Elon Musk is working with Doge devs to improve system transaction efficiency. He says it is potentially promising.
Dogecoin uses around 0.1 kWh per transaction compared to the over 1000 kWh per Bitcoin transaction.
XRP and Dogecoin are among the most energy-efficient cryptocurrencies.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Energy usage trend over past few months is insane https://t.co/E6o9s87trw pic.twitter.com/bmv9wotwKe
— Elon Musk (@elonmusk) May 13, 2021
SOURCES- Elon Musk Twitter
Written By Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
18 thoughts on “Elon Musk and Doge Developers Improving System Transaction Efficiency”
Thanks for the info, nice post. Thanks for sharing this cool information. I follow all the news and other information about promising ones, because I think that now this is a good option for investing money. Many young and promising coins look promising and their value is rising. But I still recommend keeping an eye on the price difference on special applications like https://play.google.com/store/apps/details?id=com.changelly.app&hl=en_US&gl=US, here you will always know the latest information.
More actually relevant examples would be Holland and various landfills in places like Tokyo harbour.
But even that is just being pedantic.
The REAL argument is that when someone wants to create thousands of hectares of land close to the centre of a major city (which is the only land that's actually in short supply) then the way to do this is to create a new transport system. Such as a high speed train system running from the city centre out to a series of small rural towns.
In one move, there is now a vast new area of land within a short commute from the city centre.
Hahaha, exception that proves the rule??
That's not what we hear about the South China Sea.
Apparently he touched a nerve by commenting on SegWit…
It will fade away, eventually.
Yet what's to prevent anyone else from creating another meme-based Crypto that steals attention away from Doge, etc? Maybe the better the meme, the more chance a crypto based on it has of eclipsing other cryptos?
Market Cap is not transaction frequency. So why would market cap matter, when much of that cap is sitting dormant and not being used?
Nah, it's just, why did it have to be Dogecoin, of all the possibilities? My son's a Doge fan.
And the latest I checked, there is no new land being created on Earth
Any creation of crypto coins creates new money which expands the money supply.
Add in the massive stimulus spending.
Expansion of money supply without expansion of physical goods means too much of money chasing the same level of physical goods
That can only lead to inflation.
It's like a self fulfilling prophecy. He tweets about Dogecoin because it's funny and then its value goes up for no reason. This made him reputationally tied to Dogecoin, so now he ends up giving it a reason be worth that value.
I'm sure this most recent announcement has caused another value rise too.
Such crypto, many value, much efficient wow…
Doge may have started as a joke, but it was really a stroke of genius.
Yes, there is an unlimited supply, but inflation is rigidly controlled to max 5B token/yr. That equates to less than 4% APR today, with the rate reducing every year as the ratio increases.
Elon may be on the spectrum, and in cahoots with other geek tycoons, but he is correct in the utility of an inflationary token, even if it is a meme.
I feel the opposite. I remember when PGP was hardcopied and hand-carried out of the country in order to defy our national security restrictions. Crypto-currency is a direct result of that root tech. It seems perfectly natural to me that today all of our secure email and Bitlocker-type security systems have become standard fare.
In the future, our elections will be transcribed using private-blockchain networks, and I will be able to vote from home while drinking my beer (if I decide to vote using digital ID). I will be able to log in and view the immutable ledger and verify that my vote has been properly recorded at any time. If I decide to change my vote prior to the election deadline I can contact an election official, who has permissions to append the immutable ledger to record the reversal of my vote. Or maybe they will verify my digital ID and create a token using their administrator token to send me a key to update the ledger, without me having to even put down my beer.
All of this encrypted data will be hashed on a chain branch with the other precincts. That group of precincts will be hashed on a chain of counties, states & territories, all the way to fed level. Each token level will have inherent and inherited properties such as a list of candidates. Precinct tokens inherit candidate from each higher level.
This is the way.
I get your feeling. All the silicon and storage complications of crypto-mining, and their potential ramifications and uses, are one of the most surreal developments I've seen of late.
This so-called efficiency is nonsense and here's why.
Mining effort follows the value of the block reward, which is the coins per block times the price of a coin. It doesn't much matter how many transactions are in the block. What matters is market cap and inflation rate. The Doge market cap is about 6% of the Bitcoin market cap, so if their inflation rate is the same, Doge will naturally use 6% as much energy.
There are also transaction fees to consider, since those also get paid to miners. Transaction fees are going to be high when there's a lot more demand than block space. That's the situation for Bitcoin, not so much for Doge.
Get the same transaction demand and market cap, and Doge will be about as "efficient" as Bitcoin. The real way to improve efficiency is to switch to proof-of-stake and do away with mining entirely.
God, no! My 12 year old son will become insufferable if Dogecoin supplants Bitcoin.
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