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Ethereum Co-Founder Says He Doesn’t Fear The DOGE

via Bitcoinist.com at June 08, 2021 at 01:00AM

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Ethereum Co-Founder Vitalik Buterin sets the record straight by saying he’s open to working with Dogecoin developers to improve the meme token. This could come in the form of a bridge between the two cryptocurrencies.

Previously, Buterin criticized Elon Musk’s comments on making Dogecoin better than Bitcoin, saying it isn’t as easy as how he described it.

Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.

Many took this as a snub against DOGE, with Musk posting a “fear the doge” tweet in response.

But clarifying the situation, Buterin said he was merely pointing out the technical challenges. What’s more, rather than fear the doge, Buterin says he loves the doge.

Ethereum Boss Loves Him Some DOGE

Giving examples that demonstrate his support for Dogecoin, the Ethereum boss said he once visited Japan and met with the actual doge that inspired the meme.

Owner Atsuko Sato, a relatively well-known Japanese blogger, adopted Kabosu from an animal shelter in 2008 after being rescued from a puppy farm. Kabosu was named after the kabosu fruit, a citrus relative, due to her round face, which bears a resemblance to the fruit.

The annual Ethereum Devcon conferences also accept Dogecoin as well. This year’s Devcon will take place in Bogata, Columbia. But organizers have pushed back the initial August date and have yet to give details on when it will happen. Coincidently, the website homepage features a doge character.

Ethereum devcon homepage with doge character

Source: devcon.org

Buterin also mentioned that he’d bought DOGE in the past and still holds some to this day.

Working With Dogecoin

In setting the record straight, Buterin explained what he meant when he wrote there are limits to scalability as a response to Musk’s Dogecoin plans.

“If you just increase the parameters without doing anything else, then it just becomes more and more difficult for people to validate the chain and it becomes more likely that the chain becomes centralized.”

As far as Ethereum working with Dogecoin, Buterin liked the idea of a Dogecoin to Ethereum bridge but implied this is one for ETH 2.0. Nonetheless, Buterin envisions a wrapped DOGE token operating on the network.

“I think if we could have a secure DOGE to Ethereum bridge then that would be amazing. And when Ethereum gets its scalability, any scalability thing that works for Ethereum assets you would also be able to trade wrapped DOGE with extremely low transaction fees and very high speed as well.”

However, Buterin admitted that bridging and interoperability are concepts still in their infancy. And with no plans for Dogecoin to convert from proof-of-work to a proof-of-stake mechanism, as Ethereum is doing, this makes interoperability between the two a more complicated affair.

Ethereum daily chart

Source: ETHUSD on TradingView.com