In response to a community member's tweet, Elon Musk on Monday praised the development community's efforts to scale up Dogecoin's technology, calling them "essential."
In a weekend tweet, a crypto enthusiast known as the "Doge Whisperer" took the time to inform the doge community on recent events surrounding the most popular meme coin, revealing that 205 PCs were already running the most current update, Dogecoin Core 1.14.4.
However, more nodes are needed to upgrade to 1.14.4, according to the dogecoiner. A new update will be deployed once a bigger percentage of additional nodes are up and operating, which will help protect the network and reduce transaction fees.
Elon had supported a proposal in June to reduce the average fees for standard transactions on the Dogecoin chain, which entails splitting full control over all aspects of fees between miners and node operators, relying less on core development, and bringing back a functional (small) free transaction space that incentivizes on keeping the network up and running.
Fee reductions and enhanced performance
The Dogecoin 1.14.4 node is one of two minor versions released, the other being 1.14.5, according to the official announcement made in late August. Despite the fact that it is not a significant upgrade, the 1.14.4 node release includes a number of bug fixes and performance enhancements, and is primarily considered as laying the groundwork for the major 1.12 upgrade, the release date of which has yet to be revealed.
The upgrade has also readied the Dogecoin network for future cost reductions, with the default charge for transaction relay being reduced to 0.01 DOGE. According to BitInfoCharts, the average transaction cost is 2.62 DOGE ($0.714).
The upgrade will also give miners more latitude by allowing wallet and node operators to agree on fees. Despite the fact that the network already includes a set of default codes, the upgrade has made it easier for operators to diverge from the built-in defaults.
Once the network has adjusted to the relay defaults introduced with this version of Dogecoin Core, we see this upgrade as critical to executing the lower fee recommendation.
Despite a year-to-date gain of 5,852.71% and a month-to-month gain of 42.92 percent, Dogecoin has been mostly caught in a range trend, especially after the May-June retreat. The coin's price was fluctuating between $0.2725 and $0.2800 at the time of publication.
The launch of a big upgrade to the coin's network that reduces transaction costs would send prices soaring as it joins other rival cryptocurrencies like Ethereum and Chainlink that have already improved their networks.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.