The popular dog memecoin Dogecoin (DOGE) has moved marginally higher after Elon Musk discussed block size and how long blocks should take to execute on the network.
During a talk with one of DOGE’s creators, Shibetoshi Nakamoto, he emphasized that block size. Then, and time should stay up with the rest of the internet, referring to Dogecoin’s advances.
Elon Musk Discusses Dogecoin
During this Twitter exchange, Robinhood’s CEO discussed how Dogecoin may become the internet’s and people’s money. He pointed out that Dogecoin has very cheap fees when compared to other blockchain networks like Ethereum (ETH) or Bitcoin (BTC).
Simultaneously, he suggested that the block time should be rapid enough that transactions can be recorded in the following block in less time than it takes to make a payment at a POS terminal.
Six seconds, according to Elon Musk, could be a good block period for Dogecoin. That’s, because it is a “long time to computers.”
Meanwhile, Dogecoin’s founder noted that he chose 1 minute blocks since there had been some chatter on Bitcoin about 45 seconds causing problems in some blockchain networks.
On the Dogecoin network, 60 seconds seems to be a good amount of time for blocks to be processed without too many problems.
Furthermore, Shibetoshi Nakamoto stated that online infrastructure has improved sufficiently in recent years. Inorder, to allow for the testing of new options for investors.
Block and time, according to Elon Musk, should keep up with the rest of the internet. Dogecoin has gained about 4% as a result of these statements, while the entire crypto market is trading sideways. The price of the coin has risen to $0.14629 per coin, with a market capitalization of $19.23 billion.
However, not everyone agrees with Elon Musk. The Bitcoin community, in particular. Engineers have been battling with scalability since the creation of Bitcoin. That’s, according to Peter McCormack, one of the most prominent podcasters in the crypto business.
Let’s not forget that Bitcoin has integrated the Lightning Network, a second-layer scaling solution (LN). While the Bitcoin blockchain has become the world’s most secure, executing on-chain transactions may not be suitable for everyday use.
This is why, when it comes to scalability, the Lightning Network may become a critical component of Bitcoin in the next years.
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