Just hours after Dogecoin‘s founder condemned Elon Musk’s Twitter shenanigans, Robinhood CEO Vladimir Tenev moved to Twitter to explain why DOGE may become “the future money of the Internet.”
On Thursday afternoon, Vladimir Tenev, CEO of Robinhood, went to Twitter to discuss the potential of DOGE as the “next money of the Internet.”
Tenev laid out the necessary procedures to turn the meme currency into an useable commodity for daily purchases and transactions online in a sequence of 12 postings to his roughly 200,000 followers.
Tenev started off by bringing out how this coin’s transaction costs are already low enough to make it a viable e-cash contender; they’re just around $0.003 each time a transaction is made.
If he is correct, then increasing the block size and decreasing the block time are the most pressing issues that need to be addressed before the cryptocurrency can gain widespread acceptance.
DOGE Will Be The Future Of Currency
Dogecoin’s current block size is 1 MB and its block time is 1 min, resulting in a total throughput of around 40 tx/sec (TPS).
Considering that the Visa network processes over 65,000 TPS, this currency would need to boost its total throughput by about 1,625 times before it could compete. According to Tenev, this isn’t a problem and can be easily fixed by raising the maximum size of Dogecoin blocks from 1 megabyte (MB) to 1 gigabyte (GB) and then 10 GB.
Finally, Tenev sent a note to the coin’s creators, pushing them to prioritize expanding the block size limit.