VanEck digital asset manager Gabor Gurbacs responded to Elon Musk’s words that Dogecoin (DOGE) is superior to Bitcoin (BTC) and Ethereum (ETH).

Contact us to be instantly informed about the last minute developments. Twitter and Telegram You can follow our channel.

Gurbacs, in his post on Twitter, reminded that Dogecoin has merged with Litecoin (LTC).

“Elon criticizes the costs of Bitcoin and Ethereum base layer transaction rates and says Dogecoin is more virtuous. He forgets to mention that Dogecoin has merged with Litecoin. It seems like an important fact that should not be missed.”

Samson Mow, CSO of Blockstream, gave a similar comment to Gurbacs.

Dogecoin and Litecoin Relationship Reminded

Both Gurbacs and Mow reminded that the meme token has a major problem.

In September 2014, Dogecoin switched to the Auxiliary proof-of-work consensus protocol using the Scrypt algorithm and started mining with Litecoin.

Doge developers had to do a hard fork for it. While this step would cause the hashrate to drop, it would build the presence from a possible 51% attack. This step was due to the rapidly declining Doge mining rewards at that time.

Also, Dogecoin initially appeared after a Litecoin hard fork. It was Litecoin creator Charlie Lee who proposed a merge-mined with Litecoin to save the Doge. After this stage, the Doge hash rate increased to over 1,500 percent in just one month.

In this case, a main blockchain, which is Litecoin, and a sub-blockchain, Dogecoin, can be merged. If Doge developers decide to make fundamental changes to transaction speed and miner rewards, they must first do a hard fork to get rid of merge mining with Litecoin. The second option has a low processing speed.