Can Dogecoin Become Internet’s Currency? Here’s How: Expresses Robinhood CEO
- Robinhood CEO, Vladimir Tenev, seems to be quite optimistic about the meme currency Dogecoin.
- He highlights how DOGE could become the native currency for the internet.
- Tenev expresses about transaction fee, block time, etc in a lengthy Twitter thread.
Vladimir Tenev, the CEO of Robinhood, has recently highlighted his opinions on how the popular meme currency Dogecoin (DOGE) could become the internet’s native currency. As the NASDAQ-listed exchange added to send and receive DOGE functionality, the CEO highlighted that he has been thinking about what that would take via Twitter.
The company finally took the feature out of the box last week after facing criticisms for not facilitating the transfer of cryptocurrencies in or out of the app.
But in the vast crypto ecosystem, making Dogecoin the internet currency would take a lot of effort, at least more than just unlocking the tokens held on a single platform.
Initially rolled out as a meme coin, DOGE has made a significant position in the crypto industry. Last year, the Dogecoin Foundation signified its plans to bring utility to the coin. And apparently, to restore confidence in the project, the entity highlighted that plans are to shift DOGE into a payment mechanism and a serious universal currency for folks.
The team behind Dogecoin has been in constant efforts to increase the usefulness of the coin by enhancing its technology.
The Robinhood CEO highlighted his views in a lengthy Twitter thread, he initially noted about the transaction fees that it should be vanishingly small. Although DOGE comparatively has a small transaction fee.
Tenev further states about the block time, that it should be faster than plans are in place to turn DOGE into a payment mechanism and a serious universal currency for people.
He highlights that ideally, the block time should be fast so that the transaction can be recorded in the precedent block in less time than it takes to pay at a point of sale terminal.
Furthermore, he notes that DOGE’s current block time is one minute which is too long and that it should be cut to ten seconds for optimal performance.
Then referring to increasing the block size, he stated in the thread that DOGE would need to outperform Visa, which can handle 65,000 transactions per second that might need a 10,000x increase on its current 1MB block size.
Well, It is to look forward if Tenev’s opinions could come true as what he highlighted about the potential changes required in the network is not that easy to achieve.
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