According to Decrypt, a team of four major cryptocurrency developers Dogecoin turned down Elon Musk’s funding offer, but happily accepted his help and advice, which aims to make cryptocurrency a more environmentally friendly alternative to Bitcoin.
Dogecoin developer Ross Nicoll told Decrypt by phone on Friday that since Musk started talking to Dogecoin developers in 2019, he has “encouraged them to increase their transaction throughput,” provided “lots of tips and suggestions,” and shared with your contacts. Nicholl said that a team of four Dogecoin developers are optimistic that with the help of Musk, they can further reduce the power consumption of the cryptocurrency, which, according to one estimate, is already only 7% of the power consumption of bitcoin.
Musk offered to fund the development of Dogecoin, but the team politely declined the offer, as reported by Nicholl, adding that they also turned down other offers from wealthy potential investors.
On Thursday, Musk announced on his Twitter page that he is working with the creators of Dogecoin to “improve the efficiency of system transactions.” A few days earlier, Musk announced that he would no longer sell Tesla electric vehicles for bitcoin. He added that the company is considering other cryptocurrencies.
SpaceX began accepting Dogecoin as payment for space launches, and the creator of the Dogecoin cryptocurrency, Jackson Palmer, called Elon Musk a “narcissistic con man.”
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