Dogecoin co-founder Billy Markus urges Nodes to update to the new version
Recently, Billy Markus started actively promoting Dogecoin nodes. The project co-founder was hoax that “if you don’t run a Dogecoin node, you’re going to be a freak”. At the same time, he also distributes documentation on setting up Node.
Billy Markus – Co-founder of Dogecoin
Markus also posted as Tweetstorm It is recommended to update existing nodes to the latest version 1.14.4 so that more users (in the future) can benefit from lower transaction fees.
“I want to write something a little more nuanced about the Dogecoin node, so stick with me. Nodes are very important as they help keep the network running, validate transactions, and keep the blockchain up to date. It is best to upgrade to 1.14.4 which allows for lower transaction fees. “
Some members of the community are pushing for DOGE as a payment method. Last month, “godfather” Elon Musk said that low fees were “extremely important” to enable the plan to buy movie tickets from DOGE.
With increasing competition, especially from Shiba Inu, it is clear that Dogecoin needs to restore its dominant position in the meme coin space.
Being a form of payment doesn’t seem far-fetched for DOGE, so lower fees are likely to be required to get there.
Dogecoin core 1.14.4
Update Dogecoin core 1.14.4 was released at the end of August to fix minor bugs and improve performance. An important aspect of the performance improvement in this release is to enable future fee reductions.
The update prepares the network to lower the proposed fee by significantly lowering the standard fee requirement for both transaction routing and mining. It also gives miners, users, and node operators more leeway to negotiate fees.
“Reduced standard fee requirement by 1000x for transaction routing and 100x for mining. At the same time, it gives miners, wallets and node operators more freedom to negotiate fees … ”.
However, the introduction of the lower fees is divided into two phases, and this version is only the cornerstone for that. Publication later will recommend a lower fee.
The current model of the “sensible fee”, which was first proposed in 2014 and implemented in 2018, provides for a fee of 1 DOGE per kilobyte to prevent spamming of transactions in the chain. But the price of DOGE, which has exploded since then, has made this model relatively expensive to operate.
In addition, transactions with a forwarding fee of less than 1 DOGE are often not confirmed because there is insufficient incentive to forward them to miners for writing.
How many nodes does the latest version run on?
The purpose of 1.14.4 is to give all parties more freedom in pricing, rather than being limited to a reasonable fee model.
To date, more than half (56%) of the 1,710 Dogecoin nodes have updated to this version.
The source: Billy Markus
Markus shown that for 1.1.4.4 to be successful it will need more Node Operators to join and update.
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Dogecoin co-founder Billy Markus urges Nodes to update to the new version
Recently, Billy Markus started actively promoting Dogecoin nodes. The project co-founder was hoax that “if you don’t run a Dogecoin node, you’re going to be a freak”. At the same time, he also distributes documentation on setting up Node.
Billy Markus – Co-founder of Dogecoin
Markus also posted as Tweetstorm It is recommended to update existing nodes to the latest version 1.14.4 so that more users (in the future) can benefit from lower transaction fees.
“I want to write something a little more nuanced about the Dogecoin node, so stick with me. Nodes are very important as they help keep the network running, validate transactions, and keep the blockchain up to date. It is best to upgrade to 1.14.4 which allows for lower transaction fees. “
Some members of the community are pushing for DOGE as a payment method. Last month, “godfather” Elon Musk said that low fees were “extremely important” to enable the plan to buy movie tickets from DOGE.
With increasing competition, especially from Shiba Inu, it is clear that Dogecoin needs to restore its dominant position in the meme coin space.
Being a form of payment doesn’t seem far-fetched for DOGE, so lower fees are likely to be required to get there.
Dogecoin core 1.14.4
Update Dogecoin core 1.14.4 was released at the end of August to fix minor bugs and improve performance. An important aspect of the performance improvement in this release is to enable future fee reductions.
The update prepares the network to lower the proposed fee by significantly lowering the standard fee requirement for both transaction routing and mining. It also gives miners, users, and node operators more leeway to negotiate fees.
“Reduced standard fee requirement by 1000x for transaction routing and 100x for mining. At the same time, it gives miners, wallets and node operators more freedom to negotiate fees … ”.
However, the introduction of the lower fees is divided into two phases, and this version is only the cornerstone for that. Publication later will recommend a lower fee.
The current model of the “sensible fee”, which was first proposed in 2014 and implemented in 2018, provides for a fee of 1 DOGE per kilobyte to prevent spamming of transactions in the chain. But the price of DOGE, which has exploded since then, has made this model relatively expensive to operate.
In addition, transactions with a forwarding fee of less than 1 DOGE are often not confirmed because there is insufficient incentive to forward them to miners for writing.
How many nodes does the latest version run on?
The purpose of 1.14.4 is to give all parties more freedom in pricing, rather than being limited to a reasonable fee model.
To date, more than half (56%) of the 1,710 Dogecoin nodes have updated to this version.
The source: Billy Markus
Markus shown that for 1.1.4.4 to be successful it will need more Node Operators to join and update.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to Cryptoslate
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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