Dogecoin developers and Elon Musk back transaction fee reduction upgrade proposal


  • Dogecoin developers are rolling out a new improvement that would reduce fees by 90%.
  • Elon Musk, who has been working with DOGE developers since 2019, says it would be an important improvement.
  • The proposal would need to win community support and from Dogecoin miners and node operators. 

Dogecoin core developers have been working on an important improvement for the network. Tesla CEO Elon Musk stated that the new fee reduction code is an important improvement for the meme-based blockchain. 

Dogecoin developers to persuade miners and community

Dogecoin developers and Elon Musk are pushing an upgrade proposal to reduce transaction fees from 1 DOGE to 0.1 DOGE, making it a more cost-effective payment method. 

In order for the upgrade to be approved and the fee reduction to come into effect, the proposal must be able to win community support, including from Dogecoin miners and node operators. 

Further down the road, Dogecoin developers and Musk are planning to introduce even lower fees of 0.01 DOGE. 

While the SpaceX CEO has been deemed “Dogecoin CEO” since 2019, Musk has been advising the developers behind Dogecoin since then. 

Musk has encouraged the team behind the meme-based cryptocurrency to improve higher transaction throughput and also provided plenty of advice and input, according to Dogecoin developer Ross Nicoll. 

Although Musk offered to fund Dogecoin development, the team turned down the offer. In mid-May, the Tesla CEO tweeted that he was working with Dogecoin developers while deciding to halt accepting Bitcoin as payment at his electric vehicle company. 

Dogecoin's core developer who introduced the fee reduction, Michi Lumin, revealed that the community had plans to lower fees even before Musk got behind the upgrade. The billionaire entrepreneur believes that this key objective is “an important improvement.” 

DOGE has seen a substantial price increase over the past few months, making it unsustainable for smaller purchases of the meme-based token. 

Going forward, Dogecoin developers and Musk must persuade the community to accept their proposal. Individual node operators and miners would have the ultimate choice of whether they would like to introduce the upcoming release. 

Miners must be convinced that they will benefit from a lower fee, and at least two-thirds of the network must adopt the upgrade. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Institutional investors shift focus to Ethereum futures as demand for Bitcoin weakens

Big investors are turning their attention to Ethereum, according to JPMorgan analysts. Bitcoin futures have witnessed weak demand as BTC futures have traded below spot prices. Ethereum futures premium rose 1%.

More Bitcoin news

Litecoin Price Forecast: LTC contemplates 17% ascent after reclaiming crucial barrier

Litecoin price experienced the second flash crash, which bottomed on September 21. While the descent was steep, the recovery seems to be coming along well. The recent upswing has pushed past a key resistance level.

More Litecoin news

Solana bears can push SOL to $81

Solana price struggles to continue gains made on Wednesday. A bullish breakout is near, but any rejection could generate a massive collapse in value. Bears await a drop below $144 to continue downside pressure.

More Solana news

Chainlink Price Prediction: LINK to fall further towards $17.00

Chainlink price continues to fall despite a 14% gain on Wednesday's close. Warning signs of a dead-cat bounce and poor follow-through by the bulls could be witnessed by the lower traded volume.

More ChainLink news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP