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Thursday, October 6, 2022

DOGE Can Become The Currency Of The Internet

Robinhood CEO Vladimir Tenev took to Twitter to explain how DOGE could become “the future currency of the Internet” just hours after Dogecoin’s creator criticized Elon Musk for his Twitter antics.

Robinhood CEO Vladimir Tenev took to Twitter on Thursday afternoon to explain how DOGE could become the “future currency of the Internet.”

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In a thread of 12 posts to his nearly 200,000 followers, Tenev outlined what steps need to be taken to transform the meme coin into a usable asset for everyday payments and transactions on the internet.

Tenev began by drawing attention to the fact that this coin’s transaction fees — roughly $0.003 per transaction — are already small enough to place the altcoin as a feasible e-cash frontrunner.

He believes the block size and the block time are the main areas that require improvement if the cryptocurrency is to become widely adopted.

DOGE Will Be The Future Of Currency

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It currently has a 1-megabyte block size and a 1-minute block time, which means that Dogecoin’s total throughput stands at approximately 40 transactions per second (TPS).

In comparison, the Visa network has a throughput of approximately 65,000 TPS — meaning that this coin would need to increase its total throughput by roughly 1,625 times in order to be on par with Visa. Tenev said that this isn’t a worry and can be solved simply by increasing Dogecoin’s block size limit from 1MB to 1 gigabyte and eventually to 10GB.

Tenev finished the thread with a message to the developers of this coin, urging them to focus on increasing the block size limit above all else.

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