The 35-years executive claims that transaction fees have to be “vanishingly small” for the meme cryptocurrency to reach widespread acceptance. The Dogecoin core 1.14.5 upgrade, which was introduced last November, significantly lowered transaction fees. From the observation made by Tenev, this makes it a much cheaper alternative to popular car networks that charge up to 30% per transaction.
Robinhood executive also says that the block time should be lowered to just ten seconds. In such a way, Tenev also agrees that the block time shouldn’t be too fast so that miners wouldn’t have to waste too much energy on establishing consensus.
Dogecoin Satoshi’s Vision?
Tenev has proposed increasing Dogecoin’s block size to 10 gigabytes (GB), which would make it possible for the Bitcoin parody to handle a high number of transactions.
One of the key arguments against raising the block size is that it would inevitably lead to a higher degree of centralization since one would be required to operate high-cost hardware to run a full node, Tenev, however, agrees that it would be a sensible trade-off, seemingly echoing Bitcoin SV supporters.
Dogecoin co-founder Billy Markus has commented that the infrastructure of the web has improved enough to speed up Dogecoin. Centibillionaire Elon Mush has also joined the debate, claiming that the block size has to keep pace with the rest of the internet.