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

Robinhood CEO Vladimir Tenev took to Twitter on Thursday afternoon to clarify how Dogecoin might develop into the “future forex of the web.”

In a thread of 12 posts to his practically 200,000 followers, Tenev outlined what steps have to be taken to remodel the memecoin right into a usable asset for on a regular basis funds and transactions on the web.

Tenev started by drawing consideration to the truth that Dogecoin’s transaction charges — roughly $0.003 per transaction — are already sufficiently small to position the altcoin as a possible e-cash frontrunner.

He believes the block dimension and the block time of Dogecoin are the primary areas that require enchancment if the cryptocurrency is to develop into extensively adopted.

Dogecoin presently has a 1MB block dimension and a 1 minute block time which implies that Dogecoin’s complete throughput stands at roughly 40 transactions per second (TPS).

As compared, the VISA community has a throughput of roughly 65,000 TPS — which means that DOGE would wish to extend its complete throughput by roughly 1,625 instances with a view to be on par with VISA. Tenev says that this isn’t a fear, and will be solved just by rising DOGE’s block dimension restrict from 1MB to 1GB and ultimately to 10GB.

Tenev completed the thread with a message to the builders of Dogecoin, urging them to deal with rising the block dimension restrict above all else.

Tenev’s thread was revealed simply three hours after Dogecoin creator Jackson Palmer took intention at former “Dogecoin CEO” Elon Musk’s deliberate potential hostile takeover of Twitter.

“It takes some fairly spectacular psychological gymnastics to affiliate any sort of ‘freedom’ with the richest man on the planet initiating a hostile takeover and forcing one of many largest public social media platforms personal,” said Palmer in a tweet to his 41,000 followers.

Palmer doesn’t mince phrases on the subject of criticizing Musk. In mid-Might final yr, Palmer referred to as Musk a “self absorbed grifter” and claimed that the billionaire’s viral efficiency on Saturday Night time Reside was “cringe, bro.”

The value of Dogecoin stays comparatively unaffected by these current occasions, with the token buying and selling sideways between the $0.14 and $0.15 mark over the previous seven days.