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 response? There are no more DOGE memes as usual. He's afraid … pic.twitter. Com / 78WzM5ICjA – Elon Musk (@ elonmusk) 24 May 2021 The importance of decentralization Blockchains are massive networks of large numbers of nodes – or basically “ servers, '' verifying transactions and generating new blocks. For a blockchain to work, consensus must be reached between nodes. No party can unilaterally change the rules of the blockchain. Consent of all members. To maintain this level of security, a blockchain needs as many nodes as possible, said Buterin Alchemy CEO: DeFi's are at risk due to gas costs. $ 8 billion growth.We don't know exactly when herd immunity started for coordinated coordination, but one thing is definitely clear: no more problems.

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