Vladimir Tenev, CEO of brokerage platform Robinhood has talked about how the once-joke cryptocurrency Dogecoin (DOGE) could become the currency of the internet and of the people in the future.
In a 12-part Twitter thread, Tenev shared a couple of improvements that could help transform the meme-inspired crypto into an asset that can be used for everyday payments as well as transactions on the internet.
He pointed out that Dogecoin’s transaction fees of around $0.003 per transaction are already low enough to position the digital currency for greater mainstream acceptance. The Dogecoin Core 1.14.5 upgrade rolled out last November dramatically reduced transaction fees. Tenev indicated that this essentially makes DOGE a cheaper alternative compared to the leading card networks that charge 1-3% fees per transaction.
The Robinhood chief explained that improving Dogecoin’s block time and block size is what will take the token to primetime. In particular, Tenev notes that the present 1-minute block time should be slashed to just 10 seconds for DOGE to compete with the likes of Visa. However, he says it shouldn’t be too fast that miners waste a lot of energy while establishing consensus.
As for Dogecoin’s block size limit, Tenev proposed increasing it from the current 1MB to 1GB and ultimately to 10GB. Dogecoin has a throughput of 40 transactions per second at the moment. Visa’s total throughput, in comparison, stands at 65,000 TPS. This means DOGE would need to increase its throughput over 10,000 times for it to be able to supplant Visa.
Robinhood’s Tenev urged Dogecoin core developers to focus on increasing the block size limit as it’s a surefire way to provide all of the throughputs a global currency would require for the future.
Dogecoin Co-Creator Criticizes Elon Musk’s Hostile Twitter Takeover Scheme
The proposals put forward by the Robinhood CEO came shortly after Dogecoin co-founder Jackson Palmer lambasted Elon Musk’s plans for Twitter.
As covered by ZyCrypto earlier, Elon Musk disclosed his bid to take Twitter private. Musk, who is one of Dogecoin’s most vocal evangelists, offered to buy the social media platform for over $40B, noting that it was his “best and final offer”.
The move didn’t sit well with Palmer, who tweeted:
“It takes some pretty impressive mental gymnastics to associate any type of ‘freedom’ with the richest man in the world initiating a hostile takeover and forcing one of the largest public social media platforms private.”
This is not the first time Palmer has thrown shade on the Tesla CEO. Back in May 2021, the Dogecoin creator called Musk a “self-absorbed grifter”. He also described Musk’s much-hyped debut on Saturday Night Live as “cringe”.
Palmer has since completely distanced himself from the crypto industry as he believes it’s toxic and controlled by a “powerful cartel of wealthy figures”.
DOGE is changing hands at $0.1456 as of press time, with a market capitalization of $19.3 billion.