at the time, a decentralized and safe store-of-value (referring to Bitcoin) is considerably more important than a controlled, less secure, and unsustainable means of exchange for the world’s economy (speaking on DOGE). In contrast, the world needs a decentralized and inflation-free medium of exchange such as Bitcoin, which is decentralized, safe, and deflationary. It’s been a couple of days since GitHub announced that the Dogecoin chain will be able to cut charges, a topic that has been the subject of intense debates and disagreements in the Dogecoin ecosystem for quite some time.
Dogecoin Upgrades
As a result of the new Doge update, fees will be lowered in the near future. As per a blog post on GitHub, several problems have been resolved in the latest update, and the server’s speed has improved in multiple ways. In preparation for a drop in network fees, transaction relay and mining costs are reduced by a factor of 1,000 and 100, respectively.
A fine-grained command system that allows owners to diverge from built-in settings is also included, allowing miner, wallet, and node operators to agree on fees independent of settings programmed into the Dogecoin Core software. This is the first phase of a two-stage upgrade to decrease the charge suggestion. It is now up to all users to upgrade their Dogecoin wallets and enhance the network’s speed.
Other notable upgrades include; Disconnect peers that submit block headers that might result in the creation of an invalid chain, handle invalid blocks and their descendants better, and import a private key from the menu. You may open the “Debug Window” under “Help” in the “Peers” table to see the bytes sent/received. With the addition of AuxPoW blocks, the Regtest network may now create AuxPo W blocks. These include the following languages: Cantonese; German; Indonesian; Korean; Polish; and Portuguese.
To the Doge community, he reminded them that the server needs more additional hubs to assist protect the network and reduce costs as well. Doge developers have been collaborating with Tesla CEO Elon Musk to enhance the coin’s transactional work rates.