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Robinhood CEO Explains How Dogecoin Can Become People’s Currency

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Fri, 04/15/2022 - 06:17
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Alex Dovbnya
Dogecoin co-founder Billy Markus and Tesla CEO Elon Musk have already responded to Robinhood CEO Vlad Tenev’s suggestions
Robinhood CEO Explains How Dogecoin Can Become People’s Currency
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In a recent Twitter thread, Robinhood CEO Vlad Tenev has suggested several improvements that could make Dogecoin the currency of the internet and the people.

The 35-year-old executive claims that transaction fees have to be “vanishingly small” for the meme cryptocurrency to reach widespread acceptance. The Dogecoin Core 1.14.5 upgrade, which was implemented last November, significantly lowered transaction fees. As noted by Tenev, this makes it a much cheaper alternative to popular card networks that typically charge up to 3% per transaction.   

The Robinhood executive also says that the block time should be reduced to just ten seconds. In such a way, Dogecoin would be able to compete with Visa and other card networks. However, Tenev also believes that the block time shouldn’t be too fast so that miners wouldn’t have to waste too much energy on establishing consensus.

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Dogecoin Satoshi’s Vision?   

Tenev has proposed increasing Dogecoin’s block size to 10 gigabytes (GB), which would make it possible for the Bitcoin parody to handle a high number of transactions. One of the key arguments against increasing the block size is that it would inevitably result in a higher degree of centralization since one would be required to operate expensive hardware in order to run a full node. Tenev, however, believes that it would be a reasonable trade-off, seemingly echoing Bitcoin SV supporters.

Dogecoin co-founder Billy Markus has commented that the infrastructure of the web has improved enough to speed up Dogecoin. Centibillionaire Elon Musk has also joined the debate, claiming that the block size has to keep pace with the rest of the internet.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.