Elon Musk Supports New Dogecoin Upgrade that Helps Secure the Network & Lower Transaction Fees

by Eva Fox August 31, 2021

Elon Musk Supports New Dogecoin Upgrade that Helps Secure the Network & Lower Transaction Fees

Image: Forex-News

The head of Tesla & SpaceX and the most influential fan of Dogecoin, Elon Musk, supports  the call of developers of the cryptocurrency to distribute a new update that helps secure the network and lower the transaction fees.

Dogecoin developers are striving to improve the cryptocurrency to make it more usable. They recently released a new minor version—Dogecoin Core 1.14.4–which includes various bugfixes and performance improvements. The head of Tesla and SpaceX, a Dogecoin fan and the asset's most influential supporter, Elon Musk, backed the call for the new upgrade to be rolled out to as many computers as possible.

The release prepares the Dogecoin network for lower fees, which has long been the subject of heated debate and controversy in the Doge community. This release can be easily installed over an existing 1.14 installation seamlessly, without the need for uninstallation, re-indexation or re-download. Users just need to shut down a running Dogecoin-QT or dogecoind, install it, and restart the node.

Enabling Future Fee Reductions
Prepares the network for a reduction of the recommended fees by reducing the default fee requirement 1000x for transaction relay and 100x for mining. At the same time it increases freedom for miner, wallet and node operators to agree on fees regardless of defaults coded into the Dogecoin Core software by solidifying fine-grained controls for operators to deviate from built-in defaults.

This realizes the first part of a two-stage update to lower the fee recommendation. A follow-up release will implement the lower fee recommendation, once the network has adapted to the relay defaults introduced with this version of Dogecoin Core.

Synchronization Improvements
Removes a bug in the network layer where a 1.14 node would open many parallel requests for headers to its peers, increasing the total data transferred during initial block download up to 50 times the required data, per peer, unnecessarily. As a result, synchronization time has been reduced by around 2.5 times.

RPC Improvements
getpeerinfo now includes feefilter value for each peer, to be able to diagnose transaction relay issues.

Other notable changes
  • Proactively disconnect peers sending block headers which would build on an invalid chain.
  • Improve handling and logging of invalid blocks and their descendants.
  • Add menu option to import a private key.
  • Add column to peers table showing bytes sent/received, accessible via "Debug Window" from the "Help" menu.
  • Add GUI for adding peers manually, accessible from the peers table of the Debug Window.
  • Regtest network can now generate AuxPoW blocks.
  • Corrections to French Canadian, Chinese, German, Indonesian, Korean, Polish and Portuguese translations

Elon Musk has been advising the core development team of Dogecoin since he was elected as "CEO" of the cryptocurrency in 2019. “Dogecoin might be my favorite cryptocurrency. It’s pretty cool,” Musk said in a tweet in response to a poll started by Dogecoin’s official Twitter account on April 1, 2019, asking who would make the best CEO for the cryptocurrency if it ever needed one.

© 2021, Eva Fox. All rights reserved.


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Article edited by @SmokeyShorts, you can follow him on Twitter

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