<\/p>\n
Robinhood CEO Vladimir Tenev took to Twitter on Thursday afternoon to explain how Dogecoin could become the \u201cfuture currency of the internet.\u201d<\/p>\n
In a thread of 12 posts to his nearly 200,000 followers, Tenev outlined what steps need to be taken to transform the memecoin into a usable asset for everyday payments and transactions on the internet. <\/p>\n
\nCan #Doge<\/a> truly be the future currency of the Internet and the people? As we added the ability to send\/receive DOGE on Robinhood, I\u2019ve been thinking about what that would take.<\/p>\n
\u2014 VLAD (@vladtenev) April 14, 2022<\/a><\/p><\/blockquote>\n
Tenev began by drawing attention to the fact that Dogecoin\u2019s transaction fees \u2014 roughly $0.003 per transaction \u2014 are already small enough to place the altcoin as a feasible e-cash frontrunner.<\/p>\n
He believes the block size and the block time of Dogecoin are the main areas that require improvement if the cryptocurrency is to become widely adopted.<\/p>\n
\nIdeally, the block time (time between successive blocks being added to the chain and to verify a transaction) should be fast enough that the transaction can be recorded in the next block in less time than it takes to pay at a point of sale terminal.<\/p>\n
\u2014 VLAD (@vladtenev) April 14, 2022<\/a><\/p><\/blockquote>\n
Dogecoin currently has a 1MB block size and a 1 minute block time which means that Dogecoin\u2019s total throughput stands at approximately 40 transactions per second (TPS).<\/p>\n
In comparison, the VISA network has a throughput of approximately 65,000 TPS \u2014 meaning that DOGE would need to increase its total throughput by roughly 1,625 times in order to be on par with VISA. Tenev says<\/a> that this isn\u2019t a worry, and can be solved simply by increasing DOGE\u2019s block size limit from 1MB to 1GB and eventually to 10GB. <\/p>\n
Tenev finished the thread with a message to the developers of Dogecoin, urgin<\/a>g them to focus on increasing the block size limit above all else. <\/p>\n
\nThis just in: Guy who loves databases wants to turn memecoin into a database. https:\/\/t.co\/EzVSomnJwq<\/p>\n
\u2014 kain.eth L222 (@kaiynne) April 15, 2022<\/a><\/p><\/blockquote>\n
Tenev\u2019s thread was published just three hours after Dogecoin creator Jackson Palmer took aim at former “Dogecoin CEO” Elon Musk\u2019s planned potential hostile takeover of Twitter. <\/p>\n
\u201cIt takes some pretty impressive mental gymnastics to associate any type of \u2018freedom\u2019 with the richest man in the world initiating a hostile takeover and forcing one of the largest public social media platforms private,\u201d said<\/a> Palmer in a tweet to his 41,000 followers. <\/p>\n
Palmer doesn\u2019t mince words when it comes to criticizing Musk. In mid-May last year, Palmer called Musk a \u201cself absorbed grifter\u201d and claimed that the billionaire\u2019s viral performance on Saturday Night Live was \u201ccringe, bro.\u201d<\/p>\n
The price of Dogecoin remains relatively unaffected by these recent events, with the token trading sideways between the $0.14 and $0.15 mark over the past seven days. <\/p>\n<\/div>\n