Robinhood CEO outlines how DOGE could become 'currency of the internet"
Robinhood CEO Vladimir Tenev took to Twitter on Thursday afternoon to explain how Dogecoin could become the “future currency of the internet.”
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.
Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take.
Tenev began by drawing attention to the fact that Dogecoin’s transaction fees — roughly $0.003 per transaction — are already small enough to place the altcoin as a feasible e-cash frontrunner.
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.
Ideally, 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.
Dogecoin currently has a 1MB block size and a 1 minute block time which means that Dogecoin’s total throughput stands at approximately 40 transactions per second (TPS).
In comparison, the VISA network has a throughput of approximately 65,000 TPS — 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 that this isn’t a worry, and can be solved simply by increasing DOGE’s block size limit from 1MB to 1GB and eventually to 10GB.
Tenev finished the thread with a message to the developers of Dogecoin, urging them to focus on increasing the block size limit above
Read more on cointelegraph.com
