Robinhood CEO Explains How Dogecoin Can Become a People’s Currency

Robinhood CEO Vlad Tenev suggested a few improvements that could make Dogecoin the currency of the internet and people.

The 35-year-old executive claims that for the meme cryptocurrency to gain widespread acceptance, transaction fees must be “small enough to disappear.” The Dogecoin Core 1.14.5 upgrade implemented last November has significantly reduced transaction fees. As Tenev points out, this makes it a much cheaper alternative to popular card networks that typically charge up to 3% per transaction.

Robinhood admin also says the block time should be reduced to just ten seconds. This way, Dogecoin will be able to compete with Visa and other card networks. But Tenev also believes that block time should not be too fast so that miners don’t have to expend a lot of energy to build consensus.

Tenev proposed increasing Dogecoin’s block size to 10 gigabytes (GB); this will make it possible for Bitcoin parody to handle a large number of transactions. One of the main arguments against increasing the block size is that this will inevitably lead to a higher degree of centralization, as it would be necessary to run expensive hardware to run a full node. However, Tenev believes this would be a reasonable case.

Dogecoin co-founder Billy Markus commented that the web infrastructure has evolved enough to accelerate Dogecoin. Centibillionaire Elon Musk also joined the discussion, claiming that block size should keep up with the rest of the internet.