Elon Musk’s involvement in the Dogecoin’s development: The big reveal
Sophia Cruz • 2 min read
There are many things happening around Dogecoin as Elon Musk appears to be pulling strings on this meme coin. The CEO and centibillionaire Musk tweeted that he is collaborating with Dogecoin’s developers as a consultant with an aim to improve the crypto’s transaction system. This was posted after a crucial announcement that Tesla will stop accepting BTC as payment. The company explained the decision to stop was because Bitcoin mining consumes high energy leaving an excessive CO2 footprint. This left the whole crypto world trembling and created a commotion.
Many reacted, including Bruce Fenton who identified himself as the lead developer at Doge, as stated in his tweet, “As lead developer at Doge, I have to say that Elon has never contacted any of us. We have a development system that we refer to as ossified preserved statefulness. If Elon wants to submit a DIP (DOGE Improvement Proposal) he’s welcome to – but we like the protocol how it is.”
Dogecoin former co-founder Jackson Palmer may not directly answer all the speculations but had tweeted about his disapproving with Elon Musk’s post and then his account got deactivated soon after.
As an update to Elon’s tweet, Ross Nicoll confirmed via phone call on an exclusive interview with Decrypt that Musk has been coordinating with them as early as 2019. The team of four part-time developers including Nicoll were offered fundings but politely declined Musk’s offer and other investors’ too. Nicoll mentioned that with Elon Musk’s counsel, “they could further reduce the cryptocurrency’s energy consumption—which, by one estimation on Thursday, is already just 7% of Bitcoin’s.”
Nicoll also relayed that there are currently many developers pitching in their assistance to improve the system. The 1.21 upgrade is in its finalizing stage and will include improvement in sync speed.
To add to the Dogecoin rush, Coinbase released an announcement that in the coming eight weeks, they are planning to support Doge and list it on their exchange.