Elon Musk's approach to scaling Dogecoin is 'fundamentally flawed': Ethereum co-founder

Tesla and SpaceX CEO Elon Musk argued that his favorite cryptocurrency Dogecoin needed radical technological advances to defeat Bitcoin and win "no doubt" crypto wars. In a tweet last week, Musk said Dogecoin should accelerate the blockchain by "10X", increase network capacity by the same margin, and reduce the cost of using the blockchain by "100X". Vitalik Buterin, co-founder of Ethereum, said this approach to scaling a blockchain network was "fundamentally flawed". In an article titled "The Limits of Blockchain Scalability," Buterin explained that while folding settings ten may seem like an attractive option on paper, it will make blockchains much less secure and less decentralized. "Upgrading the settings is very appealing at first: If you do the math in a briefcase, it's easy to convince yourself that a mainstream laptop can process thousands of transactions per second, without adding new technical advances," he writes. Buterin. Unfortunately, there are many subtle reasons why this approach is fundamentally flawed, ”he added. Elon Musk's answer? As usual there are no more DOGE memes. He's afraid … pic.twitter.com/78WzM5ICjA – Elon Musk (@elonmusk) May 24, 2021 The importance of decentralization Blockchains are massive networks that basically consist of many nodes or “ servers '' that authenticate and generate. new blocks. For a blockchain to work, consensus must be reached between nodes – and that's what makes these networks decentralized. No party should unilaterally change the rules of a blockchain without the consent of all its members. Buterin stated that a blockchain needs as many nodes as possible to maintain this level of security. Alchemy CEO: DeFi's $ 8 billion growth is in jeopardy due to gas costs "We don't know the exact threshold at which herd immunity to coordinated attacks comes into play, but one thing is definitely clear: no more nodes.

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