Robinhood CEO outlines how DOGE may turn into ‘foreign money of the web’

Robinhood CEO Vladimir Tenev took to Twitter on Thursday afternoon to elucidate how Dogecoin may turn into the “future foreign money of the web.”

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

Can #Doge actually be the long run foreign money of the Web and the folks? As we added the flexibility to ship/obtain DOGE on Robinhood, I have been enthusiastic about what that might take.

— VLAD (@vladtenev) April 14, 2022

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 principle areas that require enchancment if the cryptocurrency is to turn into extensively adopted.

Ideally, the block time (time between successive blocks being added to the chain and to confirm a transaction) must be quick sufficient that the transaction could be recorded within the subsequent block in much less time than it takes to pay at some extent of sale terminal.

— VLAD (@vladtenev) April 14, 2022

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).

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 is not a fear, and could be solved just by rising DOGE’s block dimension restrict from 1MB to 1GB and finally to 10GB.

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

This simply in: Man who loves databases needs to show memecoin right into a database. https://t.co/EzVSomnJwq

— kain.eth L222 (@kaiynne) April 15, 2022

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

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

Palmer does not mince phrases relating to criticizing Musk. In mid-Could final yr, Palmer known as Musk a “self absorbed grifter” and claimed that the billionaire’s viral efficiency on Saturday Evening Stay was “cringe, bro.”

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

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