Tesla CEO Elon Musk Extends Support for Proposal Involving Dogecoin Fee Policy Alteration

Sahaj  |  Jun 28, 2021

The CEO of Tesla, Elon Musk, tweets in support of the proposal about the alteration in the fee policy of Dogecoin. The Proposal for DOGE’s fee change was published by Patrick Lodder, the CEO of Liberate Inc. on Github.

Elon Musk Supports Dogecoin Fee Policy Change Proposal

As for the proposal, it postulates that the recommended charge of one DOGE damper on-chain dealing activity. 

Patrick Lodder indicates that dealing Dogecoin is presently five times more expensive than dealing Litecoin.

In addition to this, Patrick said that people are unwilling to shift their holdings of the exchanges due to the fact that the recognized value loss is way too high. Hence, he proposed the lowering of the default block inclusion charges rate to just 0.01 DOGE and said:

“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.”

What Makes the Tesla CEO Think DOGE Can Win Against Bitcoin

It has been recently reported that Elon Musk is outlining how the meme coin, Dogecoin could expand enough that it could win hands down against Bitcoin. 

Along with making the transaction fees around 100 times cheaper than the current rate, Musk's plan for Dogecoin includes increasing the speed of the block time of the coin.

Moreover, his plans add increasing the block size of the cryptocurrency by a factor of 10.

However, the community behind Bitcoin does not support the plan of Elon Musk and some of them ended up grating the contribution of Musk to the great scaling debate.

Well, the debate surrounding the scaling factor was apparently put to rest years ago.

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