Reminder: The Dogecoin update is coming soon! It will position Doge perfectly to become one of the most used currencies in the world.— Matt Wallace ⚠️ (@MattWallace888) July 9, 2021
BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.— Elon Musk (@elonmusk) July 9, 2021
There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.
Doge is already 15x faster than Bitcoin.— Pranay Pathole (@PPathole) July 9, 2021
Fee drop is easy to achieve.
Block size increase is easy to achieve.
Block time speed up by 10x is the hardest part.
Block size & frequency should steadily increase to match broadly available bandwidth— Elon Musk (@elonmusk) July 9, 2021
What would be a sweet spot for number Transaction per second - should it reach the speed of Visa to be really useful ?— Tesla in the Gong ???????????????????? (@TeslaGong) July 9, 2021
It won't need to reach visa speed, as regulated exchanges will act as de facto second layer.— Elon Musk (@elonmusk) July 10, 2021
But the perfect should not be the enemy of the good – it is still good to increase base layer transaction speed & lower base layer transaction cost.