Elon Musk — tech tycoon and CEO of electrical automotive producer Tesla Inc. (NASDAQ:
What Occurred: Musk mentioned this in response to a on Saturday, the place somebody requested why Musk does not make a brand new cryptocurrency with the suitable options “from scratch.”
Musk mentioned he would do it “provided that Doge cannot do it”, including that it might be a “large ache within the neck to create one other one.”
In an earlier, the Tesla CEO additionally mentioned he would really like Dogecoin to extend its block velocity 10 instances, enhance its block dimension 10 instances and drop its transaction charges 100 instances. Musk additionally just lately that he’s working with the coin’s builders to extend the coin’s effectivity.
Provided that Doge can’t do it. Massive ache within the neck to create one other one.
— Elon Musk (@elonmusk)
Taking part in With Blocks: Cryptocurrency transactions are processed by together with them in so-called blocks the place they’re saved perpetually. Altering how that is accomplished may deliver a number of benefits to the community.
The decrease block time means blocks might be created extra continuously and transactions might be processed extra rapidly. A bigger block dimension would enable extra transactions to suit right into a single block. And with decrease charges, transactions can be cheaper.
That being mentioned, these modifications even have their downsides.
With a shorter block time and bigger block dimension, the processing energy and reminiscence required to run the community would enhance, probably reducing Dogecoin’s decentralization by forcing community upkeep into the arms of a smaller variety of people with extra assets.
Whereas decrease charges would in idea lower the inducement given to miners to safe the community, this isn’t as a lot a clear-cut conclusion. With the opposite modifications made to the community, the coin would have the ability to assist many extra transactions, and that will in flip maintain the actual incentive about the identical.
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