Robinhood CEO Outlines How DOGE Will Be 'Internet Currency'

Robinhood CEO Vladimir Tenev took to Twitter Thursday afternoon to explain how Dogecoin will be the "Internet currency of the future."

In his 12 posts, Tenev outlined to his nearly 200,000 followers the steps needed to make Dogecoin a usable asset for everyday payments and transactions on the internet.

Can Doge really become the future currency of the Internet and the people? When we added the ability to send/receive DOGE on Robinhood, I kept thinking about what needed to be done.

— VLAD (@vladtenev) April 14, 2022

Tenev first drew attention to the fact that Dogecoin’s transaction fees — roughly $0.003 per transaction — are low enough to make the altcoin a viable electronic cash frontrunner.

He believes that Dogecoin's block size and block time are the main areas that need to be improved if Dogecoin is to be widely adopted.

Ideally, the block time (the time between successive blocks being added to the chain and the verification of the transaction) should be fast enough that the time it takes for the next block to record the transaction is faster than the time it takes to pay at a point-of-sale terminal short.

— VLAD (@vladtenev) April 14, 2022

Dogecoin currently has a block size of 1MB and a block time of 1 minute, which means that the total throughput of Dogecoin is approximately 40 transactions per second (40 TPS).

In comparison, the VISA network has a throughput of about 65,000 TPS—meaning that DOGE needs to increase its total throughput by about 1,625 times to match VISA. According to Tenev, this is not a problem and can be solved by simply increasing DOGE’s block size limit from 1MB to 1GB, and eventually to 10GB.

Tenev concluded his post by urging Dogecoin developers to focus on increasing the block size limit.

Tenev’s post came just three hours after Dogecoin founder Jackson Palmer criticized former “Dogecoin CEO” Elon Musk’s plans for a potential hostile takeover of Twitter.

Palmer told his 41,000 followers on Twitter: "It takes a lot to connect any kind of 'freedom' with the world's richest man launching a hostile takeover and forcing one of the largest public social media platforms to go private. Considerable mental training."

Palmer was not shy about criticizing Musk. In mid-May last year, Palmer called Musk a "self-serving liar" and claimed the billionaire's appearance on "Saturday Night Live" was "embarrassing, bro."

The price of Dogecoin has been relatively unaffected by these recent events, trading sideways between $0.14 and $0.15 over the past seven days.

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