The scalability issues of Bitcoin have become a popular topic to talk about. With the debate from August last year regarding the scaling and protocol becoming relevant again. The closest solution for scaling on the blockchain - the Lightning Network - is said to be ready for use in 2020. With this, an interesting situation is created for the most popular cryptocurrency as it can now operate above the 90% capacity with thousands of unconfirmed transactions.
The Chief Market Strategist at Ripple, Cory Johnson recently spoke out on the matters that plague Bitcoin going onto say that XRP is ‘Bitcoin 2.0’. In addition to this, he also spoke out about how certain ‘smart’ people such as Paul Krugman have vocally criticised blockchain and lack of development for all things related to cryptocurrency.
“What they’ll do is, they’ll point to blockchain and say [it] doesn’t work for anything. It takes 20 minutes to do a transaction on Bitcoin. You hear the shift there, blockchain doesn’t work for anything [to] Bitcoin doesn’t work well.”
As reported by AMB Crypto, the Strategist compared this to a strange analogy saying that it was like saying horses were ‘crummy’ for fast transportation without considering other forms of getting around. On top of this, he also said that Ripple saw XRP as the second version of Bitcoin as it has a different idea of what consensus is. Furthermore, he also said that it does up to 2000 transactions per second and compared it to Visa rather than Bitcoin.
“The guys who made XRP, they looked at the whitepaper that Satoshi wrote about Bitcoin and said this is amazing. This could be reasonable at scale but what would the problems be. There might be problems about needing total openness in every transaction.”
This can be put down to financial institutions such as banks and firms not wanting their transactions “out there for people to see who they are”, stated Johnson.
He went on to say:
“They want some sort of privacy but they want some of the protections that an open network can have and XRP provides that.”
What are your thoughts? Do you think XRP is like the second coming of Bitcoin? Let us know what you think down below in the comments!