Robinhood CEO Vladimir Tenev explained in a Twitter post how Dogecoin (DOGE) could become “the future currency of the internet.” Tesla CEO Elon Musk responded to Tenev’s post. After that, the DOGE price jumped. Here are the details…
DOGE tweet from Robinhood CEO
Tenev in a tweet thread of 12 posts to his nearly 200,000 followers to turn the meme coin into a usable asset for everyday payments and transactions on the internet outlined what steps should be taken. Tenev said Dogecoin’s transaction fees of around $0.003 per transaction could make the altcoin a viable e-cash pioneer. He believes that the block size and block time of Dogecoin are the main areas that need improvement for the widespread adoption of the cryptocurrency.
Dogecoin currently has a block size of 1MB and a block time of 1 minute, which means that the total throughput of Dogecoin is around 40 transactions per second (TPS). By comparison, the VISA network has a throughput of around 65,000 TPS – meaning DOGE needs to increase its overall throughput by about 1.625 times to be on par with VISA. Tenev says this is not a concern and can be resolved by increasing DOGE’s block size limit from 1MB to 1GB and eventually to 10GB. Tenev concluded the thread with a message urging Dogecoin developers to focus on increasing the block size limit above all else.
Elon Musk’s comment on Tenev’s tweet
Following Tenev’s tweet, Dogecoin co-founder Billy Markus shared his tweet thread and said “this tweet thread is good”. Elon Musk also responded to Markus’ tweet and used the expressions “as I said”. “I estimate that the infrastructure of the web has evolved enough in the last 8 years to try to speed up the network,” Markus said. “Likewise, block size and duration must keep up with the rest of the internet,” Musk said.
Meanwhile, DOGE price rose 3.7% from $0.14 is changing hands. The cryptocurrency managed to rise from $0.138 to $0.144.
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