Dogecoin (DOGE) could become the currency of the internet and of the people in the future
Vladimir Tenev, CEO of brokerage platform Robinhood, talked about how the once-joke Dogecoin (DOGE) cryptocurrency could become the currency of the Internet and people in the future.
Robinhood CEO envisions Dogecoin as the future currency of the Internet with Elon Musk
In a 12-part Twitter thread liked by Elon Musk, Tenev shared several innovations that could help transform the meme-inspired cryptocurrency into an asset that can be used for everyday payments and transactions on the internet.
He pointed out that Dogecoin’s transaction fees of around $0.003 per transaction are already low enough to position the digital currency for more mainstream adoption. The Dogecoin Core 1.14.5 upgrade launched last November has significantly reduced transaction fees. Tenev points out that this makes DOGE a cheaper alternative to leading card networks that charge 1-3% per transaction.
The Robinhood director explained that Dogecoin’s block time and block size improvements are what will bring the token to the golden hour. In particular, Tenev noted that the current 1-minute block time should be reduced to just 10 seconds so that DOGE can compete with Visa. However, he said it shouldn’t be so fast that miners waste a lot of energy while establishing consensus.
As for the block size limit of Dogecoin, Tenev proposes to increase it from the current 1MB to 1GB and finally to 10GB. Dogecoin currently has a throughput of 40 transactions per second. Meanwhile, Visa’s total throughput is 65,000 TPS. This means that DOGE will need to increase throughput by more than 10,000 times to be able to replace Visa.
Robinhood’s Tenev urges Dogecoin core developers to focus on increasing the block size limit. It is a surefire way to provide all the throughput that a global currency will require in the future.
The proposals made by CEO Robinhood come shortly after Dogecoin co-founder Jackson Palmer presented Elon Musk’s plans for Twitter.
As you know, Elon Musk revealed his bid to make Twitter private. Musk, one of Dogecoin’s most vocal evangelists, has offered to acquire the social media platform for more than $40 billion, noting that it is the “best and final offer.”
The move didn’t sit well with Palmer, who tweeted:
“It takes some pretty impressive mental gymnastics to associate any type of ‘freedom’ with the richest man in the world initiating a hostile takeover and forcing one of the largest public social media platforms private.”
This isn’t the first time Palmer has thrown the ball at the Tesla CEO. Back in May 2021, the creator of Dogecoin called Musk a “self-absorbed grifter.” He also described Musk’s over-hyped debut on Saturday Night Live as a “cringe.”
Palmer has since wholly distanced himself from the crypto industry as he believes it is malicious and controlled by a “powerful cartel of wealthy figures.”
DOGE/USD 4-hour chart | Source: TradingView
DOGE is changing hands at $0.1444 at press time, with a market capitalization of $19.3 billion.
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