On Thursday, following Robinhood’s listing of the Shiba Inu, Robinhood’s co-founder and CEO, Vladimir Tenev, took to Twitter to call Dogecoin the future currency of the Internet. Tenev’s Twitter thread received a slew of comments and also reactions from the meme-based crypto co-founder Billy Marcus and Tesla’s Elon Musk.
Robinhood CEO Discusses How Dogecoin ‘Could Be the Currency of the Internet and the People of the Future’
Elon Musk’s favorite crypto asset Dogecoin (DOGE) garnered some attention on Thursday after Bulgarian-American entrepreneur and Robinhood CEO Vladimir Tenev started a thread on the mem-token topic. The topic started as Twitter was ablaze with comments about Elon Musk’s unsolicited bid to buy the social media platform. It also follows Robinhood’s recent Shiba Inu (SHIB) listing and the company adding DOGE.
“Could Doge Really Be the Future of the Internet and People?” tenev tweeted on Thursday. “As we added the ability to send/receive DOGE on Robinhood, I was wondering what it would take. First, the transaction fees should disappear. We already are. As of last November’s 1.14.5 update , the normal transaction fee has been ~$0.003 – which you can experience [Robinhood App] — compared to the 1-3% network fee charged by major card networks,” Tenev said.
The Robinhood CEO further stated that the block times should be fast enough to enter the chain in less time than point-of-sale (PoS) transactions. “But it shouldn’t be so fast that miners start building too many competitive chains and waste an excessive amount of energy,” Tenev said. The Robinhood executive continued:
The current block time of Doge is 1 minute. This is a bit long for payments – a block time of ten seconds would be more appropriate as it would be less than the typical time taken to complete a debit card transaction.
Elon Musk: ‘Block size and timing must match 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 termed as 6000 milliseconds, which is a long time for a computer, is almost perfect,” Moscow replied To the CEO of Robinhood. Making the conversation a little more interesting, Dogecoin co-founder and software engineer Billy Marcus added his two cents to the discussion with Tenev and Musk.
Marcus comprehensive Eight years ago, he chose the one-minute block because “someone on bitcointalk said 45 seconds on a different chain was causing a lot of issues, and 60 seconds was the fastest without too many issues.” Marcus then said,
As fast as it is still secure, the better IMO – I think the web infrastructure has improved enough in 8 years to experiment with accelerating.
Tenev’s Twitter statement follows the recent listing of the Shiba Inu on Robinhood and has been CEO Tweet Also about that meme-based crypto asset. Musk has been in talks about improving the Dogecoin network for some time now (usually on Twitter), and mentioned briefly sometime last year that the network should scale to the masses. In Tenev’s thread, Musk added a response to Marcus’s “faster, but safer, better” opinion and said: “Absolutely, the block size and timing should be in sync with the rest of the Internet.”
Tenev’s Twitter statement also touched on Dogecoin’s supply mechanics when he explained that DOGE is “inflation and the supply is infinite, in contrast to Bitcoin’s limited supply of 21M coins.” Robinhood CEO said:
~5B new doges are built each year, and the current supply is about 132B. As a result of this. is the current inflation rate of
Since Musk started talking about growing the Dogecoin network last year, the Dogecoin core development Github repo has seen a lot of action during the past 12 months. In fact, data from 1000x.group shows that Dogecoin network growth was stable between August 2017 and January 2021. Active Dogecoin Core Network developers in recent times include programmers Patrick Lauder and Ross Nicol.
What do you think of the conversations on Twitter with Vladimir Tenev, Billy Marcus and Elon Musk? Let us know what you think about this topic in the comment section below.
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