The 12 Dogecoin Movements (DOGE) – The crypto-dog has the support of a billionaire on Twitter, but this time it is notElon Musk. Dogecoin has the potential to become the currency of the Internet, if it can meet some technical challenges according to the CEO of the application Robinhood.
Dogecoin, Internet Currency: A History of Commissions, Blog Time
Robinhood CEO Vladimir Tenev tried to clarify in twelve of his tweet of April 14, 2022, the conditions that Dogecoin must meet to become ” the future currency of the Internet and people “.
The first condition refers to Dogecoin’s transaction fees, which, according to Vladimir Tenev, ” be extremely low “He loves that.” we are already there Cryptocurrency transaction rates would effectively increase about $ 0.003 since update 1.14.5 last November.
The second condition refers to the block time that must be ” fast enough This time corresponds to the duration between adding successive blocks to the string and verifying a transaction “.
This lockout time should allow a transaction ” be registered on the next block in less time than it takes to pay at a POS terminal “. It is currently 1 minute and should be reduced to” ten seconds This time would therefore be shorter than the duration of a debit card transaction.
This optimization of block time should not reach, however, a speed that could cause according to Vladimir Tenev, waste of energy for minors:
“But it shouldn’t be so fast that miners are starting to build too many competing chains and are wasting excessive amounts of consensus on building energy.”
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The Doge has to make some technical concessions to become currency
The third condition refers to the size of the block and the processing capacity of the network. The latter is currently in approximately 40 transactions per second (tps), against a theoretical capacity of 65,000 tps per Visa. The size of a block on the DOGE network is 1 MB.
The president of Robinhood proposes to adopt ” a block size limit of 1 GB (and later 10 GB) to increase network processing capabilities. So Dogecoin would have ” all the performance a global currency would need in the foreseeable future According to Vladimir Tenev, second-tier solutions (layer 2) are not needed to solve this capacity problem.
The Doge community criticizes the block size and inflation
Vladimir Tenev also anticipated criticism from some cryptophiles against a significant increase in this block size. These criticisms would be related to the impossibility of following this measure, to run a complete node on a Raspberry Pi at home. Vladimir Tenev admits that the ” processing 10 GB blocks per minute will require more sophisticated hardware “However, he believes that.” it’s actually a fair compromise “.
The CEO of Robinhood ended his series of tweets addressing criticism of the inflationary nature of Dogecoin. The latter’s supply is “infinite” unlike that of Bitcoin (BTC) the total of which issued will never exceed twenty-one million tokens. Vladimir Tenev recalls, however, that the current inflation rate of Dogecoin does not exceed 5%. And given the fixed issuance of Dogecoin, this rate would decrease “in a few decades” and ” will be less than 2%. “.
Jack Dorsey saw in Bitcoin, the “best incarnation” of the Internet currency. Can Dogecoin really achieve this status, knowing that it was originally created as a joke to make fun of the proliferation 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 seduced by the merits of this prospect, register at Swissborg to buy safe securities like BTC or ETH! Up to € 200 is offered for any € 50 deposit (affiliate link)