Discover more from Risky Reads
Dogecoin's Interplanetary Aspirations
While its price has traded sideways over the last couple weeks, Dogecoin has been positioning itself for a potentially huge increase its adoption—both on Earth and in outer space.
Dogecoin developers continue working to make Dogecoin more efficient for terrestrial transactions, allowing any two people on the globe to exchange value quickly and cheaply.
At the same time, Doge has been taking aim at becoming the leading space crypto for future generations.
Let’s take a look at some big happenings in Dogecoin’s bid to become the future cryptocurrency of Earth and beyond.
Space Whale X
A photo of Elon and his son X Æ A-12 attending Virgin Galactic's space flight led to an exchange between current and former Dogecoin CEOs on Twitter.
The two tweets raised the possibility that X "Diamond Hands" Musk could be the world's youngest Dogecoin whale.
Elon reaffirmed Lil X's Dogecoin position, claiming that his son continues to hodl his Doge "like a champ".
In the past, Elon has advocated a multigenerational plan for human civilization, warning of population collapse and calling for people to have more babies to help populate Mars.
Funding multigenerational space projects could be a growing use case for crypto, and a way to get people in space faster over the next several decades.
Crypto and space have fit together for a while. Virgin Galactic started accepting Bitcoin for space flights in 2013.
Could Mars-travel loans be made available through Decentralized Finance? Would Space X consider accepting Dogecoin as payment for trips to Mars?
In May SpaceX was paid by engineering company Geometric Energy Corporation in Dogecoin for the Doge-1 lunar satellite, with plans to launch in the first quarter of 2022.
GEC CEO Samuel Reid said the transaction "solidified DOGE as a unit of account for lunar business in the space sector."
Decentralized cryptocurrencies have an advantage over fiat money because they don't require third-party institutions (which don't yet exist in space) to exchange value.
Among cryptos, Dogecoin's history of positivity and non-violence make it a logical choice as a leading form of moon money.
Space exploration requires peaceful cooperation between competitors and the ability to make plans decades in advance.
One big advantage Dogecoin has over many other currencies is that it is inherently peaceful.
Unlike much fiat money, Doge has never been used to fund violent wars or subjugation of one population by another.
Short-term volatility aside, Dogecoin's fixed rate of issuance theoretically makes it useful for decades-long space plans requiring financial certainty.
This is especially true at a time when governments across the world are racing to print massive amounts of money, rendering fiat currencies riskier as stores of value over the extended timeframes.
During times of crypto volatility like the last few months, it's good to step back and consider Dogecoin's incredible potential for human civilization.
The quest to make human life interplanetary requires long-term thinking. No perspective is more zoomed-out than outer space.
In the race to become the currency of space, Doge's moon mission looks promising!
Terrestrial Technical Update
While Dogecoin vies to become the top space crypto, its developers have been working on making transactions more efficient to compete with Earth's leading monetary networks.
The global standard for transaction efficiency is the Visa network, which is capable of settling 24,000 transactions per second and averages around 150 million transactions per day.
By comparison, the Bitcoin blockchain settles five to seven transactions per second, while Dogecoin does an estimated 30-40.
Dogecoin is already faster and cheaper than Bitcoin, but has a ways to go to before it can dethrone credit cards and become the world's preferred means of exchanging value.
In May, Elon shared a broad vision for how Dogecoin could reshape the global financial system.
Recently, he articulated his hopes for Doge's efforts to scale by combining improvements to its blockchain with multiple transaction layers.
Base layer refers to transactions that take place directly on Dogecoin's blockchain.
Second layer transactions don't require individual entries on the main blockchain. Exchanges can bundle several second-layer transactions on a side chain and later enter them to the main blockchain all at once.
Improving base-layer efficiency could entice exchanges and other third parties to build out infrastructure that supports second-layer Dogecoin payments if they believe it will be widely used for transactions.
An efficient base layer will also benefit people who don't yet have access to regulated exchanges and second-layer solutions.
Crypto is expanding across the world, but it's doing so unevenly. Some countries are farther along than others.
A recent study quantified levels of crypto-readiness among the world's countries by measuring levels of crypto infrastructure and interest.
The ten most ready countries were all in North America, Europe, or Asia. None were in Africa or South America, where political will is building in some places for pro-crypto legislation.
To become the people's crypto, Dogecoin should be easy to access for everyone on Earth. Improvements to Dogecoin's main blockchain layer will disproportionately benefit people whose countries lack regulated crypto exchanges.
Elon also suggested that Dogecoin should aim to continually grow more efficient as internet bandwidth increases.
One possible source of increased bandwidth could be Starlink Internet. SpaceX has been launching thousands of orbital satellites into the low atmosphere to increase availability of high-speed Internet across the world.
Starlink expects to be able to provide worldwide coverage for satellite internet by September of this year, but still has to go through regulatory processes before offering service in individual countries.
As Starlink scales, it will not be limited to Earth.
SpaceX aims to use Starlink to communicate with future colonies on Mars.
Starlink could become the bridge that allow simultaneous terrestrial and interstellar connection to Dogecoin's blockchain.
Dogecoin's Interplanetary Future
Dogecoin's ambitions for human civilization are bold.
In the near term, core development updates will allow any two people on Earth to transact with Doge instantly and cheaply.
As the space race heats up, cryptocurrency can press its advantages as one of the most efficient ways to transfer value across national and eventually interplanetary boundaries.
Among cryptos, Dogecoin's fun, peaceful brand and early track record of space success are reasons for optimism.
As long as Doge keeps its positive vibes, it could become an important part of the multigenerational effort to expand civilization to other planets.
To the literal moon!
Dogey Treats: News Bites
Jack Dorsey announced Square was starting a new business building a financial services platform focused on Bitcoin. Square also plans to build a Bitcoin hardware wallet.
Dorsey and Elon will have a public conversation about crypto at the July 21st launch of Dorsey's educational project The B Word.
Doge spinoff Floki Inu was rug pulled twice but the community saved it both times.
Dogecoin co-creator Jackson Palmer said he would not "return to cryptocurrency."
Axe will release "Dogecan" on July 20th.
A Dogecoin-themed cruise sails from Miami in April 2022.
Thanks for reading!
If you want to send me a much wow cryptocurrency tip you can do so using the wallet address below. Thanks!
It's ALL Risky!
Thank you, kind reader, for reading and subscribing to this newsletter. I really appreciate it!
If you haven’t already, please sign up to this email newsletter for more weekly articles like this one. Also, please share it with a friend or on twitter if you enjoyed this article.
What do you think? Is going interplanetary? Let me know!
Remember, Dogecoin is risky. But then again, it’s all risky!
Follow me on twitter at @itsALLrisky
Email me at itsALLrisky@gmail.com
Send a Doge tip: DHA5831Aoh2CVhBdX8rAv74kEGzqDg9BUx
This article was written in collaboration with @CryptoDogDivine, give them a follow!
Memes of the week
Don't forget to subscribe to this newsletter!
Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
Disclosure: I currently own some Dogecoin, Bitcoin, and Ethereum. At the time of publication, Dogecoin is around $0.19 per coin.