Tue. Aug 9th, 2022
Dogecoin Fee Change Proposal 'Important to Support,' Elon Musk Says

Dogecoin Fee Change Proposal ‘Important to Support,’ Elon Musk Says

A proposal to modify Dogecoin’s pricing structure has been made, and Tesla CEO Elon Musk believes it is “critical to support.” The Dogecoin developer that submitted the idea stated, “This paper suggests a new fee structure and policy for Dogecoin Core, to be progressively implemented to the network across many software releases.”

Elon Musk Shows Support for the Proposed Dogecoin Fee Change:

Elon Musk, the CEO of Tesla, has expressed his support for the Dogecoin fee policy modification request that was filed on Sunday. “The Dogecoin fee adjustment proposal is up,” said software engineer and Dogecoin developer Ross Nicoll on Twitter. “Important to support,” Musk replied to his tweet.

Patrick Lodder, a Dogecoin developer, proposed a modification to the Dogecoin charge policy. His proposal states, “This paper suggests a new fee structure and policy for Dogecoin Core, which will be progressively introduced to the network across many software releases.

On Reddit, he explained:

TLDR; This proposal to all dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the Dogecoin chain, split full control over all aspects of fees between miners and node operators, rely less on core development, and bring back a functional (small) free transaction space that incentivizes keeping the network healthy.

Musk first mentioned the possibility of upgrading Dogecoin in May. “Working with Doge programmers to enhance system transaction efficiency,” he tweeted. “Possibly promising.”
Anyone interested in helping create Doge should post suggestions on Github and the Dogecoin Reddit community, according to the Tesla CEO.

“Ideally, Doge speeds up block time 10X, increases block size 10X, and reduces cost 100X,” he tweeted in May. Then it is a clear winner.” The proposal to modify the Dogecoin fee may be seen here.

 

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