How important is the Dogecoin upgrade for awareness and will the upgrade lead to more companies offering DOGE as a payment option? The community is assuming so, led by Tesla boss Elon Musk, who has pushed Dogecoin in the past. He’s a big supporter of the meme coin, and other companies have also been introducing DOGE as a payment method recently.
DOGE and its upgrade
Dogecoin is now the seventh largest cryptocurrency by market cap. This currently stands at around $36 billion when trading at $0.27 USD. However, the meme coin now has definite potential to rise from a fun coin to a serious cryptocurrency. This is because more and more companies are allowing payments with DOGE.
In addition, the community assumes that the upgrade will make DOGE even better known and thus even more companies will offer payments with Dogecoin. So the upgrade, which was only recently published on GitHub, has a very special meaning for the fun coin. The standard fee requirements are said to be reduced by 1000 times for transaction relays and 100 times for mining. In addition, GitHub states:
This is the first part of a two-phase update to lower the fee recommendation. A follow-up release will implement the lower fee recommendation once the network has adjusted to the default relay settings introduced with this version of Dogecoin Core.
Other benefits of the upgrade
Furthermore, various bugs are also expected to be fixed and the performance of the network is also expected to be improved significantly. At the same time, Elon Musk is back on the road and actively participating in discussions about the developments of the upgrade. In this regard, back in May, he shared what visions he has and how DOGE parameters could be improved with these visions. Especially in terms of how DOGE would be better used as a means of payment compared to Bitcoin. On this, he said back in May:
Ideally, Doge speeds up block time by 10 times, increases block size by 10 times, and lowers the fee by 100 times. Then it wins hands down.
We think this upgrade will take the fun coin a step forward again, so that DOGE can be classified as a serious cryptocurrency. Of course, this also makes it possible for more companies to accept Dogecoin as a form of payment.
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