Robinhood CEO Steps on the Same Old Rake with Idea to Increase Dogecoin Block Size
Categories: Crypto News US
Vlad Tenev, co-founder and CEO of the popular trading app Robinhood, shared a new old solution for increasing dogecoin (DOGE)'s throughput – and the community doesn’t seem impressed. In a Twitter thread, Tenev said that he’s been “thinking about what would [it] take” for dogecoin (DOGE)'s to “truly be the future currency of the Internet and the people.” He goes on to claim that the first condition – “vanishingly small” fees – has already been fulfilled. And then he came to the block part of his discussion. Block time of one minute, he argues, is “a bit on the
With that block time and 1MB block size, its throughput is about 40 transactions per second (tps), he said, while Visa’s network can theoretically handle 65,000 tps – and dogecoin (DOGE)'s needs to surpass Visa, by increasing throughput by at least 10,000x. Tenev, however, says that there is a simple solution, without employing Layer 2 (L2) solutions (those built on top of Dogecoin as Layer 1), writing. “Fortunately, this is easy to solve simply by increasing the block size limit. […]dogecoin (DOGE)'s core devs, I would focus on one thing: coming up with a good process for increasing the block size limit over time.”
Many were quick to comment that “We had this debate and big blocks lost.” User ‘Marino BTC’ opined: “Keep the base layer prestine building on top and never sacrificing layer 1.”Popular bitcoin (BTC) investor Whale Panda opined that this is a case of someone hearing about a project for the first time and thinking they have a solution for its issues. “I wonder if [Tenev] has heard about BSV that thought of this first. The classic "I've just heard about Bitcoin (or in this case Dogecoin) and I'm here to fix it",” the investor wrote.
His comment came after Tesla's chief Elon Musk had tweeted about speeding up dogecoin (DOGE)'s block time and increasing the block size. Meanwhile, more comments on Tenev's post are coming in, with one commenter arguing that there is marketing involved here, that users of certain large chains do not care about economic or technical sustainability, and that even those chains are inefficient and struggling to increase throughput.
Tenev first featured how the low expenses related with utilizing dogecoin (DOGE)'s previously beat "the 1-3% organization expenses that significant card networks charge." The typical expense of utilizing Dogecoin since April 1 has, for instance, ran somewhere in the range of $0.19 and $0.30, as per Bit Info Charts. Despite the serious charges, Tenev says dogecoin (DOGE)'s speed actually comes up short.
" dogecoin (DOGE)'s ongoing block time is 1 moment," he tweeted. "This is a piece on the long side for installments - a ten-second block time would be more fitting as it would be not exactly the regular time spent finishing a check card exchange." At 1 moment, Tenev contends, dogecoin (DOGE)'s is still far external the domain of turning into a compelling method for installment (particularly when contrasted with Visa or Mastercard).
With a 1-minute blockchain and a 1-megabyte block size, Dogecoin can at present handle around 40 exchanges each second (TPS). However this is a lot quicker than Bitcoin and Ethereum, it could not hope to compare to customary rails. Tenev does, in any case, have a plan to fix this. Furthermore, it's the very one that Elon Musk has contributed the past: increment Dogecoin's block size.
As crypto networks develop bigger, the equipment prerequisites for putting away the organization's exchange records likewise increments. At one point, these prerequisites can turn out to be enormous to such an extent that it's as of now not achievable for more modest specialists to keep up with the organization. This could ultimately prompt centralization concerns. This trade off, comprehended as speed over decentralization, would "require more complex equipment," Tenev recognizes. It would make it more costly for lovers to mine Dogecoin at home. However, assuming you ask Tenev, "I believe that is really a fair trade off."