On Thursday afternoon, Robinhood CEO Vladimir Tenev explained on Twitter how Dogecoin could become the “future currency of the internet”. Just hours after Dogecoin’s creator chastised Elon Musk for his Twitter antics.
Tenev outlined the steps needed to transform the memecoin into a usable asset for everyday payments and transactions on the internet in a series of 12 posts to his nearly 200,000 followers.
Tenev began by emphasising that Dogecoin’s transaction fees — roughly $0.003 per transaction — are already low enough to qualify the altcoin as a viable e-cash frontrunner.
Tenev believes that the block size and block time of Dogecoin are the main areas that need to be improved if the cryptocurrency is to gain widespread adoption.
Dogecoin currently has a 1MB block size and a 1 minute block time, implying that its total throughput is around 40 transactions per second (TPS).
In comparison, the VISA network has a throughput of approximately 65,000 TPS, implying that DOGE’s total throughput would need to be increased by approximately 1,625 times in order to compete with VISA. Tenev claims that this isn’t a problem, and that it can be solved simply by increasing DOGE’s block size limit from 1MB to 1GB, and then to 10GB.
Tenev concluded the thread with a message to the Dogecoin developers, urging them to prioritise increasing the block size limit above all.
Tenev’s post came just three hours after Dogecoin creator Jackson Palmer took aim at former “Dogecoin CEO” Elon Musk’s planned hostile takeover of Twitter.
Palmer wrote on Twitter for his 41,000 followers that:
“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.”
When it comes to criticising Musk, Palmer doesn’t hold back. Palmer called Musk a “self-absorbed grifter” in mid-May of last year, and said the billionaire’s viral performance on Saturday Night Live was “cringe bro.”
Dogecoin’s price has remained relatively unaffected by recent events, with the token trading sideways between $0.14 and $0.15 over the last seven days.
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