Hoskinson suggested that, for being ASIC-resistant, Dogecoin should adopt the HashCore algorithm that seeks to make the mining market efficient, more accessible, and competitive by relying on computational resources.
IOHK CEO and creator of Cardano Charles Hoskinson has publicly expressed his desire to help Elon Musk fix Dogecoin. Billionaire business mogul Musk didn’t create Dogecoin but has been somewhat the face of the digital coin and its community as he has constantly been promoting the digital coin at the slightest chance, notably being his Twitter account and media appearances.
Dogecoin has been a sensation this year finally dropping its meme status to become one of the most sought-after digital coins on the crypto market. Its price however took a hit in the recent market dip, currently trading at $0.49 almost 33% below its all-time high of $0.7392, losing the fourth spot on the crypto ladder to ADA, the native token of Charles Hoskinson’s Cardano.
Charles Hoskinson’s involvement in the media in recent weeks has been high after ADA’s impressive performance coupled with the much anticipated Alonzo Testnet launch which according to him will be the much-needed tool in taking Cardano to greater heights. Charles Hoskinson earlier this week labeled Cardano as “The Practical version of Ethereum, but Better”, during a Twitter engagement with billionaire Mark Cuban.
Cuban, in the engagement, sought to know the difference in the underlying technology of Cardano and Elon Musk’s promoted Dogecoin to which Hoskinson described Cardano as a blockchain created to provide a practical and sustainable financial operating system for billions of people across the globe. Hoskinson added that Cardano has achieved what Ethereum tried but failed to do which is its proof-of-stake quality which seeks to solve scalability and high transaction costs limitations.
The founder of Cardano has now recorded a step-by-step video detailing how he can help Tesla CEO Elon musk fix Dogecoin. In the video posted on his Twitter page, Hoskinson stated that the first stage in trying to fix Dogecoin is by replacing Scrypt with Prism, a protocol created as a result of collaboration between Stanford, MIT, and other universities and can see up to 10,000 transactions per second.
Hoskinson also suggested that, for Dogecoin to be ASIC-resistant, it should adopt the HashCore algorithm that seeks to make the mining market efficient, more accessible, and competitive by relying on computational resources. The CEO also added that Dogecoin has to be quantum-resistant, which is according to him can be achieved by adding hash-based signature schemes. “With the help of ErgoScript, Dogecoin can have smart contracts,” he stated.
Hoskinson also mentioned the balloon hashing theory by Dan Boneh as well as “the idea of rethinking difficulty targets to create a much more reasonable system.” Hoskinson’s latest social media activity has raised a few eyebrows as he has previously suggested that Dogecoin was in a bubble that will burst and could attract attention from lawmakers and regulators when it happens.