KEY POINTS

  • Dogecoin Core nodes can now upload blocks at a much faster rate
  • It also reduces the time it takes for transactions to get cached
  • Originally, and still is, a joke cryptocurrency, Dogecoin has amassed a ton of “supporters”

As the popularity of Dogecoin continues to increase by the day, the developers for the cryptocurrency introduce a new update that will enable the token to keep up with other cryptocurrencies as well as live up to its hype to become a global currency. 

In its first update since 2019, the key improvement introduced is synchronization speed. This means the nodes can upload blocks at a much faster rate by removing “integrity checks” that were always performed when a block is sent from one node to another. The checks are still performed when a block is received and during rescans of the blockchain that is stored locally.

The update also reduced the time it takes for transactions to get cached in the mempool, from 336 hours down to just 24 hours. “This default setting can be overridden with the -mempoolexpiry parameter by individual node operators to a value (expressed in hours) that makes the most sense for the use cases the node serves,” the update stated.

Other items in the update include some translation corrections, fixes to documentation, and increased block download timeouts.

Social media and Dogecoin supporters welcomed this good news with a more positive outlook on the future of cryptocurrency. Since the Dogecoin Core is essentially a wallet for $DOGE, when users asked why this is better than having a wallet in a crypto exchange like Binance, users replied that using Dogecoin Core essentially means owning your own keys to your cryptocurrency. “On this wallet, you own your keys and the software doesn't rely on anyone but you and your network connection. There is no way anyone can lie to this wallet and suddenly make your coins disappear,” one Redditor said.

Released as a joke cryptocurrency in 2013, Dogecoin has had numerous “pump and dump” moments in the past. This year, however, the pump was sustained because of the support of celebrity “supporters,” which include rock band Kiss member Gene Simmons, Dallas Mavericks owner Mark Cuban and Tesla founder Elon Musk. Musk himself is dubbed the “CEO” of Dogecoin. Anytime Musk tweets about Dogecoin, the price either increases or decreases depending on his sentiment. For example, Dogecoin’s price increased when Musk said he bought Dogecoin for his son. Its price decreased when he criticized the fact that a large portion of Dogecoin’s supply is concentrated to a few holders.

Japanese Shiba Inu dog Japanese Shiba Inu dog, the official mascot of the internet meme-centric cryptocurrency Dogecoin. Photo: Matt Cardy/Getty