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Vladimir Tenev, CEO of brokerage platform Robinhood, has spoken about how the once-prankster cryptocurrency Dogecoin (DOGE) could become the currency of the internet and people in the future.
In a 12-part Twitter thread liked by Elon Musk, Tenev shared some improvements that could help transform the meme-inspired crypto into an asset used for everyday payments as well as online transactions can be.
He pointed out that Dogecoin’s transaction fees, at around $0.003 per transaction, are already low enough to position the digital currency for greater mainstream adoption. The Dogecoin Core 1.14.5 upgrade, rolled out last November, drastically reduced transaction fees. Tenev pointed out that this essentially makes DOGE a cheaper alternative compared to the leading card networks, which charge 1-3% fees per transaction.
The Robinhood chief explained that improving Dogecoin’s block time and block size will bring the token to prime time. Tenev specifically points out that in order for DOGE to compete with companies like Visa, the current block time should be reduced from 1 minute to just 10 seconds. However, he says that it should not be too fast that miners waste a lot of energy while establishing consensus.
As for Dogecoin’s block size limit, Tenev suggested increasing it from the current 1MB to 1GB and eventually to 10GB. Dogecoin currently has a throughput of 40 transactions per second. In comparison, Visa’s total throughput is 65,000 TPS. That means DOGE would need to increase its throughput by 10,000x to replace Visa.
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Robinhood’s Tenev urged Dogecoin’s core developers to focus on increasing the block size limit as it’s a surefire way to provide all the throughput a global currency going forward would require.
Dogecoin Co-Creator Slams Elon Musk’s Hostile Twitter Takeover Scheme
The Robinhood CEO’s proposals came shortly after Dogecoin co-founder Jackson Palmer criticized Elon Musk’s plans for Twitter.
As previously reported by , Elon Musk announced his offer to take Twitter private. Musk, one of Dogecoin’s most vocal evangelists, offered to buy the social media platform for over $40 billion, noting that it was his “best and last offer.”
The move didn’t sit well with Palmer, who tweeted:
“It takes some pretty impressive mental gymnastics to associate any sort of ‘freedom’ with the richest man in the world initiating a hostile takeover and privatizing one of the largest public social media platforms.”
This isn’t the first time Palmer has eclipsed the Tesla CEO. Back in May 2021, the Dogecoin creator called Musk a “self-absorbed crook.” He also described Musk’s much-hyped Saturday Night Live debut as “cringe.”
Palmer has since distanced himself completely from the crypto industry, believing it to be toxic and controlled by a “powerful cartel of wealthy individuals.”
DOGE is changing hands at $0.1456 at press time, with a market cap of $19.3 billion.