Dogecoin developers have proposed to reduce transaction fees to 0.1 DOGE – Bits Media

Dogecoin developers have proposed to reduce transaction fees from 1 to 0.1 DOGE, to return the coin attractiveness for payments.

Main developer Dogecoin Michi Lyumin (Michi Lumin) reported, that the reduction of transaction commissions is one of The main tasks of the project, and its implementation will become a “important improvement” in Dogecoin. In the future, developers plan to introduce a fee for transactions in the amount 0.01 DOGE.

Lyumin said, that the developers have such plans before, as the general director of SpaceX and Tesla, Ilon Musk (Elon Musk) I put forward this proposal. The evidence of the concept will be demonstrated today in 14:00 On eastern time (EAST).

In May, Doge was traded about $0.73, and despite the recent fall of the DOGE course to $0.17, This coin still takes sixth place in capitalization. However, if the DOGE course is restored, Commission in the amount 1 Doge for the transaction will make this coin unacceptable for small purchases.

The proposal to reduce the commission should receive support for DOGE miners and nodes operators. At least two -thirds of the network participants should accept the current and subsequent updates, which are aimed at reducing the default transaction fees. According to the developers, These changes are carried out as for the development of Dogecoin, and in the interests of community and miners, which will also be able to benefit from a decrease in commissions.

Lyumin brought arguments in favor of the introduction of these changes. Dogecoin is based on the same code, What is Bitcoin, But these blockchains differ in the method of remuneration of miners. Dogecoin miners receive 10 000 DOGE for each mined block, plus 20-30 DOGE taking into account the current commissions for transactions. Since Dogecoin does not have a “commissions market”, transactions should not compete for a place in the block, And the remuneration for transactions should not be a source of profit of miners, I explained the lumin.

She added, that initially the commissions in Dogecoin were introduced for that, to get rid of spam and "dust", когда небольшие суммы в DOGE используются для атак «отказа в обслуживании» или других вредоносных целей. However, at the current price of DOGE, and also when the commissions are reduced 100-1000 times, Payment for "dusty" transactions will be the same, How many and a year ago, Lyumin said. At that time, Doge was selling $0.00247.

“Even if Doge cryptocurrency is not so serious, Like a heart attack, developers relate to it with all seriousness. We understand, that the economy of several billion dollars depends on our solutions, Therefore, it is important to make the right choice ", – Lyumin said.

Recently founder Cardano Charles Hoskinson (Charles Hoskinson) stated, that Dogecoin has potential, But some corrections must be made to the project. In recent months, DOGE demonstrates high volatility. Hoskinson believes, that developers will need years, to develop DOGE as a reliable cryptoactive for payments.

Not everyone believes in the future of cryptocurrency-meme. Recently President of the Federal Reserve Bank (FRB) Minneapolis called Dogecoin a financial pyramid.