Last Thursday (June 3), Vitalik Buterin, the author of the Ethereum whitepaper, addressed Elon Musk’s suggestions for improving Dogecoin ($ DOGE) and spoke to MIT AI researcher Lex Fridman about the possible future interoperability between Dogecoin and Ethereum.
The Russian-Canadian programmer’s comments on the future of Dogecoin were made during episode # 188 of the Lex Fridman Podcast.
Fridman started this section of the interview by reminding everyone that Musk said on May 15 that Dogecoin would “beat Bitcoin mind-boggling” if its developers made three improvements: 10x faster block production time, 10x larger block size, and 100x lower transaction fees.
Ideally, Doge will speed up the block time by 10 times, increase the block size by 10 times, and decrease the fee by 100 times. Then it clearly wins.
– Elon Musk (@elonmusk) May 16, 2021
On May 23, Buterin published a blog post questioning the Tesla CEO’s ideas on the scalability of blockchains, saying that they lead to “extreme centralization” and “could affect the fundamental properties that make up a blockchain.” This was Musk’s answer:
Fridman wanted to know what the “technical hurdles” are for Dogecoin, which “prevent it from becoming one of the most important cryptocurrencies in the world”. He also wanted to know if Buterin was afraid of Dogecoin (as Musk had claimed).
“I definitely feel obliged to correct the record. I am definitely not afraid of the Doge! I love the doge. I actually visited the Doge in Japan a few years ago. She is a great dog who is still alive …
“We accept Doge for our annual Devcon conferences every year. I definitely don’t think Ethereum is against dog coins … I love Doge. I bought a couple of doges. I still keep a bunch of doges …
“When it comes to scalability, the challenge is basically like the limits of scalability and the tradeoffs of centralization … if you just increase the parameters without doing anything else it becomes more and more difficult for people to validate the chain, and it just becomes more likely that the chain will become centralized and prone to all kinds of capture …
“Personally, I think if Doge wanted to somehow build a bridge to Ethereum and then people could trade in a loop with Doge thousands of times per second, that would be amazing. If they just take zkRollup style technology and just want to have thousands of transactions per second on their own chain then that would be a great result too …
“I think if we can have a Doge-to-Ethereum bridge that would be amazing, and if Ethereum then got its scalability – any scalability thing that Ethereum assets could do could be a trade-packaged Doge with extremely low transaction fees as well very high speed. “
And when Fridman asked Buterin how difficult it was to build a secure bridge between two blockchains, Buterin replied:
“It’s definitely something that is still in its infancy. There were definitely some cross-chain interaction things done before. Probably the earliest is the concept of merge mining, when a chain simply makes its entire proof-of-work algorithm dependent on another chain’s proof-of-work algorithm.
“I think Dogecoin is actually merging Litecoin mines, which in retrospect is not a very good choice as Dogecoin is now bigger than Litecoin, but if there is possibly a way for Dogecoin to merge mine with Ethereum … then it could be interesting alternative …
“As for bridges, like a chain reading another chain, there was this project called BTC Relay early in Ethereum’s history. It’s a smart contract on Ethereum that only checks Bitcoin blocks. I think people didn’t really care about maintenance anymore because at that time there just weren’t enough applications that were actually interested and then the transaction fees got too high to actually maintain.
“So I think if we want to make a BTC Relay 2.0 that is going to be cheaper because it uses snarks or something like that, then probably you could, but maybe now is the time you can actually do that kind of check … But the only challenge, however, if you want a bridge that allows you to move assets between chains, you don’t need just a one-way review – you need a two-way review.
“And Ethereum can verify anything, as Ethereum smart contracts can only execute arbitrary code, but if you want Bitcoin to be able to do things based on what is happening in Ethereum countries, then basically Bitcoin should do this … and then be able to they do everything with soft forks … that’s their religion …
“And if Doge wants to make a fork that allows for two-way portability with Ethereum, they could and I think that would be a nice collaboration if there’s interest … I think there might even be some multi-sig funds give. “That has some money so that someone can build a bridge between the two.”
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