Elon Musk doubles down on Dogecoin

Musk Doge Wow

I have a dream. Elon Musk, the CEO of Tesla and SpaceX, is at it again. He is putting all his weight behind Dogecoin, a memecoin that he often pushes in his tweets and media appearances.

This, after he raised awareness the energy consumption and carbon footprint of the BTC network.

After criticizing the original cryptocurrency for its carbon footprint, the billionaire entrepreneur is betting that this digital coin is able to address his company’s new set of environmental requirements for that put the planet front.

He has also tweeted that he is now working with Dogecoin developers to improve the currency, hoping for it to evolve into something that is more energy efficient in the future.

This is in line with what Tesla expressed in its press release when it announced that it would not accept Bitcoin payments due to environmental issues. The company stated that it was looking at cryptocurrencies that used less than 1% of Bitcoin’s energy per transaction.

And now, Musk elaborated on the goals that he is pursuing with these new improvements.

Ideally, the Dogecoin network would have to decrease its block times by 10 times, and increase its block size by 10 times too, with fees decreasing by 100 times.

Logically, the resulting cryptocurrency would be a hard fork of what the Dogecoin chain is right now, as fundamental parameters of the network would be changed as a result of this tinkering. But Musk argues that low fees were critical if it were to become what he called the “currency of the Earth”.

However, if Dogecoin fails to achieve all that Musk is promoting, then there is a plan B.

Musk has said that he would create another currency only if Doge can’t do it, due to the difficulty of this ordeal. It may be a big pain in the neck to create another one, the famed billionaire concluded, but someone has to do it, right?

How much of a chance do you see that Musk might create his own cryptocurrency in the future?


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