Elon Musk Gets Schooled By Ethereum Co-Founder On How To Improve Dogecoin

Cardano (ADA) founder and Ethereum (ETH) co-founder Charles Hoskinson dished out advice to Tesla Inc TSLA CEO Elon Musk on how to “fix” Dogecoin (DOGE).

What Happened: Hoskinson’s tongue-in-cheek advice — backed by almost a dozen papers — touched on facets such as transaction speed, quantum resistance, smart contracts, and more. The advice was packed in an eight-and-a-half-minute-long video that he tweeted.

The ADA creator suggested using Prism's proof-of-work protocol for DOGE. If you put it in a “Bitcoin-like system you can get up to 10,000 transactions per second."

See Also: How to Buy Dogecoin (DOGE)

For ASIC resistance, Hoskinson suggested the Hashcore proof-of-work function. He said what he likes about Hashcore is that “it's built by electrical engineers.”

“Then we have to put a good scripting language in because DOGE is not programable and let’s get some smart contracts,” said Hoskinson. His suggestion? ERGO script — a language underpinning the eponymous UTXO-based blockchain protocol.

Why It Matters: Hoskinson concluded the video by saying, “I hope this is helpful for the Doge community and for Elon, and I wish him the best of luck in rebuilding that cryptocurrency with his super-elite engineers, which I have no doubt he has as he’s one of the world’s richest men.”

“Thank you truly for entering our space and thank you truly for telling everybody that you’re going to take custody of that cryptocurrency and make sure it gets where it needs to go, and I look forward to the great innovations you guys come out within a year or two.”

See Also: Elon Musk Says Tesla 'Looking At' Other Cryptos That Use Less Than 1% Of Bitcoin's Energy. Which Could Be It?

Hoskinson’s suggestions got the attention of Dogecoin co-creator Billy Markus, who responded, “Much appreciate the many innovations people are working hard on in this space, @IOHK_Charles, including your work.”

Cardano's token saw a spike in value after Musk said he was looking for Bitcoin (BTC) alternatives in light of Tesla stopping payments in that cryptocurrency due to environmental concerns.

ADA touched an all-time high of $2.46 on Sunday. At press time, it was trading 30.59% lower than that value at $1.71 down 18.54% in a 24-hour period.

DOGE traded 17.45% lower at $0.41 at press time, while BTC traded 13.17% lower at $39,257.42.

Read Next: Dogecoin An Entryway To Get More People Into Cryptocurrencies, Says Co-Creator. 'What They Do After That Is Up To Them'

Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasBitcoincardanoCharles HoskinsondogecoinElon MuskEthereum