Renowned cryptocurrency figure Timothy Stebbing has raised concerns about a significant problem afflicting Dogecoin. The developers of DOGE are currently engaged in a brainstorming session within the foundation’s board and core developers, actively seeking solutions to safeguard the Dogecoin network. This urgent session aims to address the current issue plaguing the original cryptocurrency, referred to as being “stuck/unresponsive.”
The Challenge: According to Stebbing, who acknowledged a major issue related to the “Doginals” hindering the Dogecoin network, all developers and board members are pooling their ideas to resolve the problem, ranging from friendly to extreme approaches. The challenge lies in the interference caused by Dogecoin’s use of blockchain to create Doginals (inscriptions) on the first-layer blockchain.
Proposed Solution: Stebbing suggests the need to “move data off-chain at the protocol level” and emphasizes utilizing the DOGE network from the first layer for verification purposes rather than storage. This strategic shift could potentially alleviate the current issue and enhance the overall efficiency of the Dogecoin network.
Community Discussion: Responding to a suggestion by a commentator to collectively discuss the issue as a community, Timothy Stebbing concurs, acknowledging the decentralized nature of Dogecoin. He proposes an off-chain data transfer approach to improve the health of the blockchain and advocates for using the first-layer DOGE network solely for verification, not storage.
Transaction Surge and Identified Problem: As previously noted, the issue was already brought to attention by Dogecoin contributor @Tdogewhisperer, who highlighted a new peak in Dogecoin transactions, reaching 1.9 million in 24 hours. However, these transactions were not related to fund transfers or verifications but rather contributed to what some perceive as bloatware/random data.
Divergent Views Within the Dogecoin Community: There is a divide within the Dogecoin community regarding the nature of these inscriptions, with some likening them to NFTs and others considering them bloatware/spam. The contributor emphasizes that these inscriptions hold no actual value or use case.
Large DOGE Transfer to Robinhood: In a separate development, prominent cryptocurrency tracker Whale Alert shared details of a substantial cryptocurrency transfer, where 100 million Dogecoins were sent to Robinhood. The transaction, initiated by an anonymous source’s blockchain wallet, amounted to $7,836,678. This significant Dogecoin transfer to Robinhood coincided with a 2.56% decrease in DOGE’s value since Monday. Despite this, DOGE attempted a recovery today, adding 1.04%.
Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. Coinshiba.online disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.
One Comment