Robinhood CEO Thinks Highly Of Doge, Says It Can Become “Internet’s Currency”

Vladimir Tenev, CEO of Robinhood, took to Twitter to elaborate how it can become internet’s currency.
The news came just a few hours after creator of Dogecoin criticized Tesla CEO Elon Musk for his Twitter antics.
As of this writing, Dogecoin was trading at a market value of $0.1464, bullish by 3.83% in the previous 24 hours.

The Future Internet Currency

Vladimir Tenev, CEO of Robinhood took to social media platform Twitter on Thursday to elaborate on how Dogecoin can possibly become the “currency of the internet.”

In a thread consisting of 12 posts, Tenev shedded light on what should be done in order to convert this meme coin into a utility asset for regular transactions on internet.

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

Tenev initiated by luring attention to the fact that transaction fees of Dogecoin — which is just around $0.003 per transaction — are already sufficiently minor to replace any altcoin as expedient e-cash frontrunner.

He thinks that block time and block fees of Dogecoin should be the key areas of focus to make improvements if the crypto asset is to become broadly adopted.

First off, transaction fees have to be vanishingly small. We’re already there. As of last Nov’s 1.14.5 update, typical transaction fees have been ~$0.003 – which you can experience on @robinhoodapp – compared to the 1-3% network fees that major card networks charge. pic.twitter.com/KHk83nDaek
— VLAD (@vladtenev) April 14, 2022

As of now, Dogecoin has a 1 MB block size and a 1 minute block time, meaning that DOGE’s total throughput is at around 40 transactions per second.

In contrast, VISA network has a throughput of around 65,000 TPS, which means Dogecoin is required to elevate its total throughput roughly by 1,625 times to cross VISA threshold. Tenev states that this is not an issue, as it can be solved with an ease by elevating block size limit of DOGE from 1MB to 1GB and ultimately to 10GB.

Tenev ended this thread with a message to Dogecoin devs, urging them to concentrate on elevating block size limit as a priority.

Jackson Palmer Aims At Tesla CEO

Tenev’s thread came just after Jackson Palmer, creator of Dogecoin targeted previous Dogecoin CEO Elon Musk’s strategy to potential hostile acquisition of Twitter.

Palmer stressed what impact Elon Musk’s strategy to take over Twitter can lead to.

It takes some pretty impressive mental gymnastics to associate any type of “freedom” with the richest man in the world initiating a hostile takeover and forcing one of the largest public social media platforms private.
— Jackson Palmer (@ummjackson) April 14, 2022

Palmer doesn’t cut up words when he criticized Elon Musk. During Mid-may previous year, he called Tesla CEO a “self absorbed grifter” and asserted that billionaire’s viral performance on SNL was cringe.

As this article was being written, the meme coin was standing at a market price of $0.1464, riding the bulls, up by 3.83% in previous 24 hours.