Bobos & Wojaks

Get rich or die tryin

Dogecoin Could Become Future Currency Of The Internet And The People Says Robinhood CEO

v-crypto-blockchain

According to Tenev, the throughput of Dogecoin is approximately 40 transactions per second, based on a 1MB block size and a minute block time.

Dogecoin, according to Robinhood CEO Vlad Tenev, has the potential to become the “next currency of the internet.” The Robinhood CEO outlined how Dogecoin might become the money of both the internet and the people in a Twitter discussion made on April 14th. Tenev explored the possibilities in a 12-post discussion that has since piqued the interest of the crypto community.

Robinhood customers can now receive and send Dogecoin using the app, prompting Tenev to consider the cryptocurrency’s future. The CEO began with the need for lower transaction fees, which is currently in place. He stated in a tweet that the typical transaction price has increased to $0.0003 after the 1.14.15 release in November. Tenev compared the low transaction fee to the 1 to 3 percent network fees charged by several major card networks.

robinhood-ceo-stocks-crypto

Tenev also examined the speed of an optimal block time. According to him, block time should be as short as possible so that the transaction in question can be recorded in the following block as soon as possible. According to the Robinhood CEO, this would take less time than paying at a POS terminal.

 He did warn, though, that the block time should not be too rapid, otherwise miners will begin to develop a large number of competing chains. This will prevent a significant quantity of energy from being wasted. Instead of the existing 1-minute block time, Tenev recommended a 10-second block time for Dogecoin. Seconds of block time would be less time than it would take to complete a debit card transaction. According to Tenev, the throughput of Dogecoin is approximately 40 transactions per second, based on a 1MB block size and a minute block time. He continued, saying:

“As a comparison, Visa’s network can theoretically handle 65,000 tps. Doge would need to be able to significantly outperform Visa, which entails increasing throughput by at least 10000x. Fortunately, this is easy to solve simply by increasing the block size limit. Moving to a 1GB (and later 10GB) block size limit would provide all of the throughput a global currency would need for the foreseeable future. L2 solutions are not necessary to solve this problem.”

The CEO of Robinhood also chastised Dogecoin for being inflationary and having a limitless supply. Bitcoin, unlike DOGE, has a limited amount of 21 million coins. With a current supply of approximately 132 billion DOGE, 5 billion new DOGE are created each year. Finally, Tenev requested Dogecoin developers to expand the cryptocurrency’s block size limit.

The Robinhood executive’s post came just hours after Dogecoin inventor Jackson Palmer made a statement criticising Musk’s Twitter (NYSE: TWTR) deal. Musk, according to Palmer, is “pushing one of the largest public social media sites” to go private.