Many of us have been questioning how the future will look like for the third best cryptocurrency of the market by performance, Ripple (XRP). Well, it all seems we may be getting all the doubts cleared soon, as the CEO of Ripple, Brad Garlinghouse, recently responded this and other questions during an interview conducted by the internet business news channel CNBC during Money 20/20, the global event held in Amsterdam.
In general terms, Garlinghouse made very clear what are the thoughts of Ripple for the present and coming year when it comes to the adoption of the XRP token, and additionally, commented on the lawsuit a crypto enthusiast made against Ripple (XRP) claiming the company incurred in a violation of the U.S. security laws. Let’s see how it goes!
The future of XRP and other coins in the market
In the interview held by CNBC, Garlinghouse established that by the end of the year the company expects major banks to adopt and start making use of their product xRapid, a liquidity solution that integrates the XRP token. The same way, by the end of 2019 he counts with at least a dozen of banks using the token ecosystem and liquidity.
When asked about his opinions on the immense offer of cryptocurrencies in the market, he expressed that there is an incredible amount of tokens designed for no reason currently. He continued by saying that every day it can be seen a bigger deployment of Initial Coin Offerings for tokens that actually don’t solve any existing problem, which is why he considers that by the time of 10 years the offer of the market with respect to cryptocurrencies will be only a vast 1% of the current panorama.
Garlinghouse opinions on the Bitcoin vs. Ripple comparison
Garlinghouse specified he thinks some of the top cryptos in the market such as Bitcoin (BTC) and Bitcoin Cash (BTH) will have an essential role in the future of the virtual coins. He said what we are seeing is a “specialization of different types of ledgers.” However, he also cleared that if he were to compare, he would note XRP has definitely the lead in front of Bitcoin (BTC) which has proven to be slower and more expensive.
As a matter of fact, according to the website blockchain.info, the average transaction for Bitcoin as of today is 42 minutes, and the fees charged for those transactions can vary from 3 to 30 dollars. In relation to this, Garlinghouse said that 42 minutes might look too fast if we compare that to what it lasts an operation in the banking industry currently but not if we compare it with the thousand times faster Ripple, which lasts only 4 seconds per transaction.
The lawsuit against Ripple
A lawsuit was recently filed by an XRP user claiming Ripple was violating some of the laws established by The Securities and Exchange Commission (SEC). The plaintiff who is identified as Ryan Coffey lost an amount of XRP tokens on January 6, 2018, a fact that led him to establish a lawsuit arguing Ripple had primarily deployed a “never-ending ICO”.
Regarding this, Garlinghouse established that Ripple is not a security, and he specified that the fact was not going to be questioned or changed by one lawsuit. He continued by saying “Owning XRP doesn’t give you any ownership of Ripple equity,” and that’s something all of the users should be aware of.
To conclude, when he was asked if potential regulations were a concern of the company, he responded with a big no. Garlinghouse said,
“One of the reasons Ripple has enjoyed such momentum is we have been working with regulators”
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry
Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation.
There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated.
A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified.
Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders.
Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
The development of…
Why Blockchain Projects Keep Failing
If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.
So, What’s the Problem?
For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.
What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.
Project Success Starts at the Team Level
The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.
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