Dogecoin (DOGE), the popular dog memecoin, has moved slightly higher as Elon Musk talked about block size and how long blocks should take to be processed in the network. During a conversation with Shibetoshi Nakamoto – one of DOGE creators – he stated that block size and time should keep pace with the rest of the internet, making reference to improvements to Dogecoin.
Elon Musk Talks About Dogecoin
During this Twitter conversation, the CEO of Robinhood, talked about how Dogecoin could become the currency of the internet and the people. He mentioned how Dogecoin has very low fees compared to other blockchain networks such as Ethereum (ETH) or Bitcoin (BTC). At the same time, he stated that the block time should also be fast enough that transactions can be recorded in the next block in less than it takes to make a payment at a point of sale terminal.
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Elon Musk said that six seconds could be a good block time for Dogecoin as this is a “long time to computers.” Meanwhile, the founder of Dogecoin explained that he picked 1 minute blocks because there were some discussions on Bitcoin talk about how 45 seconds were causing issues in some blockchain networks. 60 seconds was about a good time for blocks to be processed on the Dogecoin network without having too many issues.
In addition, Shibetoshi Nakamoto said that web infrastructure has improved enough in the last years to experiment with better solutions for investors. Elon Musk said that block and time should keep pace with the rest of the internet. Thanks to these comments, Dogecoin moved higher by close to 4% while the whole crypto market trades sideways. The coin moved to $0.14629 per coin and it has a market cap of $19.23 billion.
But not everyone agrees with what Elon Musk said. Especially the Bitcoin community. Peter McCormack, one of the most successful podcasters in the crypto industry, explained that engineers have been wrestling with scaling since Bitcoin was created.
“This is not about tech innovation, is about the innovation of principles,” said Peter McCormack. “It’s about universal access, it’s about unstoppable transactions, it’s about state resistance, it’s about decentralization. It’s the innovation of principles in money which no individual can control.”
No, block time should maintain pace with lowest tech/bandwidth options as bitcoin is money for all. For speed of light transaction throughput there is the lightning network.
The best bitcoin engineers have already figured this out, they would talk to you, just ask.
— Peter McI’mNotBack ☠️ (@PeterMcCormack) April 14, 2022
Let’s not forget that Bitcoin has implemented a second-layer scaling solution called Lightning Network (LN). While the Bitcoin blockchain became the most secure in the world, processing on-chain transactions might not be ideal for day-to-day usage. This is why the Lightning Network could become a key aspect of Bitcoin in the coming years when it comes to scaling.
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