Elon Musk, as is known, is a huge fan of Dogecoin, the most famous of all. Such fervor has pushed him not only to offer his financial support to better develop the project, but also to provide his advice, aimed at transforming it into a more eco-friendly and economical alternative to Bitcoin. A collaboration in place since 2019 and that came out in the course of an interview granted by one of the developers of DOGE to Decrypt.
The statements of Ross Nicol
To release the statements in question was Ross Nicoll, one of the four developers of Dogecoin. Which, in the course of the interview, also provided a very interesting data, relating to the energy consumption necessary for blockchain of Dogecoin, which would amount to just 7% of that used by the Bitcoin network. A fact made possible by the use of Scrypt as a programming language, which is much less energy-intensive than that used for BTC.
The collaboration, of which no one actually knew existed, arose in correspondence with the now famous referendum on Twitter with which the meme coin community had to indicate, naturally remaining within the confines of the game, an ideal CEO. It was in fact 2019 and it was the founder of Tesla who triumphed.
Musk's role in the rise of Dogecoin
The South African-born billionaire naturally never assumed a managerial role within Dogecoin. Also because its financial offer was politely declined. Nonetheless it played a major role in its fortunes. Message after message on Twitter, in fact, its continuous pump and dump brought the token to a real explosion, so much so that it is currently in fifth place in the ranking of CoinMarketCap relating to market capitalization. A slight regression compared to the fourth position left in the last few hours a Cardano, but which makes DOGE a possible alternative to Bitcoin.
A growth which seemed unthinkable until some time ago, but which many now seem to predict. Among the reasons for this renewed favor there is also the recent decision made by Coinbase,exchange which included the token launched by Billy Markus and Jackson Palmer in its dealings. And also the sensational announcement by Elon Musk concerning the intention to abandon Bitcoin, considered harmful to the environment.
The next steps of Dogecoin
Nicoll himself then released some interesting news on the future of DOGE. Remembering that more and more developers are dedicated to the project and are completing it update 1.21, considered the largest ever fielded so far. In the context of which we should remember the improvements in terms of synchronization, the greater ease of integration for service providers and the guarantee that backups of the wallet they will be valid forever.
For the future, on the other hand, the willingness to act on transaction costs. Which should be literally knocked down, going from the current $ 0,4 to $ 0,01.
A sensational decline that makes the token even more attractive for payments in everyday life. To arrive there, however, it will be necessary to convince the miners, who could resist as much as possible. All that remains is to wait to see what will happen in the context of a negotiation which promises to be all uphill.