Robinhood CEO Outlines How DOGE Could Become the ‘Currency of the Internet’

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

In a 12-post thread to his nearly 200,000 followers, Tenev outlined the steps that need to be taken to turn the memecoin into a usable asset for everyday online payments and transactions.

may #Doge really be the future currency of the internet and people? When we added the ability to send/receive DOGE on Robinhood, I thought about what that would cost.

— VLAD (@vladtenev) April 14, 2022

Tenev first drew attention to the fact that Dogecoin’s transaction fees — around $0.003 per transaction — are already low enough to place the altcoin as a viable e-cash frontrunner.

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

Ideally, the block time (time between consecutive blocks added to the chain and to verify a transaction) should be fast enough so that the transaction can be recorded in the next block in less time than it takes to pay at a point-of-sale terminal.

— VLAD (@vladtenev) April 14, 2022

Dogecoin currently has a block size of 1 MB and a block time of 1 minute, which means that Dogecoin’s total throughput is around 40 transactions per second (TPS).

In comparison, the VISA network has a throughput of about 65,000 TPS — meaning DOGE would need to increase its total throughput by about 1,625x to match VISA. Tenev says that this is not a concern and can be solved simply by increasing DOGE’s block size limit from 1MB to 1GB and finally to 10GB.

Tenev ended the thread with a message to the Dogecoin developers, pushg them to focus primarily on increasing the block size limit.

Just that in: guy who loves databases wants to turn memecoin into a database. https://t.co/EzVSomnJwq

— kain.eth L222 (@kaiynne) April 15, 2022

Tenev’s thread was published just three hours after Dogecoin creator Jackson Palmer targeted the planned potential hostile takeover of Twitter by former “Dogecoin CEO” Elon Musk.

“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.” called Palmer in a tweet to his 41,000 followers.

Palmer doesn’t mince words when it comes to criticizing Musk. In mid-May last year, Palmer called Musk a “self-absorbed crook” and claimed the billionaire’s viral appearance on Saturday Night Live was “twitch, bro.”

Dogecoin’s price remains relatively unaffected by these recent events, with the token trading sideways between the $0.14 and $0.15 levels for the past seven days.