Elon Musk responded to his followers who asked about block times on Dogecoin, NFT applications, Ship and Floki.
The conversations developed as follows:
“Tesla in the Gong: Have you had any recent interaction with the Dogecoin team? The roadmap is promising, especially the NFT integration.
Elon Musk: Not anytime soon. The key is to reduce fees, increase block size and reduce block time. A single layer network operating as the actual layer 2 seems to be the simplest solution.
Shibetoshi Nakamoto: Yes. The fact that Dogecoin is fast, scalable and cheap to send is all it needs to be. It doesn’t have to be another blockchain hosting NFTs or other tokens or whatever.
The technology needed to get there is complex, but this utility is simple and necessary – there is beauty in simplicity.
Elon Musk: 100%
itsALLrisky: You said that optimizing Tier 1 is more valuable than scaling Tier 2.
If Dogecoin achieves the goals you’ve outlined here, do you think it could be more practical and efficient as a medium of exchange than something like the Lightning Network?
Elon Musk: Possibly. Bitcoin was designed with relatively low bandwidth and high latency. If both continue to improve significantly, we will reach a point where a second layer is not needed.
Shiba Inu: Hey Elon Musk, how much Shib are you holding?
Elon Musk: Never
What do you think about Salif Cybertruck or Bust: Floki?
Elon Musk: Out of curiosity, I got some ascii hash strings called “Bitcoin, Ethereum & Doge”. This much. As I said before, do not invest the farm in crypto! The real value is in building products and providing services to other people, not money in any form.”
*Not Investment Advice.