Dogecoin (CRYPTO: DOGE), the meme-inspired cryptocurrency, has run into technical difficulties as reported by Timothy Stebbing, a developer associated with the project.
What Happened: On Tuesday, Stebbing took to X to address the issue, indicating that the network was experiencing heavy congestion. “Dogecoin is currently sick,” he stated. Several cryptocurrency exchanges have encountered problems with Dogecoin transactions being jammed or unresponsive.
Dogecoin is currently sick. We’re being contacted by a number of exchanges saying Dogecoin is jammed/unresponsive etc. We know the issue is inscriptions clogging the network, and devs across the board, core, fdn, etc are now putting their heads together on various ideas from…
— Timothy Stebbing (@tjstebbing) February 6, 2024
According to Stebbing, the congestion results from the network being clogged by inscriptions. In response, developers from Dogecoin core, the foundation, and others, are collectively brainstorming a range of potential remedies. “We’re looking at ideas from friendly to extreme to protect the currency-first Dogecoin network,” he tweeted.
Stebbing also touched upon the decentralization of Dogecoin, pointing out the importance of community discussion to navigate this challenge. He mentioned Dogechain and Doglabs (doginals), initiatives that are utilizing the Dogecoin network beyond its currency application, which he does not oppose, but he emphasized that if these uses jeopardize Dogecoin’s primary function as a currency, it poses a significant concern for the community.
In reflection on potential long-term fixes, Stebbing said, “I’ll tell you now that in my opinion a time is coming when data needs to be moved off-chain at the protocol level.” He further outlined his stance on the core functionality of Dogecoin’s layer 1 (L1) protocol, suggesting that it should be dedicated to “validation” rather than storage.
Why It Matters: Dogecoin has its roots dating back to 2013, created by Billy Markus and Jackson Palmer. It was initially conceived as a fork of Lucky Coin, which itself was derived from Litecoin, and by extension, Bitcoin (CRYPTO: BTC) Core. As the original developer, Billy Markus handled…