Last year’s debate regarding Bitcoin’s scalability problems becomes an issue again. The problem about scaling the protocol is real, and the only solution for scaling on the blockchain is known as the Lightning Network. Unfortunately, it will reportedly not be ready sooner than 2020.
Ripple’s Cory Johnson has something else in mind.
XRP is Bitcoin 2.0
Ripple’s chief market strategist has recently discussed the issues that Bitcoin is faced with, and that’s when he said that XRP represents Bitcoin 2.0.
He also brought up Paul Krugman and said that people who are criticizing the blockchain tech and cryptos like this, “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.”
Johnson said that Ripple sees its digital asset like Bitcoin 2.0 because it has a different idea on the whole consensus concept.
He continued and explained that XRP can perform 1500-2000 transactions per second, so this makes it comparable with VISA rather than with 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,” Johnson said, bringing up good ol’ Satoshi.
Ripple’s solutions will suit everyone
He believes that banks, financial institutions and basically everyone don’t want their transaction-related details exposed, and they would definitely enjoy more privacy and security as well. XRP is the solution that can provide all of this.
Regarding the crypto space and the blockchain industry, he says that lots of companies will probably end up using Ripple’s tech in the future. But at the moment, he says that Ripple is definitely leading the way in this regard.
They have more than 100 paying customers, they have moved over a billion dollars across their network. Ripple is basically opening new pathways for the entire financial system.