Dogecoin leveraged on the crypto bull run of earlier this year as its price-performance pushed it into the top 10 ranking of crypto assets by market cap and its price peaked at new all-time highs.
Dogecoin (DOGE) might have been in the news lately for its incredible price performance and the new level of publicity it is enjoying amongst crypto enthusiasts, however, emerging new details of the features appear to show that the developers of the coin are working towards making the hype surrounding the asset as true as it comes. According to an announcement made yesterday, a new version of the protocol’s core has been developed which would lead to the improvements of its “synchronization speed and reduced default mempool expiry time.”
This means that Dogecoin would have a significantly improved speed when it comes to uploading new blocks as the integrity checks that were hitherto performed previously have been removed. Previously, when a new block is uploaded on DOGE, an expensive integrity check is carried out on the block whenever it is being sent to a new node. Not only that, but the new development would also see to the reduction of time that transactions are cached in the mempool from 336 hours to 24 hours.
The recently improved exposure and the rise in the price of the asset encouraged the developers to work on improving its core functionalities. According to Ross Nicoll, who is the lead maintainer of the asset, noted that “people say it’s a joke coin but we’re very careful to take care of the code. When it took off there was a resurgence in attention and we want to keep the currency operational.” Since its creation in 2013, the crypto coin has been the butt of many jokes in the industry, however, the attention of Elon Musk plus other notable elite artists like Snoop Dogg has brought it into the limelight.
Interestingly, Dogecoin leveraged on the crypto bull run of earlier this year as its price-performance pushed it into the top 10 ranking of crypto assets by market cap and its price peaked at new all-time highs. The digital coin has however corrected but its market cap is still well over $6 billion and it is still in the reckoning of crypto enthusiasts.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
