The 12 Moves of Dogecoin (DOGE) – The crypto dog has the support of a billionaire on Twitter, but this time it is not aboutElon Musk† Dogecoin has the potential to become the currency of the internet if it manages to overcome some technical challenges, said the CEO of the application Robinhood.
Dogecoin, Internet Currency: A Story of Cost, Block Time
Robinhood CEO Vladimir Tenev tried in 12 of his tweet of April 14, 2022, the conditions that Dogecoin must meet in order to “ the future currency of the internet and people †
The first condition concerns the Dogecoin transaction fees which, according to Vladimir Tenev, “ be extremely low “. He estimates that” we are already there Cryptocurrency transaction fees would indeed rise around $0.003 since the 1.14.5 update last November.
The second condition relates to the block time which must be “ fast enough “. This time corresponds to the duration between adding consecutive blocks to the chain and verifying a transaction †
This block time should allow a transaction to ” be checked in in the next block in less time than it takes to pay at a payment terminal “. It is currently at 1 minute and should be reduced to ” ten seconds This time would then in this case be shorter than the duration of a transaction with the debit card.
However, this block time optimization should not reach a speed that, according to Vladimir Tenev, is likely to cause, waste of energy by minors:
“But it should not happen so quickly that miners build too many competing chains and waste excessive amounts of energy building consensus. †
>> Want to feel like Elon? Buy your DOGE at Swissborg! (affiliate link) <
The Doge has to make some technical concessions to become a currency
The third condition relates to block size and network throughput. The latter is currently at about 40 transactions per second (tps), at a theoretical capacity of 65,000 tps for Visa† The size of a block on the DOGE network is 1MB†
Robinhood’s President Proposes ” a block size limit of 1 GB (and later 10 GB) increase network processing capabilities. So the Dogecoin would have “ all the throughput that a global currency would need in the near future According to Vladimir Tenev, second-layer solutions (layer 2) are not necessary to solve this capacity problem.
Doge community criticizes block size and inflation
Vladimir Tenev also anticipated criticism from some cryptophiles about a significant increase in this block size. This criticism would relate to the impossibility of running an entire node on a Raspberry Pi at home after such a measure. Vladimir Tenev admits that the ” processing 10 GB blocks per minute requires more advanced hardware However, he believes that ” it’s actually a fair compromise †
Robinhood’s CEO ended his series of tweets criticizing Dogecoin’s inflationary nature. The latter’s offer is “infinite” unlike that of Bitcoin (BTC) of which the total issued will never exceed twenty-one million tokens. However, Vladimir Tenev recalls that Dogecoin’s current inflation no more than 5%† And given Dogecoin’s fixed issuance, this rate would fall “in a few decades,” and ” will be less than 2%† †
Jack Dorsey saw in Bitcoin, the “best incarnation” of internet currency† Can Dogecoin really achieve this status, knowing that it was originally created as a simple joke to make fun of the multiplication of altcoins that were just pale copies of Bitcoin?
Dogecoin still has a long way to go to become the currency of the internet. If you are not tempted by the merits of such a perspective, register on Swissborg to buy safe assets like BTC or ETH! Up to $200 offered for every $50 deposit (affiliate link)