Dogecoin (CCC:DOGE-USD) is getting pats from one of its best friends today. Tesla (NASDAQ:TSLA) magnate and cryptocurrency aficionado Elon Musk is tweeting his thoughts on the meme coin’s incoming network upgrade. The long-awaited changes are sweeping, and as Musk himself confirms, they stand to declutter and streamline the DOGE blockchain.
The Dogecoin network is having a busy summer. While its price plummeted from its all-time high in May, the coin has maintained a steady upward crawl. Additionally, developers of the network have been promising huge updates to it, helping to make transactions between DOGE holders more efficient. These updates have been proposed by one of Dogecoin’s lead developers, Patrick Lodder. Lodder released two proposals for upgrades, one of which contains the large update, which most notably lowers transaction fees by 1,000%.
The second, larger upgrade is still in the works. However, the smaller one came to the network at the end of August. It pares down on the amount of data nodes send alongside transactions, allowing speeds to increase. They also make several security upgrades and allow users to import private keys. Most importantly, the update implements the fee-reduction infrastructure that will take over with the larger upgrade.
Elon Musk Approves of DOGE Upgrades Ahead of Major Restructuring
Elon Musk is making his warm feelings toward the upgrade known on Twitter today. The Dogecoin bull calls the August upgrade “good progress” and lauds developers’ willingness to apply information theory to the upgrades.
Good progress. Applying information theory to currency (which is just information), lower fees reduce noise & faster & more consistent sync time improve latency & jitter.
— Elon Musk (@elonmusk) September 2, 2021
The billionaire entrepreneur has had his hand sunk into the Dogecoin network for a while now, so this approval is a big deal. He has reportedly been working with developers for years, and after slamming Bitcoin (CCC:BTC-USD) earlier in the year for its energy consumption, he promised to help make Dogecoin as energy-efficient as it can be. It’s obvious that the network is making major progress if Musk is touting the news as excellent.
It’s worth noting that Elon Musk isn’t the only crypto influencer who has been working with developers recently. Ethereum (CCC:ETH-USD) co-founder Vitalik Buterin has taken an advisory role in the revamped Dogecoin Foundation, bringing even more star power to the meme network.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.