Dogecoin developers cut recommended transaction fees in the network

Dogecoin developers released a new version of the ‘full’ wallet for their cryptocurrency. In addition to general fixes related to security and performance, the release entails lower transaction fees.

we do a little releasing.https://t.co/aDSGvv52vi

— Dogecoin Developers (@dogecoin_devs) November 8, 2021

All wallet users, miners, various services and relay operators were advised to update. The update contains patches for ‘two high-severity vulnerabilities that affect most members of the community’.

The project team has continued work on lowering transaction fees in the cryptocurrency’s network. The August release of Dogecoin Core 1.14.4 reduced relay fees for transfers and for miners by 1000x and 100x respectively.

In version 1.14.5, developers lowered the ‘recommended fees’. This means that by default the wallet will send transactions with a fee of 0.01 DOGE per kilobyte of data. The fee is now взимается according to the exact size of the transaction, with no rounding, as was previously the case.

The co-founder of Dogecoin, Billy Markus, called the update important for all participants in the network without exception. According to him, there are only two reasons to ignore the update — ‘hatred of money’ and ‘hatred of users’.

why not update to 1.14.5?

— you hate money
— you hate your users

— Shibetoshi Nakamoto (@BillyM2k) November 8, 2021

In May, Elon Musk said that Dogecoin «without effort» can overtake Bitcoin if the project team increases block production speed and size, and reduces fees.

In June, the head of Tesla backed Dogecoin developer Patrik Lodder’s proposal on reducing fees in the cryptocurrency network and increasing its decentralisation.