Not everyone has been fond of what’s been happening with and around Dogecoin, especially since Tesla and SpaceX chief Elon Musk took to pushing up hype (and therefore the prices) of Dogecoin. The cryptocurrency was created as a joke, in response to a meme involving a Shiba Inu puppy. After its record setting price rally and now-subsequent fall, the latest (but very subtle) critic of the manic ride is Charles Hoskinson, the creator of Ethereum (ETH) and Cardano (ADA). Taking to Twitter, Hoskinson posted a nearly 9-minute explainer video titled ‘How to fix Doge (for Elon Musk)’, causing what is right now an avalanche of Musk being tagged all over the post.
In the video, Hoskinson starts by urging Musk to revise Dogecoin into using cryptocurrency Prism’s proof of work protocol in mining the currency, and getting up to 10,000 transactions per second capacity with it – therefore enhancing tradability. He further advised Musk to implement Hashcore’s proof of work function with Dogecoin, to enable ASIC resistance. Quantum resistance, or ASIC resistance, prevents people from using quantum computers or ASIC machines in mining cryptocurrencies. It does so by preventing the unfair computing advantage of these machines over traditional machines.
How to Fix Doge (For Elon Musk) https://t.co/3qZiwO2qK1
— Charles Hoskinson (@IOHK_Charles) May 17, 2021
He further highlighted how Dogecoin is not programmable and is therefore limited in applications, and suggested a good underlying language revision for the currency, along with implementing smart contracts. Hoskinson’s choice of script here is Ergo – which underpins the UTXO blockchain protocol behind the ERGO crypto coin. With all of these suggestions, Hoskinson wrapped up by saying, “I wish him the best of luck in rebuilding that cryptocurrency with his super elite engineers, which I have no doubt he has as he’s one of the world’s richest men.”
The advice that Hoskinson offered Musk appears to be pretty solid, backed by multiple technical facts around cryptocurrencies, their underlying transaction technologies, their code scripts and so on. The underlying tone was something that many would agree with, urging Musk to stop toying with the crypto market’s prices – something that’s biggest drawbacks are also getting highlighted as a result of the push-pull market tides of late. It also highlights how crypto coins can be manipulated by decentralised market forces, and therefore makes for a poor retail investor avenue.
In other words, Musk’s adventures with Dogecoin are somewhat pushing many off the potential of trading and holding cryptocurrencies. It is this that could have helped crypto grow into a regularly accepted currency worldwide, but the antics of Musk have somewhat highlighted the downsides of an individual’s pull on an entire currency. Since cryptocurrencies are not tied to any centralised commodities or market securities either, the way conventional equity scrips are, Hoskinson’s advice holds even more dear in the need for establishing certain protocol, before any and every cryptocurrency can be heralded as “the future”.