Dogecoin transaction fees were reduced by developers

Dogecoin’s developers have published a new version of their cryptocurrency’s “full” wallet. The version includes decreased Dogecoin transaction fees in addition to standard security and performance enhancements.

we do a little releasing. Dogecoin Developers (@dogecoin_devs) November 8, 2021

The upgrade is recommended for all wallet users, miners, various services, and relay operators. Patches are included for “two high severity vulnerabilities that affect the majority of community members.”

The project team continued to focus on lowering Dogecoin transaction fees. Dogecoin Core 1.14.4 was released in August, and it cut processing fees and miner fees by a factor of 1,000 and 100, correspondingly.

The developers lowered the “suggested fees” in version 1.14.5. This indicates that the wallet will send transactions for 0.01 DOGE per kilobyte of data by default. The fee is now calculated based on the precise quantity of the transaction, rather than rounding.

Billy Marcus, a co-founder of Dogecoin, described the update as “critical” for everybody in the network. There are only two reasons to reject the update, according to him: “hate of money” and “hate of users.”

why not update to 1.14.5? – you hate money- you hate your users- Shibetoshi Nakamoto (@BillyM2k) November 8, 2021

Elon Musk said in May that Dogecoin can “easily” override bitcoin if the project team increases block production speed and size while also lowering commissions.

In many ways, Dogecoin’s success became a symbol of broader cryptocurrency market confidence, affecting investors in a wide range of altcoins. At the same time, April 16 was a watershed moment in terms of technology: the Dogecoin blockchain was able to “digest” transactions totaling more than $12 billion in less than a day. In the same 24-hour period, the Ethereum blockchain had “just” $6 billion in transactions.

In June, Tesla’s CEO backed Dogecoin developer Patrick Lodder’s plan to lower fees and promote decentralization in the cryptocurrency’s network.

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Arsen Islamov
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