The electric car CEO agreed with Vitalik Buterin on the matter of collaboration between Dogecoin and Ethereum. In an interview with the famous AI researcher Lex Fridman, Vitalik, the Co-founder of Ethereum, proposed a reliable bridge to link Doge and Ethereum, suggesting that this would be a wonderful integration.
The proposition by Vitalik was made more attractive when he exemplified a scenario where Ethereum attained more scalability that would work for all Ethereum assets. Trading of wrapped DOGE would be very affordable and record fast.
Currently, Ethereum is in the process of upgrades to help it migrate from a proof-of-work (PoW) agreement structure to a proof-of-stake (PoS) structure. According to Vitalik, the transition is taking much time because of the internal team conflicts that have slowed down the transition for the last five years.
Partnership Goes Live
The sentiments made by Buterin in June seem to have borne fruit, given that both he and Musk are now working hand in hand in the Dogecoin Foundation. Buterin provides the blockchain for this Foundation and also serves as the crypto adviser.
Buterin stated that there was s possibility of a collaboration between Ethereum and Dogecoin. If this happened, it would speed up DOGE transactions to be 1000 times faster per second. The Foundation is also comprised of Musk’s representative, Jared Birchall, who serves as a legal and financial adviser.
The Dogecoin Foundation is a team that has been reestablished to fasten the development efforts of the Dogecoin development team. The Foundation offers support to these developers to work round the clock and gives them the necessary funding. It also partners with external parties who wish to contribute to the Dogecoin project.
In establishing the bridge, an interaction between two different cryptocurrencies remains a milestone to be achieved in the crypto industry.
The Tesla CEO made some comments on Dogecoin upgrades. After a meeting with the developers of the DOGE coin, Musk commented that if Doge hastens the block time by a factor of 10, increases block size by a factor of 10, and reduces the fee by a factor of 100, then nothing would stand in its way or keep it from winning. However, these upgrades are yet to happen, with many expecting that the upgrades will propel DOGE prices once implemented.
Musk has been a core adviser to the Dogecoin developer team since 2019. At the time, he was voted in as the new Dogecoin CEO. Since then, he has been working to make Dogecoin cheaper and more environmentally friendly crypto compared to Bitcoin.
At some point, Musk had proposed to the Dogecoin developer team to allow him to offer funding that will aid in Dogecoin development. However, the Dogecoin development team turned down the offer and stated that they had received similar offers in the past but also turned them down.