Jack Dorsey’s Joke Sparks Buying of HamsterCoin
Non-fungible Tokens (NFT), Decentralized Finance (Defi), and other initiatives that have already been deployed on Ethereum’s smart contracts are presently being upgraded.
Notwithstanding the platform’s support for problem-solving technical advances, several industry heavyweights believe meme-coins pose a greater danger to it than other smart contract networks.
This is surprising because HamsterCoin is a meme-coin based on the Binance Smart Chain. It lacks a technological innovation and a distinctive use-case, like every other meme coin.
HamsterCoin promises 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 allow smart contracts and lacks the decentralized security that Ethereum is known for. Despite the fact that Dorsey’s post is thought to be a prank, the token’s price has risen by more than 100 percent as early buyers pile in.
Elon Musk, the CEO of Tesla, recently tweeted that Vitalik Buterin, the co-founder of Ethereum, is frightened of Dogecoin. Buterin made this remark after Musk’s vision 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 upped by ten times, while the fees are reduced by a hundred times. Patrick Lodder, a Doge coder, echoed this sentiment in his suggestion.
HamsterCoin 🐹 > https://t.co/EsysB6xM7x
— jack (@jack) June 30, 2021
“This suggestion to all Dogecoin stakeholders indicates lowering average fees on the Dogecoin chain by 100x, splitting total responsibility for all aspects of fees among miners and node operators, relying very little on core development, and restoring a functional (small) free transaction area that incentivizes network robustness.”
Nevertheless, according to Dorsey, the significant improvement in scalability would have an impact on decentralization, which is why the Ethereum 2.0 update is taking so long to deploy. Dorsey stated shortly after the heated conversation that he is a Dogecoin investor who has made an 8,000% profit.