Robinhood CEO Details How Dogecoin Can Be The Future Currency Of The Internet, Elon Musk Weighs In

Robinhood Markets Inc HOOD CEO Vlad Tenev reflected on what it would take for Dogecoin DOGE/USD to become “the future currency of the Internet.”

What Happened: In a series of tweets on Thursday, Tenev laid out his views on how DOGE could become the internet’s go-to currency.

“First off, transactions fees would have to be vanishingly small. We’re already there,” he said.

After November’s 1.14.5 upgrade, the average fees on Dogecoin’s blockchain has been around $0.003 – significantly lower than the 1-3% of the transaction amount charged by major card networks.

Tenev also addressed the need to speed up Dogecoin’s block time which he believes is currently “a bit on the long side” at 1 minute per block.

By speeding up the block time, transaction speed would be quick enough to make a payment with DOGE at a point-of-sale terminal.

Tesla Inc TSLA CEO Elon Musk and Dogecoin co-founder Billy Markus weighed in on Tenev’s suggestions around block time.

Markus explained why he initially chose the block size parameters when creating DOGE, but said that the internet’s infrastructure has likely improved enough now to experiment with speeding up transactions.

Photo: Courtesy of Cyril Ernst via Wikimedia