Dogecoin developers have been receiving guidance from Elon Musk since 2019. Those ties are growing stronger as Tesla seeks an alternative to Bitcoin.
Does Elon Musk own any Dogecoin? The billionaire regularly denies it. His statements about DOGE are therefore not intended to raise the price and thus the value of his capital. However, the boss has ties of a different kind to blockchain.
In an interview with Decrypt, one of its developers explains that the creators of Dogecoin and Musk have been in contact for some time now. According to Ross Nicoll, the beginnings of this relationship date back to 2019.
As a result, Elon Musk encouraged developers “to improve the transaction throughput” of the Dogecoin blockchain. But the executive and influencer also gave them “a lot of advice and guidance. “
But the dogefather also reportedly opened up his valuable address book to developers. And between Musk and Dogecoin’s part-time developers, the ties haven’t grown strained since. Quite the contrary.
Tesla announced last week that it was ceasing to accept Bitcoin as a payment method. The manufacturer is now looking for a crypto alternative. To make its choice, the industrialist will opt for the blockchain offering the best energy efficiency.
Dogecoin and Musk are therefore working together on this aspect. “We are working with Doge developers to improve the system’s transaction efficiency. Potentially promising,” the boss confirmed on May 14.
The cryptocurrency, which enjoys a special relationship with the founder of Tesla, is therefore well placed to find its place as a means of payment. The developers of Dogecoin say they are optimistic that it can be further improved.
By their estimation, DOGE transactions show a vast superiority over Bitcoin. Its electricity consumption is equivalent to 7% of that of BTC. This is still too much to meet Elon Musk’s specifications, however.
Tesla will accept cryptocurrencies whose transactions will consume less than 1% of Bitcoin’s. In addition, other projects are also counting on Tesla to be part of their roster, and are therefore taking care of their green image.
It should be noted that energy efficiency is not the only area of improvement that Dogecoin’s developers are working on. A major update is currently being finalized. The last one was in 2019.
“From an end-user perspective, we are mainly looking to improve the speed of synchronization,” confides Ross Nicoll. The upgrade should also make it easier for service providers to integrate Dogecoin.