- April 17, 2022
Elon Musk, the CEO of Robinhood, and Billy Markus, the co-founder of Dogecoin, talk about how to improve Dogecoin.
Following the listing of shiba inu on Robinhood, Vladimir Tenev, the co-founder and CEO of Robinhood, remarked on Twitter on Thursday about dogecoin being the internet's future currency. Tenev's Twitter thread drew a lot of attention, with answers from Billy Markus, the co-founder of the meme-based cryptocurrency, and Tesla's Elon Musk.
Dogecoin 'Can Be the Future Currency of the Internet and the People,' according to Robinhood CEO.
On Thursday, Elon Musk's favourite crypto asset, dogecoin (DOGE), received some attention after Bulgarian-American entrepreneur and Robinhood CEO Vladimir Tenev started a conversation about the meme-token. Twitter was blazing with debate about Elon Musk's unsolicited proposal to buy the social media network when the topic arose. It also comes after Robinhood's recent IPO of the Shiba Inu (SHIB) and the company's addition of DOGE.
"Can Doge genuinely be the Internet's and people's future currency?" Tenev sent out a tweet on Thursday. "I've been thinking about what it would take to add the ability to send/receive DOGE on Robinhood, and I've come up with a few ideas." To begin with, transaction fees must be extremely low. We've already arrived. Typical transaction rates have been $0.003 – which you can experience on [Robinhood App] – as of last November's 1.14.5 upgrade, compared to the 1-3 percent network fees that major card networks charge," Tenev added.
The block time, according to the Robinhood CEO, should be rapid enough to be logged into the chain in less time than a POS transaction.
"However, it shouldn't happen so quickly that miners start forming too many rival chains and waste too much energy establishing agreement," Tenev said. The executive at Robinhood continued on:
Block time for Doge is currently 1 minute. For payments, a ten-second block time would be more acceptable, as it would be less than the normal time spent processing a debit card transaction.
'Block Size and Time Should Keep Up With the Rest of the Internet,' says Elon Musk.
Following Tenev's Twitter rants, Musk responded after Tenev had a very active day on Twitter. "It's about correct," Musk answered to the Robinhood CEO, "6 seconds, better described as 6000 milliseconds, which is a long time to computers." Billy Markus, co-founder of Dogecoin and a software engineer, offered his two cents to the chat with Tenev and Musk, making it a little more intriguing.
Markus explained that he chose one minute blocks eight years ago because "someone on bitcointalk indicated 45 seconds on a separate chain was generating a lot of trouble, and 60 seconds was the fastest without having too many issues." Markus went on to say:
The faster while still being secure, the better, in my opinion - I'm guessing the web's infrastructure has evolved enough in the last eight years to experiment with speeding it up.
Tenev's Twitter pronouncements come after shiba inu was just listed on Robinhood, and the CEO has also been tweeting about the meme-based crypto asset. Musk has been talking about Dogecoin network improvements for a long time (mostly on Twitter), and he indicated a few times last year that the network should be able to grow to the masses. "Exactly, block size & time should keep pace with the rest of the Internet," Musk replied to Tenev's thread in response to Markus' "faster while still secure, the better" opinion.
Tenev also mentioned Dogecoin's supply mechanics on Twitter, stating that DOGE is "inflationary and the supply is endless, as opposed to Bitcoin's finite number of 21 million coins." The CEO of Robinhood stated:
Every year, 5 billion new Doge are created, with a current supply of over 132 billion.
The Dogecoin Core development Github repo has seen a lot more activity in the last year since Musk started talking about growing the Dogecoin network last year. In fact, according to 1000x.group statistics, Dogecoin network growth was flat from August 2017 and January 2021. Recently, programmers Patrick Lodder and Ross Nicoll have been active Dogecoin Core network developers.