Robinhood CEO Says Dogcoin Has Potential to Become Internet Currency
In an effort to rekindle interest in the project, the foundation announced plans to make DOGE a payment method and "a serious universal currency for all.
They announced a number of efforts to do this, including an upgrade to their desktop wallet API interface, "community pledges" and network diversification with faster nodes. The ultimate goal is to make DOGE more useful by enhancing its technology.
How does DOGE become the currency of the Internet?
As Tenev detailed in a tweetstorm, the transition to payments is fraught with technical hurdles. First, Tenev claimed that transaction fees had to be "very small".
Thanks to Core 1.14, DOGE users can already pay a small fee. Version 5, due out in November 2021.
There is also a faster out-of-block time, which refers to the time it takes for a miner or verifier to verify a transaction within a block and generate a new block. According to Tenev, the block-out time must be faster than the time it takes to pay at the payment terminal.
"Ideally, the block-out time (the time between adding consecutive blocks to the chain and validating the transaction) should be fast enough so that the transaction can be recorded in the next block in less time than it takes to pay at the point-of-sale terminal."
But not so fast that mining resources are wasted in the process of reaching an agreement.