Robinhood CEO says Doge blockchain needs block size and block time improvements
The chief executive officer of crypto & Stock exchange Robinhood shared his thoughts on how Dogecoin can be made a better coin.
Robinhood is a crypto and stock exchange. Since few years, Robinhood exchange has been actively working to expand its services for crypto-related products. Robinhood generated a very big fraction of earnings in 2021 through Dogecoin trade fees on its platform and now it is moving toward Dogecoin rival Shiba in the token listing.
On 15 April, Vladimir Tenev, CEO of Robinhood, shared his idea to make Dogecoin a global internet currency.
Tenev said that the transaction fee of the Dogecoin network is already ~$0.003, which is only 1%-3% of what other networks charge, so Dogecoin developers needed to focus on the transaction process time with the improvement in the “Block time”.
According to Tenev, the current 1-minute block time of the Dogecoin network is high, instead, it should be 10 second block time. So it will be more likely to speed transactions to the Visa or MasterCard payment systems.
Robinhood CEO also noted that at the current 1MB block size and 1 minute block time, Dogecoin network scalability is 40TPS. Here we need to introduce 10,000 times faster efficiency to compete against Visa cards, which can process around 65,000 TPS.
Robinhood’s CEO suggested introducing 1GB block size and later 10GB to make the network much faster. And in that situations, there will be no need to use Layer2 scaling solution-based blockchain networks.
With this ideology, Robinhood’s CEO believes that it will reduce the supply of Dogecoin by less than 5% of the total supply.
“Another criticism of Doge is that it’s inflationary and the supply is infinite, as opposed to Bitcoin’s finite supply of 21M coins. ~5B new Doge are created every year, and the current supply is about 132B. This results in a current inflation rate of <5% – less than USD!.”
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