A recent Twitter thread from the CEO of the Robinhood exchange Vlad Tenev suggests that if there were some improvements made on Dogecoin that it could “truly be the future currency of the Internet and the people”.
Some of the things Tenev believes Doge could improve on a few things including; transaction fees having to be vanishingly small to reach broad adoption, block confirmation times should be as fast as it takes to pay at a point of sale terminal – around 10 seconds. This can’t be too fast otherwise there will be energy wasted on achieving consensus.
He also suggested increasing block sizes to around 1GB and eventually a 10GB block size, although this was met with heavy criticism as many reminisce on the block size wars in relation to Bitcoin.
One of the main arguments against increasing block size was that it may lead to centralization as the hardware needed to confirm transactions would be much more expensive and scarce compared to something like Raspberry Pi which can be run by anyone at home. Tenev believes this is a “fair tradeoff”, echoing those supporting Bitcoin SV – the suggestion to increase the block sizes.
Responses To Tenevs Suggestions
Dogecoin co-founder Billy Markus commented that “the infrastructure of the web has improved enough in 8 years to experiment with speeding it up”, but Elon Musk believes that “block size & time should keep pace with the rest of the Internet”. Suggesting that it may be time to test speeding up the block confirmation times but not going overboard with it.
User ‘ripndipbtc’ stated that what Tenev is proposing is “literally impossible”. He adds “10GB per block, 10sec a block. After 100 seconds, you need 100GB storage, after 10,000 seconds you need 10 TB storage. there won’t be a machine which can store the entire chain since its existence.”
User ‘awertheim’ replied to Tenev with a question reading “Why are you trying to reinvent (an inferior version of) the wheel when the world already has Lightning Network?” adding that the lightning network already has “Instant, near zero fees, final settlement payment system.”
‘thing_rat’ on Twitter replied that “this is literally the history of bitcoin and the blocksize wars” and that “changing things like the blocksize would fork the chain and ruin any chance of success.”
