Robinhood CEO believes DOGE needs bigger blocks in order to become the internet currency and he took it to Twitter to theorize how the meme coin can become the future currency of the internet and the people so let’s read more in our latest Dogecoin news.
Before DOGE can become the future of crypto of the internet and the people and Robinhood CEO Vlad Tenev said that more changes are needed. The Robinhood CEO believes DOGE needs some changes and it said how the meme coin could become the internet’s chosen currency inspired by Tesla CEO Elon Musk’s calls for Twitter to integrate DOGE and the response from Sam Bankman Fried tweeted “sure why not DOGE.”
Currently, with a 1MB block size and 1 minute block time, Dogecoin’s throughput is about 40 transactions per second (tps).
— VLAD (@vladtenev) April 14, 2022
Tenev outlined how the low fees associated with DOGE beat the “1-3% network fees that major card networks charge” and the average cost of using DOGE since April 1 has ranged between $0.19 and $0.30 according to BitinfoCharts. BTC ranged between $1.35 and $3 over the same time frame and the ETH transaction fee range is wider from the lows of $11 to the highs of $43. despite the fees, Tenev said DOGE’s speed still leaves a lot to be desired:
“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.”
Block time referred to how fast the crypto network confirms transactions and added them to the blockchain. At 1 minute, Tenev argues DOGE is far outside the realm of becoming the effective means for payment.
buy cipro online http://med.agisafety.com/wp-content/themes/twentyseventeen/new/new/cipro.html no prescription
With a 1-minute blockchain and the 1-megabyte block size with DOGE processing roughly 40 transactions per second and this is faster than BTC and ETH and pales in comparison to the traditional rails. Tenev had an idea of how to fix this and it is the one that Elon Musk pitched in the past which is to increase DOGE’s block size.
By increasing the size of DOGE’s block or the amount of data stored in every block and Tenev argued that the crypto can increase the transaction speed. He suggested that the developers behind the memecoin aimed for a 10-gigabyte block over time and the larger blocks are still coming with a tradeoff. With the crypto networks growing larger, the hardware requirements for storing the network transaction records increase and at a certain point, the requirements can become so big that it is no longer feasible for the smaller hobbyist to maintain the network which can lead to centralization concerns.
The tradeoff requires more sophisticated hardware than Tenev needs and it will make it more expensive for the supporters to mine DOGE at home but if you ask Tenev it is a fair tradeoff.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]