In the Dogecoin news today, we are looking at the interview of the dogecoin founder Jackson Palmer who is also the founder of the “Are We Decentralized Yet?” website who said that Ripple is similar to InitiativeQ. We’ll check on the coin price and the report that Dogecoin doesn’t need to implement the Lightning Network.
Ripple is Just for Profit
According to Palmer, the Ripple Labs technique is really no different with a conventional ponzi. Speaking in a podcast with Laura Shin, Palmer spoke about a number of issues in the industry.
Palmer spoke about decentralization and the fact that it is getting more challenging to get data from the decentralized projects saying that the issue is more pronounced now than it was 12 months ago despite the proliferation of blockchain projects.
He said that there are many multi-million dollar blockchain projects that are not as open as they should be.
“You would think that transparency would be in their best interest. Just looking at entities that are more centralized and do have more of a corporate for-profit kind of model, Ripple comes to mind and out of all of the projects, it was one of the more kind of in my face or kind of coming at me trying to get numbers updated and provide the information.”
Palmer said Ripple is acting like a real company that it is through a number of focused campaigns that has contributed in the building of the community unlike Ethereum which Palmer said is not focused with their multiple projects that are not heading in a specified direction.
According to him, the awareness that Ripple Labs have created for its projects is the reason it has a growing community base. He emphasized that the community is made up of people who aside XRP are not vested in any other coins.
“I think they’re [people into XRP] just more susceptible to marketing. I think the people that get into Ripple remind me of the people that have been getting into this InitiativeQ thing and… I think the InitiativeQ and the Ripple marketing is actually pretty similar if you if you actually go and look at what they claim to be doing in the future technology wise.”
The Dogecoin founder stated that the main difference between Ripple and InitiativeQ is that the latter is more of a multi-level marketing company.
“If you look at some of the people that are on the community team for Ripple, for instance, if you look at the Twitter presence, it’s absolutely off the charts in terms of how much they’re manipulating Twitter as a medium for promoting Ripple whether that’s them, or if they’ll claim that they don’t own the bot networks. But sure, it’s just, it’s very interesting to watch. And, and I feel like Ripple is kind of like, just like InitiativeQ without referral codes in a way.”
Dogecoin Price Analysis
DOGE in the past few weeks has shown some bullish movements lending credence to the insinuations that the coin may make a comeback and pull-back from being a mere tipping instrument to a real speculative instrument in the coin market.
With the present downtrend, Dogecoin has held as one of the more stable altcoins in the market.
The coin is presently trading at $0.002244 according to data from Coinmarketcap trading volumes of $8.92 million. The main exchanges trading the coin are P2PB2B, BCEX, Gate.io and Sistemkoin.
Dogecoin Not Implementing Lightning Network
Dogecoin News Today is also reporting that Dogecoin Network has no plans to implement the Lightning Network. This was revealed by one of the developers with the network who maintained that the issues LN seek to solve are not existent on the Dogecoin network.
This was in response to the query from a Redditor who wanted to know if the Dogecoin network was thinking along the line of scaling solutions for the network.
According to the response from the Dogecoin developer, the network has proven a long time ago that it hasn’t the scaling issues that have been associated with Bitcoin and many other altcoins.
According to the unnamed developer, the challenge most networks have is hype and giving impression that their solution is capable of what they are not. According to him, the LN has not proven that it an offer something out of the ordinary for the Dogecoin network beyond its own intrinsic features.
Fifth Generation Litecoin Fork
“Dogecoin is a fourth/fifth generation Litecoin forked coin however along the way many issues relating to the scaling proposed problems were addressed in a manner that made a very stable, healthy main net able to handle a load many other assets could not. “
Continuing, he said,
“In the case of LN it has had a while now to produce anything remarkable, yet still is not really stable enough to support a small transaction load, let alone the load of an asset like Dogecoin that does not gain anything but bugs, issues, and transaction failures from the adoption of it…”
Dogecoin Capable of On-Net Scaling
The main issues some networks have with second layer solutions such as Lightning Network is mainly that it is not decentralized, which works against the ideology of most digital currencies.
Dogecoin prides itself as one of the digital currencies with the capacity to scale on-chain and so do not find use for centralized solutions such as the LN.
The market seems to agree on this as Dogecoin is one of the cryptocurrencies finding real use in merchant solution thereby driving the crypto adoption.
With 95 percent of the transactions on the Dogecoin network made by merchants, the coin has found real use in practice unlike many other coins that are mainly for speculative uses.
Technical superiority such as the ability to scale on-chain is the reason the developer said that coins like DOGE and Digibyte (DGB) do not need LN to scale.
Some supporters of the coin are saying its cryptoeconomics is sound considering that even with millions of DOGE in circulation, the coin has continued to exhibit relative stability than most altcoins comparing it with BTC as a coin any investor can bet on.