Just hours after Dogecoin’s inventor criticized Elon Musk for his Twitter actions, Robinhood CEO Vlad Tenev came to Twitter to explain how DOGE may become the internet’s future currency.
On Thursday afternoon, Robinhood CEO Vlad Tenev came to Twitter to explain how Dogecoin may become the “next money of the internet.”
Tenev explained the procedures required to convert the meme coin into a useable asset for daily payments and transactions on the internet in a 12 posts to his almost 200,000 followers.
Tenev started by highlighting that Dogecoin’s transaction costs — around $0.003 per transaction — are already low enough to qualify it as a viable e-cash leader.
He feels that Dogecoin’s block size and block time are the two significant areas for development if the cryptocurrency is to gain broad acceptance.
Dogecoin presently has a block size of 1MB and a block period of 1 minute, which indicates 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, showing that DOGE’s total throughput would need to be increased nearly 1,625 times to compete with VISA. Tenev states that this is not a cause for concern and that the issue can be resolved simply by expanding DOGE’s block size limit from 1MB to 1GB and ultimately to 10GB.
Tenev concluded the chat with a note to Dogecoin’s developers, pushing them to prioritize expanding the block size limit.
Tenev’s post was published barely three hours after Dogecoin inventor Jackson Palmer took aim at former “Dogecoin CEO” Elon Musk’s stated scheme to take over Twitter in a hostile takeover.
“It takes some pretty incredible mental gymnastics to link any sort of ‘freedom’ with the world’s wealthiest man attempting a hostile takeover and forcing one of the greatest public social media platforms to become private,” Palmer said in a tweet to his 41,000 followers.
Palmer is unflinching in his criticism of Musk. Palmer called Musk a “self-absorbed grifter” in mid-May last year, saying that the billionaire’s viral performance on Saturday Night Live was “cringe, bro.”
Dogecoin’s price has been remarkably unchanged by recent events, moving flat between $0.14 and $0.15 over the last seven days.