Dogecoin (CCC:DOGE-USD) receives pats from one of his best friends today. Tesla (NASDAQ:TSLA) Magnate and cryptocurrency lover Elon Musk tweeted his thoughts on the meme coin’s incoming network upgrade. The long-awaited changes are far-reaching, and as Musk himself confirms, they will clear out and streamline the DOGE blockchain.
Source: Shutterstock
The Dogecoin network is having a busy summer. As the price plummeted from its all-time high in May, the coin has maintained a steady upward trend. In addition, the network’s developers have promised extensive updates that will help make transactions between DOGE owners more efficient. These updates were suggested by Patrick Lodder, one of the leading developers of Dogecoin. Lodder has released two upgrade proposals, one of which includes the major update, which primarily cuts transaction fees by 1,000%.
The second, larger upgrade is still in the works. However, the smaller one came online at the end of August. It reduces the amount of data nodes sent alongside transactions, which can increase speed. They also perform several security upgrades and allow users to import private keys. Most importantly, the update implements the fee-cutting infrastructure that will take over with the larger upgrade.
Elon Musk approves DOGE upgrades ahead of a major reorganization
Elon Musk announced his warm feelings about the upgrade on Twitter today. The Dogecoin bull calls the August upgrade “good progress” and praises developers’ willingness to apply information theory to the upgrades.
Good progress. By applying information theory to currencies (which are just information), lower fees reduce noise, and faster and more consistent sync time improves latency and jitter.
– Elon Musk (@elonmusk) September 2, 2021
The billionaire entrepreneur has been sunk in the Dogecoin network for some time, so this approval is a big deal. He’s reportedly worked with developers for years, and after he struck Bitcoin (CCC:BTC-USD) Earlier this year because of its energy consumption, he promised to make Dogecoin as energy efficient as possible. It is evident that the network is making great strides when Musk is touting the news as excellent.
It’s worth noting that Elon Musk isn’t the only crypto influencer to have worked with developers lately. ether (CCC:ETH-USD) Co-founder Vitalik Buterin has taken on an advisory role in the newly designed Dogecoin Foundation and has given the meme network even more star power.
At the time of this writing, Brenden Rearick held (neither directly nor indirectly) positions in the securities discussed in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s posting guidelines.
