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Robinhood CEO Gives Tips To Help Dogecoin Become Currency of Internet, Elon Musk And Doge Founder Agrees

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Can Dogecoin become the future currency of the internet? Robinhood’s CEO gives insight.


 

As Dogecoin enthusiasts continue to describe the meme coin as the currency of the internet, Vladimir Tenev, CEO and co-founder of Robinhood markets, disclosed recently that he is wondering what it would take for DOGE to achieve that goal. 

According to Tenev’s analysis, Dogecoin is far from achieving the goal of becoming the internet currency due to some technical issues currently facing the 12th-largest cryptocurrency. 

 

Transaction Fees Reduction

Tenev noted that making Dogecoin transactions cheap and fast is a significant step to taking the cryptocurrency closer to becoming the currency of the internet and the people. 

While he acknowledged that the recent upgrade, introduced in November 2021 by DOGE developers, had contributed significantly to reducing the network’s transaction fees, he still thinks more efforts need to be made in that regard to make fees to be “vanishingly small ultimately.” 

Fast Transactions

Tenev said DOGE’s block time should be faster in order to see the cryptocurrency rival top payment networks like Visa. 

However, it should not be faster to the point that it causes a problem of energy wastage. 

Comparing DOGE transaction times with Visa, Tenev said while the former’s current block time enables it to perform 40 transactions per second (TPS), the latter can theoretically handle 65,000 TPS. 

He thinks the issue could be easily resolved if the Dogecoin developers increase the network’s block size to at least 1GB and 10 GB in the near future. 

Furthermore, Tenev suggested that Dogecoin needs to have a fixed total supply, to become the future currency. 

“Another criticism of Doge is that it’s inflationary and the supply is infinite, unlike Bitcoin’s finite supply of 21M coins. ~5B new DOGE are created every year, and the current supply is about 132B. This results in a current inflation rate of <5% – less than USD!” Tenev adds

 

He concluded by urging Dogecoin developers to come up with a perfect solution to increase the network’s block size limit over time. 

Reactions to Tenev’s Opinion 

The development has sparked mixed reactions among Dogecoin enthusiasts, who took the time to comment on the lengthy thread.  

Dogecoin pseudonymous founder Shibetoshi Nakamoto, in his response to the post, said Tenev’s thread is a good read. 

 

Elon Musk responded to Shibetoshi Nakamoto’s comment, the CEO and founder of Tesla, who noted that: “As I was saying.” 

 

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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