Breaking DOGE Comes Back to Life with Protocol Update

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A new protocol update called Dogecoin Core 1.14.3 has been released by Dogecoin developers.

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The two crucial improvements of the update are focused on synchronization speed and reduction in the “default mempool expiry time”.

Dogecoin’s development have been at a standstill since October 2019, that is, until yesterday. It appears that Dogecoin is officially back, following a post from lead developer Ross Nicoll in the r/dogecoin subreddit. It stated that the release of a new iteration of the Dogecoin Core protocol.

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Elon Musk Blasts DOGE to the Moon

Dogecoin is originally a cryptocurrency that was created to mock the crypto space, as admitted by founder Jack Palmer. However, everyone took the Inu Shiba coin seriously, especially Tesla founder Elon Musk. His affinity for DOGE has not just pushed the price but also pushed development now.

In early February, lead maintainer Nicoll has started taking a few pull requests on Dogecoin’s GitHub. Right now, we’re seeing the Dogecoin Core 1.14.3, the latest version of the protocol.

New and Improved DOGE

According to the dev team, this update is “minor” but adds important performance optimizations. It can be installed on an existing 1.14 installation without re-download, re-indexation, or uninstallation, as stated in the Reddit post.

The two largest improvements to the protocol are focused on synchronization speed and reduction in the “default mempool expiry time”.

By cutting out hefty integrity checks each time a block is broadcasted to another node, the time it takes to update blocks is lesser. However, checks are still executed during rescans and whenever a block is received.

The minor upgrade has also managed to reduce the time it takes for transactions to be cached, from 336 hours to 24 hours. Furthermore, it brings other improvements such as an the increase of “block download timeouts,” and many more.

Source: Dogecoin Github

Elon and Devs dominate the asset

It started out as a joke, but Dogecoin may have taken a new turn towards a brighter future, thanks to Elon Musk’s tweets. His latest tweet on February 4, a faux image of the Inu Shiba mascot holding a Dogecoin flag on the moon, had caused the price to spike afterward.

Furthermore, Musk had also stated that he bought “some Doge” for his son, “so he can be a toddler hodler.”

Year-to-date, the price of DOGE had risen from a measly $0.0047 to $0.0501, and peaked at $0.0849, an 18x increase. Apparently, this has caught the attention of its developers.

“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.”

Ross Nicoll

Considering the level of attention the meme coin is getting, coupled with the renewed resolve of its developers, Dogecoin might actually have a place in the future as a legitimate global currency. But one of its biggest drawbacks remains: more than half of all coins are held by the top 20 addresses.

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