Dominik Schiener, the co-founder of IOTA Foundation disagrees with Elon Musk who ironically denied all major altcoins because they have no 'memes and dogs'. Schiener opined that the IOTA network also has its dogs and memes while sharing the popular "Doge and Cheems" meme in which IOTA's Shiba Inu attacks Dogecoin's dog.
Ever since Tesla announced on dismissing Bitcoin as payments due to environmental corners, rumors have been circulating in crypto circles that Elon Musk will now be considering proof-of-stake cryptocurrency projects.
He reiterated that while Tesla awaits Bitcoin’s transition to renewable energy, the electric car manufacturing company would be exploring other cryptocurrencies that use less than 1% of bitcoin’s energy per transaction.
His tweet sent the crypto Twitter community into a frenzy of speculation as to which cryptocurrency Tesla could be looking into to accept payments in.
Industry insiders started speculating that Musks perhaps would now be looking into proof-of-stake cryptocurrencies projects due to its less energy-intensive model.
Asking the Tesla CEO directly on the matter, Dave Lee, a YouTuber and one of Tesla’s earliest investor whether Musk would prefer cryptocurrencies like ethereum 2.0, Cardano, Solana, Polkadot, IOTA to which the Tesla CEO replies that the mentioned cryptocurrencies don’t have dogs and memes, unlike Dogecoin.
Despite Dogecoin attracting criticism for its lack of development and large whale holders holding the token concentration, DOGE has soared a staggering 12,000% on this time last year fueling speculation that the cryptocurrency’s price could climb as high as $1.
Earlier last month, IOTA Foundation completed the most extensive network upgrade in its history, taking the blockchain ecosystem out of its experimental phase to moving into an enterprise-ready ecosystem for real-world use cases.
New features include reusable addresses, UTXO, programmable transactions, and readiness for other key application layers, including streams, identity, and smart contracts. Additional improvements include in wallets, libraries, software implementations, and security protocols.