{"id":9392,"date":"2021-07-09T18:54:12","date_gmt":"2021-07-09T18:54:12","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/as-btc-and-eth-pursue-multilayer-schemes-elon-musk-says-theres-merit-to-doge-maximizing-the-base-layer\/"},"modified":"2021-07-09T18:54:12","modified_gmt":"2021-07-09T18:54:12","slug":"as-btc-and-eth-pursue-multilayer-schemes-elon-musk-says-theres-merit-to-doge-maximizing-the-base-layer","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/as-btc-and-eth-pursue-multilayer-schemes-elon-musk-says-theres-merit-to-doge-maximizing-the-base-layer\/","title":{"rendered":"As BTC and ETH Pursue Multilayer Schemes, Elon Musk Says \u2018There\u2019s Merit to Doge Maximizing the Base Layer\u2019"},"content":{"rendered":"

The CEO of Tesla, Elon Musk, is a fan of base layers when it comes to blockchain technology and on Friday, Musk explained there\u2019s \u201cmerit\u201d to the Dogecoin chain \u201cminimizing transaction cost.\u201d Dogecoin developers are in the midst of preparing to update the Dogecoin network by gradually deploying the updates to the network \u201cover multiple software releases.\u201d<\/strong><\/p>\n

Tesla\u2019s Elon Musk Wholeheartedly Believes in Dogecoin\u2019s Base Layer<\/h2>\n

On Friday morning (EDT), top dogecoin (DOGE)<\/a> Youtuber Matt Wallace tweeted about the fact that the Dogecoin upgrade was coming in the near future. \u201cReminder,\u201d Wallace tweeted<\/a>. \u201cThe Dogecoin update is coming soon. It will position Doge perfectly to become one of the most used currencies in the world.\u201d Following the tweet, Elon Musk<\/a> decided to respond to Wallace\u2019s statement and said:<\/p>\n

BTC<\/a> [and] ETH<\/a> 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.<\/p>\n

The message from Musk follows his June 27 statement<\/a> on Twitter, where he said it was \u201cimportant to support\u201d 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.<\/p>\n

\u201cThe 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,\u201d the new fee structure<\/a> for Dogecoin core says. Back in May, Tesla\u2019s CEO said<\/a> he was hoping block times would increase 10X and the fees would drop 100X. Lodder\u2019s new fee structure states:<\/p>\n

Lower the minimal relay fee to 0.001 DOGE
\nLower the dust limit to 0.01 DOGE
\nSet the default block inclusion fee rate to 0.01 DOGE
\nBring back a functional free transaction space
\nLower the default fee rate to 0.01 DOGE<\/p>\n

<\/p>\n

Responses Sent to Musk See Recommendations Like Solana, the Lightning Network, Stacks, Drivechain, and Bitcoin Cash<\/h2>\n

Currently, the cost to send dogecoin (DOGE)<\/a> is 0.0052 DOGE per byte,<\/a> which can be translated into 2.13 DOGE<\/a> 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\u2019s base layer transaction rate tweet and explained that there are existing blockchains that are already up to speed.<\/p>\n

\u201cSolana, you literally are just asking for Solana,\u201d one crypto fan replied<\/a> to Musk on Friday. Software developer Patrick Dugan responded to the individual\u2019s Solana tweet. \u201cThe one thing that would make defi on Doge better than Solana is its PoW mining and the impact of that on amortizing solar and battery installations,\u201d Dugan tweeted.<\/p>\n

Of course, supporters of the Lightning Network (LN), which has seen significantly less adoption<\/a> than many other networks<\/a> used for BTC<\/a> sidechain purposes, tried to convince Musk to look into the LN protocol. LN was recommended to Musk by people like Udi Wertheimer<\/a> and others.<\/p>\n

Bitcoin Cash supporters also chimed in and responded<\/a> to Musk\u2019s base-layer statement. \u201cMeanwhile BCH<\/a> is already doing it\u2026 sound electronic cash for everyone.. even the poorest people on the planet,\u201d a BCH<\/a> supporter wrote in response to Musk\u2019s dogecoin statement.<\/p>\n

Other people responded by recommending things like Paul Sztorc\u2019s Drivechain<\/a> (BIPs 300+301) and the Stacks protocol<\/a>. A Stacks representative wrote that Musk\u2019s requests have been innovated on for quite some time now and he believes Stacks offers these benefits.<\/p>\n

\u201cEverything that Elon Musk is saying is what the space has been innovating for the past 5 years,\u201d Louise Ivan Valencia tweeted<\/a> to Musk. \u201cTLDR; Stacks adds scalability [and] smart contract functionality to Bitcoin without modifying it.\u201d<\/p>\n

What do you think about Elon Musk\u2019s statements about the Dogecoin network\u2019s base layer? Lets us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nNews, bitcoin cash, doge developers, doge fees, dogecoin fee, dogecoin fee policy change, dogecoin fees, Drivechain, Elon Musk, elon musk doge, elon musk dogecoin, elon musk shiba inu, elon musk’s support, fee change, fee change proposal, lightning network, Patrick Dugan, Solana blockchain, Stacks<\/p>\n","protected":false},"excerpt":{"rendered":"

The CEO of Tesla, Elon Musk, is a fan of base layers when it comes to blockchain technology and on Friday, Musk explained there\u2019s \u201cmerit\u201d to the Dogecoin chain \u201cminimizing transaction cost.\u201d Dogecoin developers are in the midst of preparing to update the Dogecoin network by gradually deploying the updates to the network \u201cover multiple…<\/p>\n","protected":false},"author":0,"featured_media":9393,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9392"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9392"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9393"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}