Dogecoin (DOGE) Potentially Becomes Future Currency, Says CEO Robinhood

Tens of millions of DOGE were moved to other wallets. (Kanchanara-Unsplash)

JAKARTA – The king of meme coins, Dogecoin (DOGE) is considered to have the potential to become an internet currency in the future. The statement was made by Robinhood CEO Vlad Tenev via his Tweet thread on April 15.

Vlad further explained that DOGE can compete with payment giant Visa. Seeing this potential, Vlad proposed adding a larger block size to the blockchain to make transaction verification faster than before.

“Could the #Doge really be the future currency of the Internet and people? When we added the ability to send/receive DOGE in Robinhood, I was thinking about what would be required,” said the Robinhood CEO.

Launching from U.Today, currently the dog meme coin can complete around 40 transactions per second, as Tenev estimates. While Visa is able to process about 65,000 transactions per second.

“Doge must be able to significantly outperform Visa, which requires a throughput increase of at least 10,000x,” concluded Vlad.

In order to achieve this goal, the CEO of Robinhood stated that the block size must be increased. For example, a 1GB block is enlarged to 10GB. Vlad thinks this will provide the throughput needed for Dogecoin.

“Switching to the 1GB block size limit (later to 10GB) will provide all the throughput needed for a global currency going forward. The L2 (Second Layer) solution is not needed to solve this problem," he added.

According to a report from the official website of the Dogecoin Foundation, Dogecoin is intended to “be a de facto medium of exchange for goods and services globally.” The meme coin is aimed at providing mutually beneficial financial autonomy.

Unlike other cryptocurrencies that depend on the internet, the Dogecoin Foundation explained that DOGE will be able to be used for transactions without having to use the internet. Dogeocoin will use Starlink and RadioDoge technology.

At the time of writing, DOGE's price was traded at Rp2,095, an increase of 2.3 percent in the past week. This was triggered by the purchase of Twitter made by Elon Musk some time ago. Musk also plans to use DOGE as a means of payment on the social media platform.