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On Thursday, after Robinhood listed shiba inu, Robinhood co-founder and CEO Vladimir Tenev tweeted that dogecoin is the future currency of the Internet. Tenev’s tweet received many comments, as well as responses from meme-based cryptocurrency co-founder Billy Marcus and Tesla’s Elon Musk.
Robinhood CEO discusses how Dogecoin “could become the future currency of the internet and people.”
Elon Musk’s favorite crypto-asset dogecoin (DOGE) gained attention Thursday after Bulgarian-American entrepreneur and Robinhood CEO Vladimir Tenev started a thread about the meme. The topic emerged as Twitter was swept up in comments about Elon Musk’s unwanted offer to buy the social media platform. It also followed the recent listing of Robinhood as Shiba Inu (SHIB) and the addition of DOGE.
“Could Doge really be the future currency of the Internet and people,” Tenew wrote on Twitter on Thursday. “As we added the ability to send/receive DOGE to Robinhood, I wondered what it would take. First, transaction fees would have to be vanishingly small. We have already achieved this. Since last November’s 1.14.5 update, typical transaction fees have been ~$0.003, which you can see in the [Robinhood App] – compared to the 1-3% fees charged by the major card networks,” Tenev added.
Robinhood’s CEO went on to say that blockchain time should be fast enough to write to the chain in less time than a point-of-sale (POS) transaction. “But it shouldn’t be so fast that miners start creating too many competing chains and spending an inordinate amount of energy on consensus building,” Tenev said. The Robinhood executive continued:
Doge’s current block time is 1 minute. This is a bit much for payments – a ten-second block time would be more appropriate, as it is less than the typical time it takes to complete a debit card transaction.
Elon Musk: “Block size and time have to keep up with the rest of the Internet.”
After Shadow’s statements on Twitter, Musk responded after a very active day on Twitter for the Tesla executive. “Six seconds, better said 6,000 milliseconds, which is a long time for computers, that’s about right,” Musk replied to the Robinhood CEO. To make the conversation a little more interesting, Dogecoin co-founder and software engineer Billy Marcus added his two cents to the discussion with Tesla and Musk.
Marcus detailed that eight years ago he chose minute blocks because “someone on bitcointalk said 45 seconds on another chain caused a lot of problems, and 60 seconds was the fastest and didn’t cause too many problems.” Then Marcus said:
The faster, yet safer, the better IMO – I would assume that the web infrastructure has improved enough in 8 years to experiment with speeding it up.
Shadow’s statements on Twitter followed the recent listing of Shiba Inu on Robinhood, and the CEO also tweeted about this meme-based crypto-asset. Musk has been talking about improving the Dogecoin network for quite some time (usually on Twitter), and last year he mentioned briefly several times that the network should become mainstream. In the Tenev thread, Musk added a response to Marcus’ “the faster yet safer the better” opinion and said: “Right, block size & time has to keep up with the rest of the Internet.”
In his Twitter statements, Tenew also touched on the mechanics of Dogecoin supply, explaining that DOGE is “inflationary and supply is infinite, unlike Bitcoin’s finite supply of 21M coins.” Robinhood’s CEO said:
Every year ~5B new Doge are created and the current supply is about 132B. This leads to a current inflation rate of
Since Musk started talking about scaling the Dogecoin network last year, the Github repo of Dogecoin Core development has gotten a lot more action in the last 12 months. In fact, 1000x.group statistics show that Dogecoin network development was stagnant from August 2017 to January 2021. Among the active developers of the Dogecoin Core network lately are programmers Patrick Lodder and Ross Nicoll.
Image credits: Shutterstock, Pixabay, Wiki Commons
