Dogecoin lead developer Ross Nicoll and four others have announced their intention to resume work on the cryptocurrency software, the last major update of which came about two years ago.
“People say it’s a joke, but we follow the code very closely. When it took off, attention returned, and we want to keep the currency in working order, ” Nicoll said in a conversation with CoinDesk .
Dogecoin was launched by Jackson Palmer on December 6, 2013 on the bitcoin codebase with some changes. For example, inflation was increased, the mining difficulty in Dogecoin was adjusted every block, and the block time was reduced to 1 minute.
Nicoll argues that as a result of the increased focus, Dogecoin, like many other cryptocurrencies, has begun to face scalability issues. Over the past month, the number of full nodes on his network has grown from a few hundred to 1,300. Most nodes use default settings that only allow connections to be made, but not accepted. This, in turn, makes the network less reliable and leads to problems with syncing wallets.
Developers now have to include in their codebase updates from seven major Bitcoin Core releases that have been released since Dogecoin development stopped. In the past, they have sought to copy elements of the Bitcoin Core code from recent releases. As a result, Dogecoin Core 1.21 should appear, which will become an alternative variation of the Bitcoin Core 0.21 software.
Nicholl does not rule out that in the future they may again leave work on Dogecoin, but claims that the developers always monitor the safety of the cryptocurrency. Dogecoin currently has a hash rate of around 300 terahashes. For context, the latest Bitmain miner under maximum loads produces over 50 terahashes, and the bitcoin network has about 161 million terahashes. Dogecoin, however, uses the Scrypt hashing algorithm instead of Bitcoin’s SHA-256, which is intended to protect it from ASIC interference. It is estimated that the cost of a 51% attack on it in one week is $ 8 million, but the cryptocurrency has so far managed to avoid the fate of Ethereum Classic, which has fallen victim to malicious miners several times over the past year.