Popular meme cryptocurrency, Dogecoin has undergone a minor, but relevant upgrade on its network weeks after an announcement from Elon Musk. Now being addressed as the ‘Dogefather,’ the Tesla billionaire’s influence has helped the joke token, since the start of the year, cross milestones including an all-time high on its price. The latest upgrade, a precursor to a much bigger one, is set to turn things around for Dogecoin and its network.
A Twitter account (@dogecoindevs) dedicated to the token reported the upgrade on Saturday, while noting that it features upcoming fee reductions, improved synchronization speed, graphical user interface (GUI) options for peers addition and importing private keys, security fixes, RPC improvements, and a host of others.
Latest Upgrade Introduces Fee Reduction Among Other Improvements
For the fee reduction update, Dogecoin’s network will witness a 1000x fee reduction for transaction relays and 100x reduction for mining. It also empowers miners, node and wallet operators to decide on fees irrespective of the defaults programmed into the current version. This will be achieved through specific controls designed solely for that purpose. Moreover, this update is supposed to be in two phases, with the first aimed at preparing the network for the latter phase which will fully implement fee reduction.
On synchronization improvements, the latest release fixes a bug in the network’s layer that unnecessarily increased data transferred during block downloads by 50 times. In light of the upgrade, this has been reduced by about 2.5 times. While for the RPC, the upgrade brings a new dimension to it such that each node peer is able to detect issues relating to transaction relay.
Security fixes were also included in the current installation (v1.14.4). Node operators can easily deploy the installation over a previous one without having to uninstall, re-index or re-download the latest release. In fact, it has been recommended for all node operators.
Dogecoin Foundation Revs to Life, Buterin Joins as Advisor
The role of Elon Musk in seeing the upgrade to reality cannot be overlooked. Beyond that, his plans for Dogecoin have necessitated the reconstitution of the previously disbanded Dogecoin Foundation, the team behind the token. Dogecoin creators and software engineers, Billy Markus and Jackson Palmer are core members of the team. Earlier this week, the foundation also announced the addition of Ethereum founder, Vitalik Buterin and a delegate of Elon Musk, Jared Burchill to the team as advisors.
Intending to ride the momentum Dogecoin has been generating since February, the role of the foundation will revolve around creating a solid framework for the token in a bid to foster its growth. The foundation was established in 2014 and also pledges to be a non-profit organization aimed at developing Dogecoin. Buterin’s inclusion in the team comes on the heels of comments made by the Ethereum billionaire in July, in which he declared that he was ready to work with Elon Musk in charting a relevant course for Dogecoin. Charles Hoskinson, founder of Cardano, also showed interest.
As of press time, Dogecoin’s price was yet to make a positive move on account of the announced upgrade. Still trading at $0.31, Dogecoin is more than 50% short of its $0.74 May all-time high.