Robinhood CEO outlines how DOGE could become ‘currency of the internet’

Robinhood CEO Vladimir Tenev took to Twitter on Thursday afternoon to elucidate how Dogecoin might change into the “future foreign money of the web.”

In a thread of 12 posts to his practically 200,000 followers, Tenev outlined what steps should be taken to remodel the memecoin right into a usable asset for on a regular basis funds and transactions on the web.

Tenev started by drawing consideration to the truth that Dogecoin’s transaction charges — roughly $0.003 per transaction — are already sufficiently small to put the altcoin as a possible e-cash frontrunner.

He believes the block dimension and the block time of Dogecoin are the primary areas that require enchancment if the cryptocurrency is to change into broadly adopted.

Dogecoin at present has a 1MB block dimension and a 1 minute block time which signifies that Dogecoin’s complete throughput stands at roughly 40 transactions per second (TPS).

As compared, the VISA community has a throughput of roughly 65,000 TPS — which means that DOGE would want to extend its complete throughput by roughly 1,625 occasions in an effort to be on par with VISA. Tenev says that this isn’t a fear, and will be solved just by rising DOGE’s block dimension restrict from 1MB to 1GB and finally to 10GB.

Tenev completed the thread with a message to the builders of Dogecoin, urging them to give attention to rising the block dimension restrict above all else.

Tenev’s thread was revealed simply three hours after Dogecoin creator Jackson Palmer took goal at former “Dogecoin CEO” Elon Musk’s deliberate potential hostile takeover of Twitter.

“It takes some fairly spectacular psychological gymnastics to affiliate any kind of ‘freedom’ with the richest man on this planet initiating a hostile takeover and forcing one of many largest public social media platforms personal,” mentioned Palmer in a tweet to his 41,000 followers.

Palmer doesn’t mince phrases in terms of criticizing Musk. In mid-Could final yr, Palmer known as Musk a “self absorbed grifter” and claimed that the billionaire’s viral efficiency on Saturday Evening Dwell was “cringe, bro.”

The value of Dogecoin stays comparatively unaffected by these current occasions, with the token buying and selling sideways between the $0.14 and $0.15 mark over the previous seven days.

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