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Dogecoin To Receive A Large Upgrade Soon

The new upcoming upgrades for the cryptocurrency include two individual proposals from the developer and Liberate cofounder Patric Lodder. The first one was made on the 14th of March and is set to include some features similar in nature to Bitcoin that eliminate certain glitches, opening the chain to even more opportunities.

The second proposal, i.e., a fairly recent one, involves a significantly reduced transaction cost set to bring down the average fee by one hundred times, aside from other things. When enquired about when these updates would be rolled out, Lodder replied that it is going to be based on how the 1.14.4 release fares.

He stated that after they observe how the 1.14.4 release works, they will be able to establish some timelines. He also added that they should better understand deployment timelines for the fee recommendation in the middle of August.

The range of updates that will come after update 1.14.4 fee adjustments will bring in some features that are found on Bitcoin to Dogecoin. These include SegWit (or segregated witness), which lowers the chances of transaction malleability and enhances block capacity.

Transaction malleability was a glitch in Bitcoin’s part where anyone could alter codes identifying transactions in such a way that it made it highly difficult to determine if a withdrawal had been carried out or not.

Dogecoin is also set to receive what is known as a CSV (or Check Sequence Verify) that authorizes Bitcoin to allow payment channels such as the Lightning Network that can significantly scale its capability to deal with much higher transaction volumes.

The updated proposal will also bring down the minimum relay fee a transaction is required to pay for the node to transmit the transaction throughout the entire network, among several other updates.

In conclusion, Dogecoin is receiving a vital nip and tuck, gradually inching it closer to the level of Bitcoin. These updates will be added with the aim of making the network all the more functional.

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