Dogecoin’s core developers have recently rolled out a new software update to ready the network for forthcoming reductions in transaction charges.
The core developers took to Twitter to state that the latest Dogecoin Core 1.14.1 update is intended to deal with programming bugs and glitches as well as boost performance. The aforementioned update has been released for all regular users of the joke-originated digital currency.
According to Patrick Lodder – a core developer at Dogecoin – this recent update will help ready the network to reduce the recommended charges by decreasing the default fee requirement 1000 times for transaction relay, and 100 times for crypto mining.
Dogecoin co-founder Billy Markus, who also goes by the pseudonym Shibetoshi Nakamoto on Twitter, remarked that the latest update is the initial part of a two-part update meant to decrease the fee recommendation. An additional release, i.e., the second part of the entire release, will implement the lower fee recommendation functionality.
Markus elaborated on Twitter that the fee reduction will not be operational instantly, rather, this first part of the update is meant to lower the fee recommendation. The follow-up release will carry out the lower fee recommendation functionality, that is once the network has adjusted to the “relay defaults” introduced into the system via this latest-so-far update of Dogecoin Core.
In June, the plan to reduce Dogecoin transaction charges was revealed by Ross Nicoll, Dogecoin developer. His proposal was also seconded by Tesla. The CEO of Tesla, Elon Musk responded favorably to Nicoll’s tweet comprising the fee change proposal. He stated in his response that this proposal was crucial to support.
The proposal offers support for the modification of the default transaction charges rate to 0.01 DOGE. According to what BitInfoCharts has reported, as of now, Dogecoin transaction fees stand at 2.46 DOGE (or 0.779 USD).
The meme-based digital currency’s current annual gains are at a substantial 5,467.9 percent. It is of note, however, the digital currency is down approximately 57.2 percent from its peak high of 0.7376 USD acquired earlier in May. According to data retrieved from CoinMarketCap, Dogecoin currently sits at seventh place concerning market cap.
Lowered transaction charges would encourage increased acceptance of Dogecoin by crypto users and investors and help maintain the network’s competitiveness with other digital currencies such as Litecoin, and leading cryptocurrency Bitcoin.