Elon Musk: Vitalik Buterin is afraid of Dogecoin
Vitalik Buterin challenged Dogecoin’s scalability intentions as tweeted by Elon Musk. The latter responded by claiming that the co-founder of Ethereum is afraid of DOGE.
In a tweet in recent days, the Tesla CEO had predicted that Dogecoin could speed up block time by 10 times, increase the block size by 10 times, and lower fees by 100 times. The conclusion:
“It wins hands down”.
But is such a process really feasible? Not for Vitalik, at least not without compromising the decentralization of the blockchain. In fact, the Ethereum founder explains that there are solutions for scaling the blockchain, some of which include sharding systems, but they have limitations.
In his lengthy blog post, Vitalik Buterin examines these technical aspects.
His conclusion is that there are two ways to scale the blockchain, technical improvements of the fundamental aspects and increasing the parameters. He then adds:
“For a blockchain to be decentralized, it’s crucially important for regular users to be able to run a node, and to have a culture where running nodes is a common activity”.
According to Vitalik, all the improvements that can be made to Ethereum would increase its scalability threefold. Even with sharding, there would be limits. Therefore, he concludes:
“Those limits are high enough that we can probably process over a million transactions per second with the full security of a blockchain. But it’s going to take work to do this without sacrificing the decentralization that makes blockchains so valuable”
Elon Musk’s response to Vitalik Buterin’s remarks
Elon Musk obviously didn’t stand by and with his usual irony, commented on Vitalik Buterin’s analysis. He did so, as usual in a tweet. Specifically, the CEO of Tesla has addressed the news published by Cointelegraph on the analysis of scalability by tweeting, referring to the founder of Ethereum:
“He’s afraid of DOGE”.
He fears the … pic.twitter.com/78WzM5ICjA
— Elon Musk (@elonmusk) May 24, 2021
However, this latest tweet from Elon Musk did not provoke the usual buying rush for Dogecoin. After the turbulent weekend that saw the price of Bitcoin and major cryptocurrencies plummet, Dogecoin’s value is up 1.2% today and is back at 33 cents. That’s still a great performance considering the 24-hour low, according to Coinmarketcap, was 25 cents.