Saturday, September 23, 2023

DOGE Might be Internet’s Future Currency


On Thursday afternoon, Robinhood CEO Vladimir Tenev came to Twitter to explain how Dogecoin could become the internet’s next currency.

Just hours after Dogecoin’s inventor chastised Elon Musk for his Twitter antics, Robinhood CEO Vladimir Tenev turned to Twitter to explain why DOGE could become the internet’s future currency.

Memecoin to a Viable Asset

To his nearly 200,000 followers, Tenev shared a 12-post thread. He described the procedures that must follow to turn memecoin into a viable asset for ordinary online payments and transactions.

He began by pointing out that Dogecoin’s transaction fees are already low enough for the altcoin to consider a viable e-cash frontrunner. Each transaction costs about $0.003 in fees.

He feels the primary opportunities for improvement in Dogecoin are block size and block time. This is necessary if cryptocurrency is to gain widespread acceptance.

Dogecoin now has a block size of 1MB and a block duration of 1 minute. This suggests that Dogecoin’s overall transaction throughput is around 40 transactions per second (TPS).

The VISA network, on the other hand, has a throughput of around 65,000 TPS. To match VISA’s entire throughput, DOGE would have to boost its overall throughput by nearly 1,625 times. He claims that this isn’t a cause for concern and that it can resolve. This can accomplish by simply increasing DOGE’s block size limit from 1MB to 1GB, and then to 10GB.

Tenev ended the thread with a note to the Dogecoin developers, encouraging them to prioritize expanding the block size limit.

Hostile Takeover of Twitter

Tenev’s thread was posted barely three hours after Dogecoin creator Jackson Palmer slammed former “Dogecoin CEO” Elon Musk in a rant. This is in regards to Elon Musk’s rumored aggressive takeover of Twitter.

Musk was a guest speaker at a TED conference in Vancouver on Thursday. If his offer to buy Twitter is accepted, he told curator Chris Anderson that he considers modifying the way the company handles problematic content. This will accomplish by not pushing particular tweets and by allowing users to modify tweets and view their edit history.

According to the Tesla CEO, Twitter should be “hesitant to delete stuff” and permanently ban accounts under his leadership. He would, however, make an effort to promote free expression in accordance with the rules of the individual countries.

Palmer sent out a tweet to his 41,000 Twitter followers. He claimed that associating any form of ‘freedom’ with the world’s richest man requires some incredible mental gymnastics. This results in a hostile takeover and the forced closure of one of the largest public social media networks.

When it comes to criticizing Musk, Palmer isn’t shy. Palmer referred to Musk as a “self-absorbed grifter” in mid-May of last year. He said that the billionaire’s Saturday Night Live performance was cringe-worthy.

These recent occurrences have had little impact on the price of Dogecoin. Over the last seven days, the token has been trading sideways between $0.14 and $0.15.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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