After Elon now Vlad supporting Dogecoin ?
Robinhood CEO Vlad Tenev detailed the hypothetical in a lengthy Twitter thread after his retail investing platform added a feature allowing users to buy and sell dogecoin.
Tenev noted dogecoin already has “vanishingly small” transaction fees when compared to traditional credit card network charges – an advantage “compared to the 1-3% network fees that major card networks charge.”
The top boss at Robinhood is bullish about dogecoin’s outlook — proposing the meme token has the potential to become the “future currency of the internet” if the developers take a key step to improve its functionality.
But in order to compete with the likes of Visa and other mainstream payment processors, Tenev said dogecoin developers would need to boost the crypto token’s “block time,” or the process by which it verifies transactions.
Tenev said dogecoin’s current block time is “a bit on the long side for payments,” with a platform capable of performing roughly 40 transactions per second (tps).
“As a comparison, Visa’s network can theoretically handle 65,000 tps,” Tenev said. “Doge would need to be able to significantly outperform Visa, which entails increasing throughput by at least 10000x. Fortunately, this is easy to solve simply by increasing the block size limit.”
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