‘Dogefather’ tweets Elon Musk in support of cryptocurrency, Dogecoin gains 8%

Elon Musk has backed Dogecoin on multiple occasions and it’s no longer a secret now that he wants to take it to the next level. The “Dogefather” regularly tweets the facial-themed currency Shiba Inu, which started out as a joke currency but now has a staggering market cap of Rs. 2.1 trillion. On July 9, Tesla’s CEO warned that Bitcoin and Ethereum – the world’s two largest cryptocurrencies – were pursuing a multi-layered transaction system, but their transaction rates were “slow” and their cost “high.”

Musk comment came in response to a tweet from Dogecoin investor and YouTuber Matt Wallace. “Reminder: The Dogecoin update is coming soon. It will perfectly position Doge to become one of the most widely used currencies in the world,” Wallace tweeted on Friday.

Reminder: Dogecoin update is coming soon! It will perfectly position Doge to become one of the most used currencies in the world.

– Matt Wallace ⚠️ (@ MattWallace888) July 9, 2021

In response to the tweet, Musk wrote: “BTC [Bitcoin] and ETH [Ethereum] pursue a multi-layer transaction system, but the base layer transaction rate is slow and the transaction cost is high. “

“There is merit in Doge maximizing the base layer transaction rate and minimizing transaction costs with exchanges acting as the de facto secondary layer,” he added.

BTC and ETH pursue a multilayer transaction system, but the base layer transaction rate is slow and the transaction cost is high.

There is an advantage that Doge maximizes the base layer transaction rate and minimizes transaction costs, with exchanges acting as the de facto secondary layer.

– Elon Musk (@elonmusk) July 9, 2021

It’s not that. Musk also engaged with a few other users. Twitter user @PPathole, for example, pointed out that Dogecoin is already 15 times faster than Bitcoin.

“Lowering fees is easy to achieve. Increasing block size is easy to achieve. Accelerating block time by 10 times is the hardest part,” he wrote.

Doge is already 15 times faster than Bitcoin.

Lowering costs is easy to achieve.

Increasing the size of the blocks is easy to achieve.

Speeding up the block time by 10x is the hardest part.

– Pranay Pathole (@PPathole) July 9, 2021

Musk replied, “The size and frequency of blocks should increase steadily to match the widely available bandwidth.”

Block size and frequency should increase steadily to match the widely available bandwidth

– Elon Musk (@elonmusk) July 9, 2021

Another user, @TeslaGong, then asked, “What would be the sweet spot for the number of transactions per second – would it have to hit Visa’s speed to be really useful?” “

What would be the sweet spot for the number of transactions per second – would it have to hit Visa’s speed to be really useful?

– Tesla in the Gong ?????????????????????? (@TeslaGong) July 9, 2021

The Dogecoin enthusiast once again reacted quickly and explained that he did not need to hit Visa speed since regulated exchanges will de facto act as a second layer.

“But the perfect shouldn’t be the enemy of the good – it’s always good to increase base-layer transaction speed and lower base-layer transaction costs,” Musk added.

It won’t need to hit visa speed, as regulated trade will de facto act as a second layer.

But the perfect doesn’t have to be the enemy of the good – it’s always good to increase base-layer transaction speed and lower base-layer transaction costs.

– Elon Musk (@elonmusk) July 10, 2021

In May, Musk, responded to a tweet from a Dogecoin fan, said that in order to win ‘hands down’ the memes-based currency had to speed up block time, increase block size by 10 times and reduce costs 100 times. “Then he wins hands down,” he tweeted.

Ideally, Doge speeds up block time by 10X, increases block size by 10X, and removes fees by 100X. Then he wins hands down.

– Elon Musk (@elonmusk) May 16, 2021

“For the bad at math, a 100 times higher transaction volume with 100 times lower fees means the total fees earned stay the same. Low fees and high volume are needed to become the currency of the Earth,” he said. he wrote in another tweet.

For those who are bad at math ????, a 100 times higher transaction volume with 100 times lower fees means the total fees earned stay the same. Low fees and high volume are required to become the currency of the Earth.

– Elon Musk (@elonmusk) May 16, 2021

After an active presence and an explanation of various aspects of Dogecoin by Musk, the crypto token – after plunging nearly 10% on Thursday – gained 8% on Friday. July 10, from 1:35 p.m. IST, Dogecoin was trading at Rs 16.17, up 94 paise from Rs 15.16 at the last close.

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