Key Insights:
Robinhood’s CEO Vladimir Tenev discussed the possibilities of DOGE becoming the ‘Currency of the Internet.’
DOGE is noting many mentions on social platforms recently, including the effects of Elon Musk’s Twitter purchase bid.
Consequently, Dogecoin has been up by over 10.15% in the last four days.
Dogecoin is becoming a paragon of rags to riches of the crypto world now that people advocate for it, calling it the future. In doing so, DOGE is being established as a prime cryptocurrency and as the go-to investment vehicle for novice crypto users.
Dogecoin – The Future??!
In my opinion, no. It doesn’t deserve to be. It does not hold the potential, and the only development it is seeing today is occurring on the back of Elon Musk’s support.
But according to the CEO of Robinhood, Vladimir Tenev, Dogecoin has what it takes to become the ‘Currency of the Internet.’
In a Twitter thread, the CEO “VLAD” discussed the altcoin network’s possibilities and how it can be tapped.
The first and foremost is the transaction fees. Although DOGE already has one of the lowest fees of $0.003 as per VLAD, it would need to be significantly lesser.
Secondly, the block time of 1 minute is too long for a network that aims to establish a global presence. Instead, a 10-second block would be much more suitable to conduct faster transactions and keep miners from building competing chains, thus saving power consumption.
Furthermore, he stated that to conduct faster transactions with VISA, which clears over 650,000 TPS (Transactions Per Second), DOGE would need to increase its potential by 10000. Similarly, moving to a bigger block could also make transactions quicker on the chain.
He also addressed the concerns and criticism of DOGE, one of which discussed the lack of deflation in Dogecoin. To this, Tenev replied,
“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!”
Dogecoin Is Better as a Social Coin
Dogecoin has always relied on significant crypto developments to make a move in the market. Be it Elon Musk, aka DOGEFather’s promotion of crypto or a simple announcement.
But the one from yesterday truly broke the market as Elon Musk put down a $41 billion bid to buy Twitter.
After denying the Board Of Directors’ position, Elon Musk has decided to buy it off entirely and its effects to bring Twitter to the free speech standard.
And since the announcements, DOGE’s price has only been going higher as it is evident that the supporters are this cryptocurrency’s biggest strength.
This article was originally posted on FX Empire
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Source: https://finance.yahoo.com/news/dogecoin-rallies-robinhood-ceo-calls-123903819.html