Last Updated: 10 June 2021
What Did Vitalik Buterin Say About the Collaboration?
Last week, in an interview with an AI researcher Lex Fridman, Vitalik Buterin hinted towards a potential collaboration between Dogecoin and Ethereum. Fridman said that Dogecoin has enormous support and power behind him, referring to SpaceX and Tesla CEO Elon Musk as he Tweeted multiple times in support of Dogecoin. Then, he asked Vitalik Buterin about what he thinks of Ethereum and does it have such firepower behind it?
He replied that if Dogecoin collaborates with ethereum, it will be advantageous for customers who will be able to do more transactions. Adding to his statement, he said, “it would be amazing”, the dog-to-ethereum bridge.
He also revealed that he doesn’t consider Dogecoin as a rival cryptocurrency to ethereum. He wants fans to like the currency as it is pretty much like Dogecoin itself. He explained the advantages of having a Dog-to-Ethereum bridge by saying that if this happens and ethereum gets scalability, it will also be beneficial for Dogecoin as customers will do transactions cheaper and faster.
On Elon Musk supporting Dogecoin, he said that it is not much of a deal that Elon Musk is supporting Dogecoin to compete with other currencies; he is just a ‘dog’ lover like I am.
Elon Musk also tweeted on Vitalik Buterin’s statement, saying that he agrees with it all.
As of now, Ethereum there is a work of update going with ethereum. It is updating from a proof-of-work model to a proof-of-stake model. While this update process is taking a bit longer, Vitlik also explained its reason; he said that the main problem is not technical; it is because of people. Ethereum has been in the market for five years now, and in these five years, they have built up a team. He said that if you have a team, you should always be aware of who you are working with, as the team experienced many internal conflicts since its formation.
Elon Musk’s History with Cryptocurrency
Tesla CEO Elon Musk is known to have strong support for cryptocurrency. Earlier this year, he announced that Tesla would accept bitcoin payments for its electric car. This single statement shoots bitcoin value to new heights. But a few months later, the company announced that they wouldn’t be accepting bitcoin payment as there were many environmental issues associated with the mining and transaction process of the cryptocurrency. This led bitcoin to face a decline in its value. However, Elon Musk revealed that he and his company are still holding on to their bitcoin assets and have no plans to sell them.
Moreover, Elon Musk revealed that he works with Dogecoin developers to make this cryptocurrency more efficient and better. He also conducted a poll via his Twitter account, asking his followers if his company should accept Dogecoin payment or not? This all indicates that Elon Musk has now his full support behind Dogecoin.