Dogecoin (DOGE) developer Ross Nicoll says that Elon Musk has been advising the small team that has been working on the cryptocurrency since 2019. Musk has allegedly offered to fund the developers and is eager to see Dogecoin as the world’s dominant cryptocurrency.
Nicoll and other DOGE developers are currently laying the groundwork for the biggest update the network will experience since 2019. Dogecoin developer, who made a statement after Elon Musk tweeted on Twitter about Nicoll and the other three core developers responsible for the Dogecoin blockchain, said, “I am surprised, he did not tell us that he will do this.”
Speaking at a Zoom meeting, Nicoll’s excitement was palpable as he recounted the events Musk has been through since his first life two years ago. His impatience to make Dogecoin the world’s most used cryptocurrency is already evident.
Nicoll joined the cryptocurrency industry after 10 years as a research fellow academically focused on app development. Until recently, he led technical development of smart contracts for the enterprise blockchain project R3, working closely with commercial banks. His approach reflects the history of commercial blockchain development where releasing a new upgrade every three months would be extreme, as some blockchain projects do.
Dogecoin is modeled on Bitcoin, but like Litecoin, it uses a different code called Scrypt, which requires less energy and is more in line with Musk’s new, environmentally friendly stance on cryptocurrencies. Nicoll said the network currently has “performance issues with network synchronization” and this will be fixed by an upcoming update encouraged by Musk, designed to form the basis for many of the sweeping changes in the future.
Buying Coffee with Dogecoin
Nicoll, who came across in a chatty manner, was reluctant to reveal most of his favorite conversations with Musk, but was clear about Musk’s main purpose: “To make Dogecoin easy to use to buy a cup of coffee.”
Musk gave developers a lot of advice on how to move Dogecoin from a joke to a real utility, based on his knowledge as a PayPal founder. “I can honestly say that it increased the higher transaction volume,” Nicoll said.
Indeed, Musk’s enthusiasm for the project means developers often have to keep it in check. Nicoll says, “He’s running to the ultimate goal. We said ‘great, but we have to make a road from A to Z’. That’s why we are far from announcing the right plans for now, ”he said.
The developers and Musk also discussed ways to reduce Dogecoin’s carbon footprint that they are “still evaluating”. Nicoll said there is “a lot of modeling” that needs to be done before big decisions can be made. While Musk’s plans are exciting for developers, Nicoll said they need to address more pressing network-related issues first. But the team is optimistic that with Musk the cryptocurrency could further reduce its energy consumption – already 7% of Bitcoin, according to an estimate made on Thursday.
As the Dogecoin market heats up, Nicoll said interest in developing the coin has skyrocketed:
Nicoll said that Dogecoin doesn’t need top technical leadership anyway:
Dogecoin Next Upgrade
A month before Nicoll starts his new business, he lays the groundwork for the cryptocurrency’s 1.21 upgrade, the largest since 2019, and lays the groundwork for all the changes to come. The update is based on Bitcoin and Nicoll has given credit to Bitcoin Core 0.21 developers for the study. “We really tried to be as close to Bitcoin as possible, so it was very easy to adopt,” he said.
After the upgrade, the team’s next goal is to reduce transaction fees from the current average $ 0.4 to $ 0.01. “There will be some negotiation with the miners,” Nicoll said. But we have to convince them that this is healthy for the network, ”he said. The upgrade will also ensure that wallet backups are valid forever and will make it easier for service providers to integrate Dogecoin.