Elon Musk noted the progress achieved by Dogecoin (DOGE) developers with the release of a new client version. The software is intended to lay the groundwork for upcoming reductions in network fees and to accelerate node synchronization.
Good progress. Applying information theory to currency (which is just information), lower fees reduce noise & faster & more consistent sync time improve latency & jitter.
— Elon Musk (@elonmusk) September 2, 2021
“Good progress. Applying information theory to currency (which is simply information), lower fees reduce noise, and fast and consistent node synchronization reduces latency and jitter,” wrote Musk.
Earlier, the entrepreneur backed a community member who urged Dogecoin node operators to update the software as quickly as possible. The Tesla chief described the process as ‘important’.
Important
— Elon Musk (@elonmusk) August 30, 2021
Dogecoin is promoted by many media figures, including billionaire and owner of the NBA’s Dallas Mavericks, Mark Cuban. Since March 2021, the basketball team accepts DOGE as payment for tickets, services and merchandise.
In mid-August, the Dallas Mavericks launched the DOGEMANIA promotion, under which club store customers receive $25 cashback for a one-off merchandise purchase paid in cryptocurrency totaling at least $150.
Not all members share Musk and Cuban’s optimism about Dogecoin. In particular, Calvin Ayre, founder of CoinGeek, stated that promoting this cryptocurrency is a waste of time.
Doge is just a copy of the original bitcoin protocol…which is already working with all the stuff in the white paper like SPV…advancing Doge now is a bit of a waste of everyone’s time. BSV has it all working already and patent protected bits around scaling.
— Calvin Ayre (@CalvinAyre) September 2, 2021
“DOGE is simply a copy of the original Bitcoin protocol… which is already working with all that is in its white paper, such as SPV… promoting DOGE now is a waste of time,” wrote he.
In the last seven days, the price of Dogecoin has risen 10%, according to CoinGecko. As of writing, the cryptocurrency traded near $0.30.
Earlier, Vitalik Buterin expressed the hope that Dogecoin will move to the Proof-of-Stake consensus mechanism, using the Ethereum codebase.
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