Ripple CEO says his coin and Ethereum [ETH] are not on a collision course.
As reported earlier on this website, recently, the heads of various Crypto attended a Q&A session. Talking at the Ethereal Davos panel, which also included the likes of Joseph Lubin of the ConsenSys and Brian Behlendorf of the Hyperledger, the head honchos had an open and frank discussion about a whole slew of matters; focusing on the future of Blockchain and cryptos in general.
Be the tortoise not the hare
Talking about Ripple [XRP], Brad Garlinghouse talked about how he did not consider ETH as a competitor. He pointed out that this was a “marathon and not a sprint and measuring the success of any platform in the day-to-day, hour-to-hour is a fool’s errand”. Furthermore, each coin is focused on its niche audience and “the major platforms are working on interesting use-cases, I think we are still in the nascent stages of this market.”
When discussing the intense focus of the community on CoinMarketCap’s rankings based off their total market capitalization, which sometimes show XRP and ETH dueling for the number two spot; he says there is an overlap of interest.
However Garlinghouse added that “I don’t consider what Ethereum is doing in any way as a competitor with what’s going on with the XRP ecosystem. Sure [there is an overlap], but I think you’re going to see things play out in a long time.”
Talking about the unity of purpose that should be the prime focus of the industry, Garlinghouse has been upbeat about the dedication of most cryptos, adding ” I think mostly we are all up here aligned with [the single thought] ‘we are seeing the overall market health and mature’.”
No Change in company ethos
Addressing the growing concerns about XRP, about transparency and centralization, he defended it by dismissing the fear warmongering spread by certain sections of media.The Ripple boss discussed decentralization saying the word in itself is “nuanced”. He then defended his Ledger as being more decentralized than most other mining based solutions. Finally, he went on to state that Ripple has always tried to be market leader and championed the need for more transparency in the cryptocurrency ecosystem.
Adding on the topics, he acceded that more needs to be done. While Bitcoin and Ether are considered the benchmark on decentralization,there are mining aspects and the looming fear of a 51% attacks that require a more thorough discussion about this issue.
Such a confluence of thought is imperative to tackle issues that have cropped up as the industry grows. They need to be tackled sooner rather than later,and such uncensored debates are seemingly the right direction to help this growing space.