One of the two IT engineers who invented the first joke coin DOGE, Billy Markus, also known on Twitter as Shibetoshi Nakamoto, has posted on Twitter on what, in his opinion, renders popular cryptocurrencies worthless.
Additionally, he made it clear what he thought of the Solana blockchain.
Crucial advice on improving popular cryptos
Markus recently tweeted that he considers the leading blockchain systems’ high transaction fees to be “broken garbage.”
In essence, his advice was to “scale the tech or ngmi”. NGMI, which stands for “nobody’s gonna make it,” is the reverse of WAGMI, which means “we are all gonna make it.”
The two most popular digital currencies, Bitcoin and Ethereum, are most known for their recurringly increased transaction fees (and slow transfer speeds during times of congestion). Additionally, Ethereum NFT minting costs can occasionally reach astounding heights.
Ethereum petrol costs reached new highs in February of this year. Midway through January, the cost to transmit ETH on-chain was 0.0029 ETH, or $4.52. This amount increased to 0.0031 ETH, or $5.14 per transfer, two weeks later. The gas charge on Ethereum is now 95 gwei, or $0.0002.
Markus slams Solana as useless
Smaller blockchains like Artbitrum One, Polygon Hermez, Shibarium, and many others are attempting to address this issue by providing Layer 2 solutions for Ethereum. Shibarium has so far only been made available in beta under the name Puppynet. It provides cheaper transaction costs and faster transaction speeds.
A Twitter user included a Nano-themed joke in the comment thread, but Billy Markus clarified that the individual had only intended to include well-known cryptos. Markus criticised this blockchain as a “centralised database and does not solve anything” when someone said in the comment thread that “Solana fixes this,” referring to petrol taxes.
Recall that the Solana blockchain experienced many outages in 2021 and 2022. Every time, the group had to restart its ledger.
Dogecoin, which Markus co-founded, is noted for having extremely cheap transaction costs. U.Today has reported on many occasions this year about huge DOGE trades carried out by whales for less than $1.
Elon Musk, a passionate supporter of Dogecoin, stressed in a tweet in 2021 that it is crucial for the DOGE team to maintain low transaction costs so that Dogecoin may continue to be the “people’s currency.”
