the Core developer of the meme cryptocurrency Dogecoin (CRYPTO: DOGE) have released a new software update to prepare the network for future transaction fee reductions.
The developers of the Dogecoin core explained on Twitter that the new update Dogecoin Core 1.14.4 is intended to fix programming errors and improve performance. The update was recommended for all Dogecoin users.
Dogecoin 1.14.4 released – https://t.co/drdeTJYqR4
-Allows for future fee reductions
Improves synchronization speed (2.5x in some cases)
RPC ‘getpeerinfo’ improvements.
GUI options for adding peers and importing private keys and peer traffic visibility
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– Dogecoin developer (@dogecoin_devs) August 21, 2021
According to core developer Patrick Lodder the update will help prepare the network for a reduction in recommended fees by “reducing the standard fee requirement 1000x for transaction relays and 100x for mining.”
Dogecoin co-creator Billy Markuswho is on Twitter under the username Shibetoshi Nakamoto occurred, noted that the new update is the first part of a two-step update to lower the fee recommendation, while a subsequent version will implement the lower fee recommendation.
Fee reduction not immediately –
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“This is the first part of a two-step update to lower the fee recommendation – a subsequent release will implement the lower fee recommendation as soon as the network adapts to the relay requirements introduced with this version of Dogecoin Core.”
– Shibetoshi Nakamoto (@ BillyM2k) August 21, 2021
Why it matters
The proposal to reduce the Dogecoin transaction fee was made by Dogecoin developers Ross Nicoll announced in June and received support from Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk and also Markus.
The plan is to change the standard fee rate to 0.01 DOGE. The average Dogecoin transaction fee at the time of publication is 2.46 DOGE, or ($ 0.779), according to BitInfoCharts.
Dogecoin’s year-to-date earnings are an impressive 5,467.9%. However, the meme cryptocurrency is down nearly 57.1% from its all-time high of $ 0.7376 reached in May and is now in seventh place in terms of market cap, according to CoinMarketCap data.
Lower transaction fees would increase the acceptance of the Shiba Inu coin by cryptocurrency users and help the network with other cryptocurrencies like Litecoin (CRYPTO: LTC) and the leading cryptocurrency Bitcoin (CRYPTO: BTC) remains competitive.
Price action: Dogecoin is up more than 1% in the past 24 hours and was trading at $ 0.3179 at press time.
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