The Dogecoin community was reminded by Matt Wallace, a popular proponent of the meme crypto, of an upcoming update that is expected to speed up transactions and make the network even cheaper.
On his Twitter account, Wallace wrote, “The Dogecoin update is coming soon! It will position Doge perfectly to become one of the most used currencies in the world.”
As a YouTube content creator, Wallace made a name for himself as one of the leading proponents of Dogecoin, with his “Final Stand” channel being one of the biggest crypto communities on the video streaming platform.
Elon Musk responds
As it turns out, self-proclaimed “Dogefather” and Tesla Chief Executive Officer Elon Musk is now completely back with crypto talks and postings after a month-long hiatus.
The billionaire responded to the tweet of Wallace and seemingly was in approval of the update that is expected to make the meme crypto better.
“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high. There is merit IMO to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer,” replied Musk of Wallace’s tweet.
Bitcoin and ethereum limitations
While still regarded as the two top cryptocurrencies, bitcoin and ethereum have faced different levels of challenges.
Bitcoin, for example, has been hounded and is still bothered by scaling issues. It is now looking to address this concern through its taproot upgrade.
Ethereum, on the other hand, has always been challenged by insanely high gas fees, pushing some of its users to other alternatives. There are planned upgrades to fix this, but won’t be completed anytime soon.
Image courtesy of Cointelegraph News/YouTube