Robinhood’s CEO, Elon Musk, and DOGE Co-Founder Billy Markus Discuss Improving Dogecoin

On Thursday, following Robinhood’s itemizing of shiba inu, the co-founder and CEO of Robinhood, Vladimir Tenev, spoke about dogecoin being the longer term forex of the web on Twitter. Tenev’s Twitter thread bought a number of feedback and in addition obtained responses from the co-founder of the meme-based crypto, Billy Markus, and Tesla’s Elon Musk.

Robinhood CEO Discusses How Dogecoin ‘Can Be the Future Currency of the Internet and the People’

Elon Musk’s favourite crypto asset dogecoin (DOGE) bought some consideration on Thursday after the Bulgarian-American entrepreneur and Robinhood CEO, Vladimir Tenev, began a thread on the meme-token topic. The matter began as Twitter was ablaze with commentary regarding Elon Musk’s unsolicited bid to buy the social media platform. It additionally follows Robinhood’s current shiba inu (SHIB) listing and the corporate including DOGE.

“Can Doge actually be the longer term forex of the Internet and the folks?” Tenev tweeted on Thursday. “As we added the flexibility to ship/obtain DOGE on Robinhood, I’ve been interested by what that may take. First off, transaction charges must be vanishingly small. We’re already there. As of final Nov’s 1.14.5 replace, typical transaction charges have been ~$0.003 – which you’ll be able to expertise on [Robinhood App] – in comparison with the 1-3% community charges that main card networks cost,” Tenev added.

The Robinhood CEO additional stated that the block time needs to be quick sufficient to be recorded into the chain in much less time than a point-of-sale (POS) transaction. “But it shouldn’t be so quick that miners begin increase too many competing chains and waste extreme quantities of power establishing consensus,” Tenev opined. The Robinhood govt continued:

Doge’s present block time is 1 minute. This is a bit on the lengthy aspect for funds – a ten second block time could be extra applicable as it will be lower than the standard time spent finishing a debit card transaction.

Elon Musk: ‘Block Size and Time Should Keep Pace With the Rest of the Internet’

Following Tenev’s Twitter statements, Musk responded after a really energetic day on Twitter for the Tesla govt. “6 seconds, higher stated as 6000 milliseconds, which is a very long time to computer systems, is about proper,” Musk replied to the Robinhood CEO. Making the dialog a bit extra attention-grabbing, Dogecoin co-founder and software program engineer Billy Markus added his two cents to the dialogue with Tenev and Musk.

Markus detailed that eight years in the past, he selected one minute blocks as a result of “somebody on bitcointalk stated 45 seconds on a distinct chain was inflicting a number of points, and 60 seconds was the quickest with out having too many points.” Markus then said:

The sooner whereas nonetheless safe, the higher IMO — I’d guess the infrastructure of the net has improved sufficient in 8 years to experiment with rushing it up.

Tenev’s Twitter statements observe the current itemizing of shiba inu on Robinhood and the CEO has been tweeting about that meme-based crypto asset as properly. Musk has been conversing about Dogecoin community enhancements for fairly a while now (normally on Twitter), and has briefly talked about a few times last year that the community ought to scale to the lots. In Tenev’s thread, Musk added a response to Markus’ “sooner whereas nonetheless safe, the higher” opinion and said: “Exactly, block measurement & time ought to hold tempo with the remainder of the Internet.”

Tenev’s Twitter statements additionally touched on Dogecoin’s provide mechanics when he defined that DOGE is “inflationary and the provision is infinite, versus Bitcoin’s finite provide of 21M cash.” The Robinhood CEO stated:

~5B new Doge are created yearly, and the present provide is about 132B. This leads to a present inflation fee of

Since Musk began speaking about scaling the Dogecoin community final yr, the Dogecoin Core development Github repo has seen much more motion over the past 12 months. In reality, 1000x.group statistics present that between August 2017 and January 2021, Dogecoin community improvement was stagnant. Active Dogecoin Core community builders in current instances embody the programmers Patrick Lodder and Ross Nicoll.

What do you concentrate on the dialog on Twitter with Vladimir Tenev, Billy Markus, and Elon Musk? Let us know what you concentrate on this topic within the feedback part beneath.