Dogecoin Interview: What is it like to work with Elon Musk?

Elon Musk, arguably the most influential person on Twitter (on cryptocurrency Twitter, of course), tweeted about Nicoll and three other core developers responsible for the Dogecoin blockchain.

Dogecoin Interview: What is it like to work with Elon Musk?

It was almost midnight on a quiet Thursday in London last week. Software engineer and part-time Dogecoin developer Ross Nicoll was putting on his pajamas and getting ready for bed when his feed suddenly came alive.

Elon Musk, arguably the most influential person on Twitter (on cryptocurrency Twitter, of course), tweeted about Nicoll and the three other core developers responsible for the Dogecoin blockchain.” is working with Doge developers to improve the efficiency of system transactions,” the Tesla and SpaceX founder said.” It could be very promising.”

“I was stunned,” Nicoll told Decrypt in a Zoom video the next day. He never told us he was going to do this.”

Since Musk entered his life two years ago, Nicoll feels as excited as if the surreal sci-fi show “Black Mirror” had happened to him. Musk’s eagerness to make Dogecoin the world’s most widely used cryptocurrency is clear to see.

To the outside world, Musk was, until last week, the savior of the Bitcoin world, becoming the man who could take the world’s first cryptocurrency truly into the mainstream after Tesla bought it for $1.5 billion earlier this year. Of course, Musk also likes to tweet about Dogecoin. But just for laughs, hopefully. At least, that’s what Bitcoin supporters and many in the industry are telling themselves. Even Musk himself says that his Dogecoin tweets are “just for a joke.”

But last week, the one-time bitcoin antagonist and Tesla helmsman took a magnificent turn in an Alice in Wonderland-style fairy tale that only Musk could have concocted. He announced that while Tesla will continue to hold bitcoin, it will no longer accept it as a means of payment due to environmental concerns and he is looking for a more environmentally friendly alternative. The move caused Bitcoin to plunge 30 percent in the past week.

“We were taken aback by the announcement that he was giving up bitcoin,” Nicol said.” But again, I do wonder, what will be the outcome of this?”

Until now, Musk’s involvement in the Dogecoin project has been a secret, even though his tweets have sent Dogecoin soaring 10,000 percent since the start of 2021.

Musk first tweeted about the project in 2019, when he was asked to serve as Dogecoin’s honorary CEO , and accepted the role, after the community had mostly languished after the coin’s founder abandoned it in 2015.

Since then, Dogecoin’s five developers Nicoll, Michi Lumin, Max Keller, Patrick Lodder and ” Sporklin” (who unfortunately died of cancer in April) have been working on the open source project in their spare time.

Before Musk’s tweet, few cryptocurrency people knew that the Tesla CEO had used the “Dogecoin Honorary CEO” bit to start sending private messages to developers on his private Twitter account offering to volunteer to fund them (but the developers politely declined the offer), but this sub had sprouted and now has the potential to disrupt the cryptocurrency industry.

Nicoll said Musk “sends messages every now and then. Whenever he does, it sends developers into “ecstasy.

Dogecoin developers turned down funding from Elon Musk, but hoped Musk would make Dogecoin a greener and cheaper alternative to Bitcoin, Decrypt learned in a public document.

Many have asked how Musk could not see the absurdity of Dogecoin, a currency that started as a joke, runs on the most basic borrowed code, and hasn’t seen any development since years on GitHub. Critics of Dogecoin point out that the GitHub page is so barren that one really wonders if any real Dogecoin developers exist.

Nicoll responded by saying that he didn’t think it made sense to “work on development just for the sake of working on it,” especially when Dogecoin upgrades can take up to 18 months to be adopted by the network. So why should developers do frequent upgrades? It doesn’t make sense at all.

The most ridiculous and unbelievable Dogecoin surge that happened on April Fool’s Day seems to fit in very well with this joke cryptocurrency as well. Earlier this year, Dogecoin reached 1 billion units sold in China.

Nicoll joined the cryptocurrency industry after a 10-year career in academia, serving as a focused application development direction. Until recently, he led the technical development of smart contracts for the enterprise blockchain project R3, working closely with commercial banks. He also had a brief stint on the NFT project CryptoKitties.

His approach reflects his background in commercial blockchain development, and releasing new upgrades every three months, as some blockchain projects do, is a bit of a waste indeed.

“We’re not the kind of developers who are full of ideas about raising a lot of money and then getting rich overnight,” he said.” We’re not trying to reinvent technology that 3,000 other blockchains have already reinvented. I really don’t understand what the rationale is for doing that.”

Dogecoin is modeled after Bitcoin, but like Litecoin, it uses a different code, Scrypt, which is less energy intensive and more in line with Musk’s new, greener social media stance on cryptocurrencies.

The network does currently have “performance issues with network synchronization,” which Nicoll said will be remedied in an upcoming upgrade designed to lay the groundwork for many of the upcoming full-scale transformations, some of which have been encouraged by Musk.

Nicoll, who comes across as chatty and unassuming, wouldn’t reveal much about his conversation with Musk, but was open to Musk’s main goal of making Dogecoin cheap enough to use to buy a cup of coffee.

“Elon obviously has a background in payment processing,” Nicol said.” We’re taking his advice and seeing what that would look like.”

Musk offered a lot of advice to developers on how to turn Dogecoin from a joke into a truly useful tool, based on his knowledge as the founder of PayPal.” I can honestly say he improved the transaction throughput dramatically,” Nicoll said.

“He went straight to the end goal all at once,” Nicoll mentions.” He went back to buying coffee, and we were saying, ‘You’ve got a great idea, but we need to develop a path from A to Z, so that’s not the next step to consider.’ So we’re a long way from actually announcing plans for that right now.”

The developers and Musk also discussed ways to reduce Dogecoin’s carbon footprint, which they are “still evaluating,” Nicoll said, adding that there is “a lot of modeling” to be done before a major decision is made.

While Musk’s plan has developers excited, Nicoll said they need to address more realistic problems in the network first. But the Dogecoin development team remains that optimistic that with Musk on board, they can further reduce the cryptocurrency’s energy consumption problem, which is only 7 percent of that of Bitcoin, according to one estimate Thursday.

“As the Dogecoin market heats up, Nicoll says interest in developing the coin has risen to the top.” He says, “We’re seeing a huge number of developers coming on board and working on it right now. It’s interesting that other developers are starting to call themselves ‘core teams,’ like a company that recently popped up in New York. But it’s exciting, and I’d like to see more development teams jump into this space and do something together.”

So far, the people working on Dogecoin development have largely been part-timers.

“I code Dogecoin from my dining room table,” Nicoll says, “and I’d love to see more projects come out where it makes sense to have more people working full-time in this space. But that won’t be me.”

Dogecoin doesn’t need a senior technical lead anyway, Dogecoin says.” We need a lot of people on site coding, and we need someone who’s more like a CTO, and I’m neither.” Crucially, he could get a better salary outside the blockchain space, although he declined to disclose the location.

He also questions how the project can claim to be fully decentralized if it relies on a few core contributors.” We want to have 100 or 200 or 1,000 smaller contributors on top of three or four major contributors, and that’s decentralization,” he said.” They look at us like we’re crazy, but that makes sense to me.”

With that goal in mind, Nicoll has been live-streaming his coding efforts on Twitch to train the next generation of Dogecoin developers. Nicoll would love to see developers working on projects like the long-awaited “Dogethereum Bridge” and the Decentralized Finance (DeFi) project, which brings smart contracts to DOGE.

And, since DOGE has a very healthy price, the development team has plenty of money in their kitty. The core team is “currently building a framework and guidelines, but still need to think about the scale of the build and how they will be used,” Nicoll said. But after turning down funding from Musk and other wealthy potential investors (Nicoll wouldn’t name them, but said they turned down funding to avoid being beholden to someone), they decided it didn’t make sense to raise further funding until they settled on a concrete plan for their funding needs.

A month before Nicoll started his new job, he was laying the groundwork for Dogcoin’s 1.21 upgrade, the biggest upgrade since 2019 and the foundation for all future changes.

This upgrade is based on Bitcoin, and Nicoll credits the work to the core developers of Bitcoin 0.21.” We really tried to get as close to Bitcoin as possible, so it’s just so practical,” he said.

Tesla and SpaceX CEO Elon Musk continued to point the finger on Twitter. In a reply to a tweet comparing bitcoin to dogcoin, he said this meme coin would beat bitcoin if the network underwent major changes.

After the upgrade, the team’s next goal is to cut transaction fees to $0.01 from the current average of $0.40.” The community will have a negotiation with the miners. We have to convince them because it’s healthy for the network to do this,” Nicoll said.

“From an end-user perspective, the speed of synchronization is the top priority,” he explained. The upgrade will also ensure that backups of wallets are always available and make it easier for service providers to integrate Dogecoin.

Last week, after a long pushback, cryptocurrency exchange Coinbase finally announced the listing of Dogecoin. The six- to eight-week timeline shared by the exchange suggests that a new upgrade could be ready before the listing. It will allow any exchange or payment processor capable of integrating bitcoin to work with Dogecoin, but “ten times faster,” according to Nicoll.

Coinbase’s go-live of Dogecoin is a product of popular demand. Since Musk took DOGE under his wing, Dogecoin’s Google search volume has matched that of Bitcoin, providing a solid foundation for the next step in widespread adoption. And, Musk’s influence on the crypto industry shows no signs of waning.

Asked about the competition between bitcoin and dogcoin, Nichol was quite humble, “Everyone in the blockchain industry thinks they have to reinvent the wheel and have to innovate more than a screw down. But I would love to see as many blockchain organizations as possible collaborate rather than compete. Ultimately let’s form a real wave that will propel all ships to sail farther.”

Posted by:CoinYuppie,Reprinted with attribution to:
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