On Thursday, following Robinhood’s listing of shiba inu, the co-founder and CEO of Robinhood, Vladimir Tenev, spoke about dogecoin being the future currency of the internet on Twitter. Tenev’s Twitter thread got a lot of comments and also received responses from the co-founder of the meme-based crypto, Billy Markus, and Tesla’s Elon Musk.
Robinhood CEO Discusses How Dogecoin ‘Can Be the Future Currency of the Internet and the People’
Elon Musk’s favorite crypto asset dogecoin (DOGE) got some attention on Thursday after the Bulgarian-American entrepreneur and Robinhood CEO, Vladimir Tenev, started a thread on the meme-token subject. The topic started as Twitter was ablaze with commentary concerning Elon Musk’s unsolicited bid to purchase the social media platform. It also follows Robinhood’s recent shiba inu (SHIB) listing and the company adding DOGE.
“Can Doge truly be the future currency of the Internet and the people?” Tenev tweetedThis Thursday. “As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take. Transaction fees must be very low. 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 [Robinhood App] – compared to the 1-3% network fees that major card networks charge,” Tenev added.
Robinhood CEO Tenev stated further that the block time must be sufficiently fast to record into the chain in less than a point of sale transaction (POS). “But it shouldn’t be so fast that miners start building up too many competing chains and waste excessive amounts of energy establishing consensus,” Tenev opined. According to Robinhood’s executive,
Doge’s current block time is 1 minute. This is a bit on the long side for payments – a ten second block time would be more appropriate as it would be less than the typical time spent completing a debit card transaction.
Elon Musk: ‘Block Size and Time Should Keep Pace With the Rest of the Internet’
Following Tenev’s Twitter statements, Musk responded after a very active day on Twitter for the Tesla executive. “6 seconds, better said as 6000 milliseconds, which is a long time to computers, is about right,” Musk repliedRobinhood CEO. To make the conversation more lively, Dogecoin founder and software engineer Billy Markus contributed his thoughts to the discussion alongside Tenev and Musk.
Markus detailed that eight years ago, he chose one minute blocks because “someone on bitcointalk said 45 seconds on a different chain was causing lots of issues, and 60 seconds was the fastest without having too many issues.” Markus then said:
The faster while still secure, the better IMO — I would guess the infrastructure of the web has improved enough in 8 years to experiment with speeding it up.
Tenev’s Twitter statements follow the recent listing of shiba inu on Robinhood and the CEO has been tweetingYou may also be interested in the meme-based cryptocurrency asset. Musk has been talking about Dogecoin network enhancements for quite some while (usually on Twitter), but has also briefly stated last year that it should scale to mass adoption. In Tenev’s thread, Musk added a response to Markus’ “faster while still secure, the better” opinion and said: “Exactly, block size & time should keep pace with the rest of the Internet.”
Tenev’s Twitter statements also touched on Dogecoin’s supply mechanics when he explained that DOGE is “inflationary and the supply is infinite, as opposed to Bitcoin’s finite supply of 21M coins.” The Robinhood CEO said:
Every year, 5B new dogs are born. At the moment there is a total of 132B. The current inflation rate is presently at
Musk has been talking about scaling Dogecoin’s network since last year. The Dogecoin Core Development Github repo saw a lot of activity in the past 12 months. According to 1000x.group statistics, Dogecoin’s network development stagnated between August 2017 – January 2021. Ross Nicoll, a programmer and Patrick Lodder were the most active Dogecoin Core network developer in recent years.
Let us know what you think of the Twitter conversation with Vladimir Tenev and Billy Markus. We’d love to hear your opinions on the subject below in comments.
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