Robinhood Markets Inc (NASDAQ:HOOD) CEO Vlad Tenev reflected on what it would take for Dogecoin (CRYPTO: DOGE) to become “the future currency of the Internet.”
What Happened: In a series of tweets on Thursday, Tenev laid out his views on how DOGE could become the internet’s go-to currency.
Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take.
— VLAD (@vladtenev) April 14, 2022
“First off, transactions fees would have to be vanishingly small. We’re already there,” he said.
After November’s 1.14.5 upgrade, the average fees on Dogecoin’s blockchain has been around $0.003 – significantly lower than the 1-3% of the transaction amount charged by major card networks.
Tenev also addressed the need to speed up Dogecoin’s block time which he believes is currently “a bit on the long side” at 1 minute per block.
6 seconds, better said as 6000 milliseconds, which is a long time to computers, is about right
— Elon Musk (@elonmusk) April 14, 2022
By speeding up the block time, transaction speed would be quick enough to make a payment with DOGE at a point-of-sale terminal.
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk and Dogecoin co-founder Billy Markus weighed in on Tenev’s suggestions around block time.
i picked 1 minute blocks 8 years ago because someone on bitcointalk said 45 seconds on a different chain was causing lots of issues, and 60 seconds was the fastest without having too many issues
— Shibetoshi Nakamoto (@BillyM2k) April 14, 2022
the faster while still secure the better imo
Markus explained why he initially chose the block size parameters when creating DOGE, but said that the internet’s infrastructure has likely improved enough now to experiment with speeding up transactions.
Exactly, block size & time should keep pace with the rest of the Internet
— Elon Musk (@elonmusk) April 14, 2022
Photo: Courtesy of Cyril Ernst via Wikimedia
