Vladimir Teven’s View On Dogecoin
Vladimir Tenev, the CEO of trading platform Robinhood, has described how the once-joke cryptocurrency Dogecoin (DOGE) may one day become the internet’s and people’s money.
Tenev provided a few of modifications in a 12-part Twitter thread that was liked by Elon Musk, which would help develop the meme-inspired crypto into an asset that can be used for everyday payments as well as online transactions.
He pointed out that Dogecoin‘s transaction fees, which are already around $0.003 per transaction, are already low enough to position the digital currency for widespread acceptance. Last November, the Dogecoin Core 1.14.5 release substantially decreased transaction fees.
According to Tenev, this essentially provides DOGE a cheaper option to the large card networks, which charge 1-3 percent transaction fees.
The Robinhood’s CEO suggestions
The Robinhood CEO suggested that expanding Dogecoin’s block time and block size will help the currency attain general adoption.
Tenev pointed out that in order for DOGE to compete with Visa, the present 1-minute block period has be decreased to only 10 seconds. However, he feels that miners should not move so rapidly that they spend a lot of energy forging consensus.
Tenev recommended extending Dogecoin’s block size limit from 1MB to 1GB and ultimately to 10GB in the future. At the moment, Dogecoin has a throughput of 40 transactions per second.
In comparison, Visa’s entire throughput is 65,000 TPS. To be able to supplant Visa, DOGE would have to improve its throughput by approximately 10,000 times.
Tenev of Robinhood encouraged Dogecoin core developers to concentrate on extending the block size limit since it is a definite strategy to offer all of the throughputs a global currency would demand in the future.
