Musk Appreciates Major Update for Dogecoin That Will Help It Compete with Bitcoin and Ethereum

Musk Appreciates Major Update for Dogecoin That Will Help It Compete with Bitcoin and Ethereum


9 July 2021 19:36 GMT

A protocol update is expected for the cryptocurrency this year, and Mogul seized the moment to criticize the slow transaction speed and high fees by rival cryptocurrencies.

Cryptocurrency-focused ‘YouTuber’ Matt Walls has been recalled Twitter This Friday, an important protocol update for Dogecoin will be released soon, which will position the cryptocurrency “to become one of the most widely used currencies in the world as a whole.” Elon Musk responded to him and also praised the expected changes, rekindling interest in the digital currency.

“In my opinion, ‘Doge’ has the potential to maximize transaction rates and reduce transaction costs with exchanges acting as a de facto secondary layer,” wrote Musk. “Bitcoin and Ethereum are looking for a multi-layer transaction system, but the base layer transaction rates are slow and the transaction fees are high,” he said.

Dogecoin has seen strong volatility recently which has caused many people to stop believing in this cryptocurrency, but the update that Wallace talked about and that became known This could be good news for the cryptocurrency in March which will bring it in line with Bitcoin.

Features are expected to be added such as SegWit (Separate Witness), which prevents third-party inflexibility, and CheckSequenceVerify (CSV), which allows more sophisticated scripts to perform secure transactions within a predefined time frame.

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About the author: Seth Grace

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