Elon Musk — tech tycoon and CEO of electrical automobile producer Tesla Inc. (NASDAQ:TSLA) — advised that he is likely to be prepared to think about creating a brand new cryptocurrency if Dogecoin (CRYPTO: DOGE) doesn’t obtain the wanted options with future updates.
What Occurred: Musk stated this in response to a tweet on Saturday, the place somebody requested why Musk does not make a brand new cryptocurrency with the precise options “from scratch.”
Musk stated he would do it “provided that Doge cannot do it”, including that it might be a “huge ache within the neck to create one other one.”
In an earlier tweet, the Tesla CEO additionally stated he would really like Dogecoin to extend its block pace 10 instances, enhance its block measurement 10 instances and drop its transaction charges 100 instances. Musk additionally just lately said 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) May 16, 2021
Enjoying With Blocks: Cryptocurrency transactions are processed by together with them in so-called blocks the place they’re saved endlessly. Altering how that is completed might deliver a number of benefits to the community.
The decrease block time means blocks could possibly be created extra incessantly and transactions could possibly be processed extra rapidly. A bigger block measurement would enable extra transactions to suit right into a single block. And with decrease charges, transactions can be cheaper.
That being stated, these modifications even have their downsides.
With a shorter block time and bigger block measurement, the processing energy and reminiscence required to run the community would enhance, doubtlessly lowering Dogecoin’s decentralization by forcing community upkeep into the arms of a smaller variety of people with extra sources.
Whereas decrease charges would in concept 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 be capable to assist many extra transactions, and that might in flip maintain the actual incentive about the identical.
Be taught extra: How to Buy Dogecoin
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