Vladimir Tenev, CEO of popular stock and cryptocurrency trading platform Robinhood, recently discussed how Dogecoin could become the “future internet currency“.
In a series of Tweets, Vladimir Tenev discussed how DOGE could become a primary currency for the internet, as his company Robinhood recently added the ability for users to send and receive cryptoasset based on memes.
Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take.
— VLAD (@vladtenev) April 14, 2022
According to Tenev, Dogecoin has already met the pre-requisite of having transaction fees”infinitely small“, with average fees costing users ~$0.003 as of the November 2021 1.14.5 Update. credit, which are usually 1-3%.
Vladimir Tenev argued that Dogecoin should speed up its blocking time, which is currently 1 minute, to 10 seconds. Currently, Dogecoin’s 1MB block size and 1 minute block time is 40 transactions per second (tps), which is far from the Visa network’s theoretical limit of 65. 000 tps.
He proposed that developers work to increase the block size of Dogecoin to 1GB (and possibly 10GB) to make Dogecoin a viable global currency, with the caveat that this would require more sophisticated hardware for users to of DOGE can simply use.
He also dismissed the idea that Dogecoin is inflationary, saying that the 5 billion new DOGE created each year leads to an inflation rate of around 5%, which is currently lower than that of the US dollar.
Another criticism of Doge is that it’s inflationary and the supply is infinite, as opposed to Bitcoin’s finite supply of 21M coins. ~5B new Doge are created every year, and the current supply is about 132B. This results in a current inflation rate of <5% – less than USD!
— VLAD (@vladtenev) April 14, 2022