Robinhood CEO Outlines How DOGE Will Become “Currency of the Internet”

Hours after the founder of Dogecoin criticized Elon Musk’s ridiculous Twitter takeover, Robinhood CEO Vladimir Tenev took to Twitter to explain how DOGE will be the internet currency of the future.

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 that need to be taken to make Dogecoin a usable asset for everyday payments and transactions on the internet.

Can Doge really be the future currency of the internet and the people? As 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 Dogecoin’s transaction fees — about $0.003 per transaction — which are low enough to make the altcoin a viable electronic cash frontrunner.

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

Ideally, block times (the time between successive blocks being added to the chain and transactions being validated) should be fast enough that it takes less time for the next block to record a transaction than it takes for a payment to be made at a point-of-sale terminal.

— 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).

By comparison, the VISA network has a throughput of about 65,000 TPS - meaning DOGE would need to increase its total throughput by about 1,625 times to be on par with VISA. Tenev said 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 creator Jackson Palmer criticized former “Dogecoin CEO” Elon Musk over his potential hostile takeover plans for Twitter.

"It takes considerable mental discipline to associate any kind of 'freedom' with the world's richest man launching a hostile takeover to force the privatization of one of the largest public social media platforms," ​​Palmer tweeted to his 41,000 followers.

Palmer has not been shy when it comes to criticizing Musk. In mid-May last year, Palmer called Musk a "self-serving liar" and claimed that the billionaire's performance on "Saturday Night Live" was "embarrassing, man."

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.