According to Twitter’s Jack Dorsey, the less-than-a-year-old HamsterCoin poses a greater danger to Ethereum than Dogecoin.
HamsterCoin is a meme-coin with no one-of-a-kind use or technological edge.
Non-fungible Tokens (NFT), Decentralized Finance (Defi), and other initiatives that have already been adopted on Ethereum’s smart contracts are currently being upgraded. Despite the platform’s support for problem-solving technology advancements, several industry heavyweights believe meme-coins pose a greater danger to it than other smart contract platforms.
This is surprising because HamsterCoin is a meme-coin built on the Binance Smart Chain. It lacks a technological innovation and a unique use-case, just like every other meme coin. HamsterCoin claims to give its users financial independence. With a maximum and circulating supply of 10,000,000,000,000,000, it was released in the first quarter of 2021. The meme-coin does not support smart contracts and lacks the decentralized security that Ethereum is known for.
Is Dogecoin a superior alternative to Ethereum?
Despite the fact that Dorsey’s post is thought to be a hoax, the token’s price has risen by more than 100 percent as new investors pile in. Elon Musk, the CEO of Tesla, recently tweeted that Vitalik Buterin, the co-founder of Ethereum, is terrified of Dogecoin. Buterin made this remark after Musk’s dream of scaling Dogecoin by a factor of ten was shattered.
Musk is adamant that Dogecoin has the ability to defeat Ethereum if the block size and block time are increased by ten times, while the fees are reduced by a hundred times. Patrick Lodder, a Doge developer, echoed this sentiment in his suggestion.
This proposal to all Dogecoin stakeholders suggests reducing average fees on the Dogecoin chain by 100x, splitting full control over all aspects of fees between miners and node operators, relying less on core development, and bringing back a functional (small) free transaction space that incentivizes network health.
However, according to Dorsey, the significant improvement in scalability would have an impact on decentralization, which explains why the Ethereum 2.0 update is taking so long to implement. Dorsey disclosed shortly after the heated exchange that he is a Dogecoin investor who has made an 8,000 percent profit.
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