Recently, Elon Musk has criticized the two top blockchains in terms of processing velocity and transaction costs. At the exact same time, he also thinks that Dogecoin can take care of these two difficulties.
Elon Musk is when once more speaking out about cryptocurrency. This time, the CEO of Tesla took aim at the two Bitcoin (BTC) and Ethereum (ETH). Specifically, on July 9, Matt Wallace, a Dogecoin developer posted on Twitter that Dogecoin is about to have a new update. This will place DOGE in a excellent place and grow to be a single of the most utilized coins in the globe.
As a particular person who is incredibly supportive of DOGE, of program Elon Musk could not support but comment on this excellent occasion. In a tweet in response to Matt Wallace, the Tesla CEO recommended that the two Bitcoin and Ethereum are pursuing a multi-layer scaling model. However, the transaction velocity of the base class is slow and the transaction costs are large.
At the exact same time, he also thinks Dogecoin expands in direction of maximizing transaction velocity on the base layer and minimizing transaction expenses. In it, cryptocurrency exchanges will act as the “secondary layer”.
BTC & ETH are pursuing a multilayer transaction program, but base layer transaction price is slow & transaction value is large.
There is merit imo to Doge maximizing base layer transaction price & minimizing transaction value with exchanges acting as the de facto secondary layer.
— Elon Musk (@elonmusk) July 9, 2021
Immediately, the crypto neighborhood responded or rejected or even criticized Elon Musk’s feedback. Some individuals query how exchanges will act as a Layer two for Dogecoin. Meanwhile, numerous are urging Elon Musk to do the job on scalability answers for Bitcoin and Ethereum.
“In a nutshell for everyone – Elon solved blockchain scalability.” – Anthony Sassano, a well-known Ethereum supporter joked. Also, Joel Heyman, a longtime Bitcoin supporter also stated: “I can’t believe people are hearing this.”
Currently, the two Bitcoin and Ethereum are recognized for their large degree of decentralization. This is what can make scalability problematic. However, with Elon Musk, it appears that all his target appears to be on Dogecoin.
Over the previous couple of months, the CEO of Tesla has been a proponent of the coin meme motion. But his views on other cryptocurrencies are undetermined. It’s as very simple as the truth that Elon Musk generally exhibits a “love hate” frame of mind mixed with Bitcoin.
In February 2021, Elon Musk announced that Tesla invested $one.five billion acquiring Bitcoin. Some time later on, this electrical motor vehicle firm also announced the acceptance of payment in BTC.
However, in mid-May 2021, Elon Musk and Tesla shocked when they stopped paying out in BTC. The motive offered was concern about environmental difficulties brought on by Bitcoin mining. Since then, Elon Musk has repeatedly criticized the world’s oldest cryptocurrency.
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