Dogecoin: Robinhood Wants a Revolution!

The Executive Director from Robinhoodalready a very controversial figure in the cryptocurrency world, enters the public discourse in favor of Dogecoinwith a discussion that ended up too Elon Musk And Jack Dorsey.

Dogecoin It can really become a kind of international currencyeven using them instead of dollars (also instead of possible Bitcoin)? A decidedly bold position, which has given rise to a whole series of controversies that will also be the subject of our in-depth analysis.

Dogecoin in a clear revolution? According to Robinhood CEO…

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Vlad Tenev is betting on Dogecoin: but how serious and practical are I there?

Vlad TenevWho is the CEO of the company? RobinhoodHe expressed himself two days ago Dogeexplaining his view on the possibility of this cryptocurrency becoming a kind of money for the Internet and for people.

Could Dogecoin become the future currency of the internet and people? When we added the ability to receive and send $DOGE via Robinhood, I started thinking about what I would need [per raggiungere questo risultato, NDR]

Adding his vision below, which we will comment on one by one, also to see how technical feasibility is already there.

  • Low commission transactions

Tenev It declares that it already exists – an average transfer cost of $0.003 – and therefore is already higher than what it offers Payment cardswhich in different places in the world range between 1% and 3%.

This is the block production time, which according to Tenev It should be fast enough to “replicate” the payment experience we have today at the point of sale. This is always the second Tenev, about 10 seconds. It should not be reduced any further, to prevent the competing strings from becoming too many. However, we add that the time interval is not an independent factor. A significant reduction on paper could make the network more scalable, but at the cost of security risks for the payment system.

And here we return to a topic dear to him Elon Muskwhich at least in our opinion is a pole TeslaThis time in a company CEO Robinhoodhe is wrong.

lumps Dogecoin I am now from 1 megabyteand the proposed Tenev It would be to bring them to the first rank 1 GBthen to 10 GB. Can it be accomplished? Technically yes, but at the cost of the impossibility of the vast majority of people getting a file full knot With affordable hardware.

It’s a cliched question, which raised in its time block size wars above Bitcoin Which has been covered extensively by almost all the experts. It is an issue of such importance that it probably deserves further investigation.

Cluster size, decentralization and scalability

The size of the blocks is directly related to the number of transactions that can be placed in a block. The simple solution, if our goal is to increase the number of transactions per “sec”. Let’s imagine a block as a square that can contain a finite number of objects. By increasing the size of the chest, we will obviously be able to insert more objects.

Lapalician, but with important consequences for the decentralization of the protocol. This is because there are systems like Bitcoin you hate Dogecoin to get full knot We’ll have to get a copy of the entire blockchain, specifically block chain.

The larger the size of a single block, the faster the reference blockchain size will expand. And that over time, assuming someone really wants to engage in many transactions in blocks (and in such frequent blocks), will quickly make it unmanageable for the “youngsters”, that is, for those who want the freedom of a private node at home.

Yes, it will be a real centralization of the protocol, which will make it, at least in our opinion, in a short time something not very different from classic payment systems. A price to pay for doing more transactions in less time – and he admits it too Tenev. According to him, it is worth it. In our opinion, and we believe that we are in good company, it means that it is practically impossible to distinguish between classic systems operated by banks.

When fewer people have the opportunity to spin an entire knot, it becomes a bargain for the few, but for the very few. Especially if you are already moving to 10 GB for a single block. Still good news for Dogecoin, because it is still a subject of financial interest. But on the fact that the path follows him Tenev Be practical without distorting the nature Doge We nurture our long-held skepticism.

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