Dogecoin can be future currency of people and the internet - said Robinhood CEO Vlad Tenev
Dogecoin have some advantages and key takeaways that can make it a future currency possibly.
To start with, it have a low transaction fees than other coins. For example, it significantly have a low transaction fees than Etheruem and Bitcoin. Dogecoin fees stays around $0.19 USD to $0.30 USD while Bitcoin fees sit around $1.35 to $3 USD; Ethereum is even worse as it have a transaction fees of $11 to $43 USD.
Another key takaway would be it is so popular known as the meme coin. It was known internet wide that Dogecoin is the meme coin and the coin have many influencer like Elon Musk who tweeted about Dogecoin frequently or Sam Bankman-Fried, the Ceo of FTX, who tweeted "sure why not DOGE"
However Doge also have something that needs to be changed such as the transaction speed because currently the speed is relatively slow compared to the current mean of payment such as VISA. The solution suggested by Vlad Tevez is quite interesting as he said it can be done simply by increasing the block size. This will significantly increase the transaction speed
By increasing the block size of Dogecoin, it can reduce time possibly by storing more information on it before being validated into blockchain. The Dogecoin's developers aim to increase to speed from 1 MB block to 10GB block.
The disadvantage of the solution would be the problem of Blockchain Trilemma, which every chain have the problem to deal with. In this case, when the block size increases, the information stored also increases. Eventually, the validator's computer would not be able to store enough of transaction history. Only big company would be able to support the size of the block. This inevitably would lead to centralised chain and no longer a decentralised blockchain as there are fewer nodes to make it a strong decentralised chain.
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