In an interview with AI researcher Lex Fridman on YouTube, Ethereum co-founder Vitalik Buterin talked about the cryptocurrency’s future, the blockchain’s in-progress upgrade to the proof-of-stake token creation and transaction validation model, and the popular meme cryptocurrency Dogecoin.
When Fridman asked Buterin if it would be possible for Dogecoin to “beat bitcoin hands down,” the latter said:
If doge wants to somehow bridge to Ethereum and then people can trade doge thousands of times a second … that would be amazing.
I pretty much agree with Vitalik
— Elon Musk (@elonmusk) June 5, 2021
Buterin also said the following about a possible bridge between Dogecoin and Ethereum:
I think if we can have a secure Doge-to-Ethereum bridge that would be amazing and then when Ethereum gets any scalability that works for Ethereum assets you would be able to trade wrapped doge with very low transaction fees and very high speed as well,
Successfully porting Dogecoin over to the Ethereum blockchain or building a secure bridge to it would allow the former to cut down significantly on transaction fees and speeds, which is exactly what Musk wants the cryptocurrency to do, in addition to reducing its carbon footprint and improving on its protocols.
The scenario would be even more beneficial for Dogecoin following the Ethereum blockchain’s in-progress upgrade, but that is expected to take a good few years to complete.
“There’s a power behind someone like Elon Musk pushing the development of a cryptocurrency,” noted Fridman.
Musk has been vastly influential in the crypto space over the last few months — the Tesla CEO sent Bitcoin soaring after a lucrative $1.5 billion USD investment in the currency and deciding to start accepting it as payment for Tesla vehicles, before contributing to a subsequent crash when Tesla announced it would no longer support Bitcoin as a payment method due to its growing carbon footprint.
The SpaceX CEO also made Dogecoin surge and fall when he hosted Saturday Night Live.
Yeah, I haven’t & won’t sell any Doge
— Elon Musk (@elonmusk) May 20, 2021
Musk has made it clear that he supports decentralized cryptocurrencies in the war against government-controlled fiat currency. With Bitcoin’s seemingly indomitable carbon footprint, it looks like the Tesla CEO is banking on Dogecoin and alternatives like Ethereum to become “the currency of Earth”, or at least lead to the development of one.
Nehal has a passion for everything tech — from electric vehicles to the latest smartphones, and everything in between, including coffee (click here to buy me a coffee!). Click here to get 1,000 Tesla Supercharger miles free with your next Tesla purchase.