By Alicia Maher
Robinhood CEO has outlined his reasons for thinking that the popular meme coin DOGE can become the currency of the internet. Vladimir Tenev was addressing his 200k followers on his Twitter page on how the joke coin can transform from being a typical payment currency to the internet’s future currency.
The address came after the CEO announced support for DOGE payments on the Robinhood application. Users on the app can send and receive Dogecoin at flexible transaction fees.
Tenev Explains His Reasons
In a Twitter thread, the CEO drew everyone’s attention to the undeniable fact that DOGE transaction fees are minimal – minimal enough to make the altcoin ideal for online payments. However, to make sure it happens, Tenev thinks the block time and size must be improved.
The block time is the duration taken to add blocks in succession to the network and to validate a transaction. According to the CEO, this duration should be expedited so that transactions between blocks will take less time than required to make payments at the sale terminal.
Currently, the block size is 1MB, while the time is a minute. By calculations, DOGE’s throughput is about 40 TPS. Compared to DOGE, VISA’s throughput over a thousand times more in a second, making it efficient.
Tenev said it isn’t something to worry about. He said the DOGE network could increase the block size from its current capacity to 1GB at least. Tenev concluded by urging the network developers to prioritize increasing the block size to attain the same level with other efficient and fast networks.
Elon Musk’s Twitter Takeover Bid Criticized
Meanwhile, another issue is brewing in the DOGE community. This time, it concerns the meme coin creator Jackson Palmer and DOGE cheerleader/advocate Elon Musk. Although the problem doesn’t involve altcoin directly, these two are highly influential members of the meme community.
Palmer lambasted Musk’s plan to take over social media networking site Twitter, describing the process as “forceful.” A few days back, Elon Musk announced the purchase of a 9.2% Twitter stake, making him a shareholder of Twitter.
After turning down the chance to become a board member, the world’s wealthiest individual returned with an offer to buy Twitter, submitting a $40 billion bid. This didn’t sit quite well with Palmer, who accused Musk of forcing members to sell the platform. This news came three hours before Tenev’s Twitter posts.
It isn’t the first time Palmer got into a war of words with Musk. Last May, he labeled Musk “a self-absorbed giver,” adding that Musk’s interview on Saturday Night show was tense. DOGE remains unaffected in the market, with the virtual currency exchanging at around $0.15 in the past week.