Tesla CEO, who has been on the agenda with his moves towards Twitter in recent days Elon Musk at every opportunity dogecoinHe does not neglect to send greetings to .
Elon Musk recently responded to a post about Dogecoin’s block times.
Vladimir Tenev, CEO of Robinhood dogecoin Could it really be the future currency of the internet and people? He shared his own ideas in a twit thread by asking a question.
I think what it will mean when we add options to send and add Dogecoin to Robinhood, the CEO said:
“First of all, transaction fees should be minimal. That we are already there.
Ideally, the block time (the time between adding successive blocks to the chain and verifying a transaction) should be fast enough so that the transaction can be recorded in the next block in less time than at a point of sale payment.
But it shouldn’t be so fast that miners start creating too many competing chains and waste an excessive amount of energy trying to reach consensus.
Doge’s current block time is 1 minute. That’s a bit of a long time for payments – less than the typical time it takes to complete a debit card transaction, so a block time of ten seconds would be more appropriate.
Currently, with a block size of 1MB and a block time of 1 minute, Dogecoin’s throughput is around 40 transactions per second (tps).
By comparison, Visa’s network could theoretically handle 65,000 tps. Doge should be able to outperform Visa significantly, which requires increasing throughput by at least 10000x. Fortunately, this is easy to solve by increasing the block size limit.
Moving to the 1GB (and later 10GB) block size limit will provide all the throughput a global currency will need for the foreseeable future. L2 solutions are not required to solve this problem.
Now, critics will argue this comes at the expense of being able to run a full node on a Raspberry Pi at home. Processing 10GB in blocks per minute will require more complex hardware. And I think it’s actually a fair trade-off.
Another criticism of Doge is that unlike Bitcoin’s limited supply of 21 million coins, it is inflationary and the supply is infinite. ~5 billion new Doges are created each year and the current supply is approximately 132 billion. This means that the current inflation rate is less than 5% and less than that of the dollar.
Also, constant issuance means that the inflation rate drops over time and will fall below 2% in a few decades.
Dogecoin core developers, I would focus on one thing: increasing the block size cap over time.
Let me know what you think!”
Elon Musk first stated that Tenev’s posts were in line with his own thoughts and dropped the note “as I always say”.
Dogecoin developer Billy Markus also stated that under Tenev’s share, 1-minute block times were chosen due to the conditions 8 years ago and should be developed.
Responding to this, Musk said, “Block size and duration must keep up with the rest of the Internet.” said.
As I was saying …
— Elon Musk (@elonmusk) April 14, 2022
Exactly, block size & time should keep pace with the rest of the Internet
— Elon Musk (@elonmusk) April 14, 2022
The recent posts had no effect on the price of Dogecoin.