Dogecoin

Dogecoin Rallies As Robinhood CEO Calls It ‘Currency of the Internet’

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!”



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