Few days after Robinhood listed the meme currency Dogecoin, the CEO of the platform Vlad Tenev, in a thread of 12 posts on Twitter explained how Dogecoin could become the internet’s future currency.
In a recent Twitter discussion, Robinhood CEO Vlad Tenev suggested a few tweaks that might help Dogecoin become the internet’s and people’s currency.
For the meme cryptocurrency to gain general adoption, the 35-year-old executive thinks transaction fees must be “vanishingly minimal.” The Dogecoin Core 1.14.5 upgrade, which went live in November, reduced transaction fees considerably.
As Tenev points out, this makes it a lot more affordable option than mainstream card networks, which normally charge up to 3% each transaction.
The block time should also be shortened to ten seconds, according to the Robinhood executive. Dogecoin would be able to compete with Visa and other card networks in this fashion.
Tenev, on the other hand, feels that the block duration should not be excessively short so that miners do not expend too much work building consensus.
Tenev has proposed expanding the block size of Dogecoin to ten gigabytes (GB), allowing the Bitcoin spoof to handle a large number of transactions.
One of the main arguments against raising the block size is that it would eventually lead to more centralization because running a complete node would necessitate the use of expensive hardware. Tenev, on the other hand, seems to agree that it would be a fair trade-off, echoing Bitcoin SV advocates.
Billy Markus, co-founder of Dogecoin, stated that the web’s infrastructure has improved enough to allow Dogecoin to run faster. Elon Musk, the entrepreneur, has also weighed in on the controversy, stating that the block size must stay up with the rest of the internet.
