The CEO of Tesla, Elon Musk, is a fan of base layers when it comes to blockchain technology and on Friday, Musk explained there’s “merit” to the Dogecoin chain “minimizing transaction cost.” Dogecoin developers are in the midst of preparing to update the Dogecoin network by gradually deploying the updates to the network “over multiple software releases.”
Tesla’s Elon Musk Wholeheartedly Believes in Dogecoin’s Base Layer
On Friday morning (EDT), top dogecoin (DOGE) Youtuber Matt Wallace tweeted about the fact that the Dogecoin upgrade was coming in the near future. “Reminder,” Wallace tweeted. “The Dogecoin update is coming soon. It will position Doge perfectly to become one of the most used currencies in the world.” Following the tweet, Elon Musk decided to respond to Wallace’s statement and said:
BTC [and] ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow [and] transaction cost is high. There is merit [IMO] to Doge maximizing base layer transaction rate [and] minimizing transaction cost with exchanges acting as the de facto secondary layer.
The message from Musk follows his June 27 statement on Twitter, where he said it was “important to support” the Dogecoin upgrade. Dogecoin core developer Patrick Lodder and Dogecoin core maintainer Michi Lumin have been working with a team that has been coding the upgrade.
“The proposed changes below bring the decision power towards which transactions to include back to miners instead of the relay network and increase configurability of all fee-related parameters, enhancing the sovereignty of each individual node operator and the community as a whole,” the new fee structure for Dogecoin core says. Back in May, Tesla’s CEO said he was hoping block times would increase 10X and the fees would drop 100X. Lodder’s new fee structure states:
- Lower the minimal relay fee to 0.001 DOGE
- Lower the dust limit to 0.01 DOGE
- Set the default block inclusion fee rate to 0.01 DOGE
- Bring back a functional free transaction space
- Lower the default fee rate to 0.01 DOGE
Responses Sent to Musk See Recommendations Like Solana, the Lightning Network, Stacks, Drivechain, and Bitcoin Cash
Currently, the cost to send dogecoin (DOGE) is 0.0052 DOGE per byte, which can be translated into 2.13 DOGE per transaction ($0.454). During the first week of May, dogecoin transaction fees touched a high of $2.37 per transfer. Dogecoin prices at that time were much higher than they are today. Some people responded to Musk’s base layer transaction rate tweet and explained that there are existing blockchains that are already up to speed.
“Solana, you literally are just asking for Solana,” one crypto fan replied to Musk on Friday. Software developer Patrick Dugan responded to the individual’s Solana tweet. “The one thing that would make defi on Doge better than Solana…