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

Vladimir Tenev, CEO of Robinhood, took to Twitter Thursday afternoon to discuss how Dogecoin could be the “future cryptocurrency of the internet”.

Tenev shared 12 posts with his almost 200,000 followers. He explained what steps needed to make the memecoin a useful asset for daily payments and internet transactions.

Can #Doge really be the future currency for the Internet and people? As Robinhood added the ability for DOGE to be sent/received, I was thinking about how that could work.
— VLAD (@vladtenev) April 14, 2022

Tenev started by pointing out that Dogecoin’s transaction costs — approximately $0.003 per transaction – are small enough to make the altcoin a viable e-cash contender.

He believes that Dogecoin’s block size and block time need to be improved if it is to become widespread.

Block time is the time between blocks that are added to the chain to verify transactions. It should be fast enough to record the transaction in the next block in less than the time it takes to pay at the point of sale terminal.
— VLAD (@vladtenev) April 14, 2022

Dogecoin has a current block size of 1MB and block time of 1 minute. This means that Dogecoin’s total throughput is approximately 40 transactions per Second (TPS).

Comparatively, VISA’s network can handle approximately 65,000 TPS. DOGE would have to double its throughput to match VISA. Tenev claims that this is not a concern and that DOGE can increase its block size limit to 1MB, 1GB, and eventually 10GB.

Tenev ended the thread by sending a message to Dogecoin developers, asking them to concentrate on increasing block size limits.

This is it: A database lover wants to make memecoin a database.
— kain.eth L222 (@kaiynne) April 15, 2022

Tenev’s thread was published three hours after Jackson Palmer, Dogecoin founder, took aim at Elon Musk, former CEO of Dogecoin.

Palmer tweeted to his 41,000 followers, “It takes some pretty impressive psychological gymnastics to associate any type of freedom with the richest man on the planet initiating a hostile takingover and forcing one the largest public social media platform private.”

When it comes to critiquing Musk, Palmer isn’t afraid to speak out. Palmer said that Musk was a self-absorbed grifter in mid-May and that Saturday Night Live’s viral performance was “cringe, bro”.

These recent events have not had a significant impact on Dogecoin’s price. Token trading has been erratic, fluctuating between $0.14 and $0.15 over the past seven day.

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.