Vladimir Tenev, CEO of brokerage platform Robinhood, has discussed how the once-joke cryptocurrency Dogecoin (DOGE) could become the currency of the internet and people in the future.
Tenev offered a few of changes in a 12-part Twitter thread liked by Elon Musk that might help develop the meme-inspired crypto into an asset that can be used for ordinary payments as well as internet transactions.
He emphasized that Dogecoin’s transaction fees of roughly $0.003 per transaction are already low enough to position the digital currency for wider public appeal. Last November, the Dogecoin Core 1.14.5 release significantly cut transaction fees.
Tenev stated that this effectively offers DOGE a less expensive option to the big card networks, which charge 1-3 percent fees per transaction. The Robinhood CEO noted that increasing Dogecoin’s block time and block size is what will propel the token to prominence.
Tenev, in particular, believes that the current 1-minute block period should be reduced to 10 seconds in order for DOGE to compete with the likes of Visa. However, he believes that it should not be so quick that miners squander a lot of energy creating agreement.
Tenev advocated expanding Dogecoin’s block size limit from 1MB to 1GB, and eventually to 10GB. Dogecoin now has a throughput of 40 transactions per second. In comparison, Visa’s overall throughput is 65,000 TPS.
This means DOGE would have to expand its throughput more than 10,000 times to be able to replace Visa. Robinhood’s Tenev asked Dogecoin core developers to prioritize expanding the block size limit as a surefire approach to deliver all of the throughputs required for a global currency in the future.
The Robinhood CEO’s recommendations came shortly after Dogecoin co-founder Jackson Palmer slammed Elon Musk’s aspirations for Twitter.
Elon Musk revealed his bid to take Twitter private, as Coinposters previously reported. Musk, one of Dogecoin’s most ardent supporters, offered to buy the social networking platform for more than $40 billion, stating that it was his “best and final offer.”
Palmer was not pleased with the decision, tweeting that it takes some incredible mental gymnastics to link any type of “freedom” with the richest guy in the world attempting a hostile takeover and forcing one of the largest public social media sites private.
This isn’t the first time Palmer has slammed Tesla’s CEO. Musk was labeled a “self-absorbed grifter” by the developer of Dogecoin in May 2021. He also called Musk’s much-anticipated appearance on Saturday Night Live a “cringe.”
Palmer has subsequently removed himself from the crypto business, believing it to be toxic and dominated by a powerful cartel of affluent persons.
DOGE is now trading at $0.1456 per coin, with a market capitalization of $19.3 billion.