Elon Musk has publicly supported a proposal made by Dogecoin (DOGE) developer Patrick Lodder aimed at lowering the fees in the network of the cryptocurrency.
In response to a tweet published by the dev, Elon Musk has said “important to support.”
The developer has explained in the popular forum Reddit the implications of the proposal:
“This proposal to all Dogecoin stakeholders implies a 100-fold reduction in fees for standard transactions on the network, separation of full control over all aspects of fees between miners and node operators, less reliance on key developers and the return of a functional (small) transaction space that stimulates the maintenance of the network.”
As a result, Lodder aims to achieve a reduction of the transaction fees as well as to increase the decentralization of the network of the meme cryptocurrency.
He claims that the rise in the price of the crypto in relation to BTC and the US dollar has increased the fees to 1 DOGE, which has resulted in users leaving their assets in centralized platforms as they do not wish to spend such a high amount to transfer their holdings.
We should remember that Musk has previously said that Dogecoin could beat Bitcoin if it “increases the speed of block production and their size by 10 times, and the fees are reduced by 100 times.”