Robinhood CEO Vladimir Tenev spoke about the steps needed to turn DOGE memcoin into a useful asset for everyday payments and transactions on the Internet.
Tenev drew attention to the fact that the transaction fee on the Dogecoin network is about $0.003. It is this low fee that could make the asset a leader in e-money.
Tenev also believes that DOGE block size and processing time represent major areas that need improvement.
The DOGE block size is 1 MB, and its creation time takes about 1 minute. This means that the total throughput of Dogecoin is about 40 transactions per second (TPS).
By comparison, VISA’s network throughput is approximately 65,000 TPS. To reach Visa’s level, DOGE would need to increase total bandwidth by about 1,625 times.
Entrepreneur noted that this problem could be solved by increasing the DOGE block from 1MB to 1GB or even 10GB.