Elon has posted a series of tweets, offering assistance to DogeCoin developers on making improvements to the meme currency.
DogeCoin Next King?
CEO of Tesla and SpaceX, Billionaire Elon Musk, has had a great history of supporting DogeCoin. He has such an incredible influence over the meme coin that only his tweets can make the coin gain or lose value. Some people are excited about Elon’s involvement in the currency, but some are also skeptical, thinking that Elon is only doing it to gain publicity. Just recently, Elon posted a tweet saying that the next major upgrade to the DogeCoin network will help in performing faster and way cheaper transactions compared to the current two cryptocurrency giants, Bitcoin and Ethereum.
According to Matt Wallace on Twitter, the new DogeCoin upgrade, expected to arrive soon, will help out in boosting the transaction speeds on a base level, meaning that transactions will be much quicker and will cost less at the same time, potentially making it the best cryptocurrency to work with. Elon Musk replied by saying that both Bitcoin and Ethereum are also pushing forward for multilayer transaction systems, but the problem is that their transactions on the base layer are still slow and aren’t cost-effective at all. So, if we compare that to Doge, Elon Said that by having the fastest transaction speed at minimal costs, Doge would be set to conquer the throne.
Continuing the thread, Engineer Pranay Pathole mentioned a few very interesting points about the situation, saying that Doge is already had 15 times faster speeds than Bitcoin, but also mentioned that increasing block speeds will be a difficult task to perform. Elon replied to Pranay, saying that the size of the block and the frequency will increase overtime to reach the same amount of bandwidth.
DogeCoin and LiteCoin
A counter-response to Elon’s tweet came from two Bitcoin pros, Gabor Gurbacs and Samson Mow. They mentioned that Elon Musk forgets that DogeCoin is mined side by side with Litecoin. Having transaction speeds similar to Bitcoin, Litecoin is also slow, so If DogeCoin is really looking to become the king of Crypto, then it must be separated from Litecoin, using Hard Fork or if there is any other possible solution that can be implemented to counter the Litecoin issue.