Ethereum (ETH) co-creator Vitalik Buterin said he loves Dogecoin (DOGE) and has suggested collaboration between the meme cryptocurrency and Ethereum for scalability.
What Happened: Speaking on the Lex Fridman Podcast, Buterin said he definitely does not “fear the Doge” and in fact, loves the cryptocurrency and holds some coins. He added that Ethereum accepts Dogecoin every year for its annual Devcon conferences.
Buterin feels that the challenge basically for scalability of Dogecoin is that just increasing the parameters without doing anything else makes it more difficult for people to validate the chain. He noted that the blockchain would likely become centralized and vulnerable to all kinds of capture.
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“If Doge wants to somehow bridge to Ethereum and then people can trade Doge thousands of times a second inside of loopring, that would be amazing. If they want to just take zkRollup-style technology and just have thousands of transactions a second on their own chain, that would be a great outcome as well.”
Buterin also said that having a secure Doge-to-Ethereum bridge would be “amazing.”
“Once Ethereum gets its scalability, any scalability thing that works for Ethereum as such that you would be able to also trade Doge with extremely low transaction fees and very high speed as well,” the Ethereum co-creator said.
Buterin noted that such technology to enable such a cross-chain interaction is still in its infancy. The cryptocurrency entrepreneur noted that if there is potentially some way for Dogecoin to merge mine with an Ethereum proof-of-stake in some kinds, that could be an interesting alternative.
Why It Matters: In May, Buterin said in a blog post that Tesla Inc. CEO (NASDAQ:TSLA) Musk’s vision for Dogecoin may encounter technical roadblocks, noting that there were important but “quite subtle” technical factors that limit blockchain scaling.
Buterin noted that while sharded blockchains “can scale much further because no single node in a sharded blockchain needs to process every transaction” even there, there are roadblocks to capacity.
Price Action: Ethereum is down 7.4% lower during the past 24 hours and is trading at $2620.40 at press time, while Dogecoin traded 14.8% lower at $0.3674.