On Thursday afternoon, Robinhood CEO Vladimir Tenev came to Twitter to explain how Dogecoin may become the “next currency of the internet.”
Tenev explained the procedures needed to turn the memecoin into a viable asset for everyday payments and transactions on the internet in a series of 12 postings to his almost 200,000 followers.
Tenev began by pointing out that Dogecoin’s transaction fees, which are currently at $0.003 per transaction. That’s, are already low enough to make the altcoin a viable e-cash frontrunner.
He feels that the block size and block time of Dogecoin are the two most important aspects 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 the total throughput is around 40 transactions per second (TPS).
The VISA network, for comparison, has a throughput of over 65,000 TPS. So, implying that DOGE would need to boost its total throughput by roughly 1,625 times to catch up to VISA. Tenev claims that this isn’t a concern, and that the problem can be fixed by simply expanding DOGE’s block size limit from 1MB to 1GB, and then to 10GB.
Tenev ended the thread with a note to the Dogecoin developers, encouraging them to prioritize expanding the block size limit.
Tenev’s post came only three hours after Dogecoin inventor Jackson Palmer took aim at erstwhile “Dogecoin CEO” Elon Musk’s rumored aggressive acquisition of Twitter.
In a tweet to his 41,000 followers, Palmer stated,
“It takes some pretty incredible mental gymnastics to associate any type of ‘freedom’ with the world’s richest man”
“attempting a hostile takeover and forcing one of the largest public social media platforms private.”
When it comes to criticizing Musk, Palmer isn’t shy. Palmer referred to Musk as a “self-absorbed grifter” in mid-May of last year. Then, claiming that the billionaire’s viral performance on Saturday Night Live was “cringe, bro.”
These recent occurrences have had little impact on the price of Dogecoin. Of fact, the token has been trading in a range of $0.14 to $0.15 for the past seven days.
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