Elon Musk has been advising Dogecoin developers since 2019. A team of four core developers welcomed his advice, but declined the funds he provided. This was reported by Decrypt on the 15th (local time).
Dogecoin developer Ross Nicole said in a phone call with Decrypt on the 14th (local time), after Musk started talking with developers in 2019, “I encouraged us to improve higher transaction throughput and provided a lot of advice and opinions, and I shared a network,” he said.
Nicole said a team of four Dojicoin part-time developers are optimistic that using Musk will further reduce the energy consumption of cryptocurrency, which is already only 7% of Bitcoin. (According to Digiconomist, Bitcoin 114 TWh, Dogecoin 7.8 TWh)
Nicole said, “Musk has been in contact with the Dogecoin development team in 2019.” The Dogecoin development team includes Nicole, Mitch Lumin, Max Keller, and Patrick, including Spoklin, who died of cancer in April this year.
“Musk also offered to fund the development of Dogecoin, but the team politely declined,” Nicole said.
Musk said on Twitter on the 14th that “we are working with the developers of Dogecoin to increase system transaction efficiency.” Musk tweeted the day before, saying, “Tesla will no longer accept Bitcoin as a payment,” and “I’m looking at another cryptocurrency with less than 1% of Bitcoin’s energy/transaction volume,” he turned his back on Bitcoin.
[Doji Coin to the Moon]
Dogecoin’s price soared from $0.008 in January 2021 to an all-time high of $0.71 before Musk appeared on SNL last week. But even now, his direct involvement in cryptocurrency, which started as a joke, is a mystery.
Since the project’s creators Billy Marcus and Jackson Palmer abandoned the project in 2015, developers like Nicole have been working on the open source project in their spare time.
Along with Dogecoin, Nicole led the development of smart contract technology.
As the Dogecoin market heats up, Nicole said that interest in coin development has exploded. “We’re seeing a lot of developers jumping in and working on it now,” he said.
“DojiCoin developers are currently finishing the 1.21 upgrade, the largest since 2019,” Nicole said.
“The important thing from the end user’s point of view is that we are looking for a way to speed up the synchronization,” he explains. In addition, the upgrade makes wallet backups permanently valid, and service providers can more easily integrate DogeCoin.
On the 13th, Coinbase announced that it will finally list Dogecoin after much preparation. The 6 to 8 week schedule suggested by the exchange suggests that a new upgrade may be prepared through listing.
The team’s next goal is to lower the transaction fee from the current average of $0.4 to $0.01. “This will require some negotiation with miners. But we have to convince them that it is good for the network,” Nicole said.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.