Ripple’s Cory Johnson Speaks At Techonomy 2018 On Advancing Blockchain And Internet Of Value Creation
Cory Johnson, the Chief Market Strategist at Ripple, has been talking about the cryptocurrency space, Ripple, and XRP. He gave very interesting comments about the space and how he thinks that it is evolving. During the Techonomy 2018 event, he has also discussed RippleNet and Ripple’s position in the market.
He started by saying that there was no payment layer for the current internet system. This is why Ripple is working in order to build what he called the Internet of Value. According to him, this is a vision that the company has been working on for several years and in which funds and money move as fast as information.
Johnson said that Ripple is one of the most advanced companies that exist in the blockchain and cryptocurrency space. He showed that they have 100 paying customers and that they have moved around $1 billion dollars on their network.
He said about the progress made by the company:
“We’ve got around a 100 paying customers, we’ve moved over a billion dollars on the network and we’re opening new corridors. When I joined the company, around 9 months ago, they were doing one deal in 6 weeks. Now it’s 6 days.”
Clearly, the changes experimented by Ripple show that the company is ready to face new challenges and it shows that it is perfectly prepared to offer good services to financial companies all over the world. The company currently providing different services and products such as xRapid or xCurrent.
This is also very positive for XRP holders and the XRP community. According to Johnson, there are three interested customers for xRapid, that will allow them to reduce costs, and make transactions faster. Moreover, he mentioned that the company was able to grow in terms of the number of employees they have, passing from 150 to 300.
He has also spoken about the scalability issues that Bitcoin (BTC) is currently facing. During the last few weeks, XRP was able to surpass Ethereum (ETH) as the second largest virtual currency in the market. XRP enthusiasts were already talking about XRP acquiring the first spot in the market.
He went on saying that XRP is ‘Bitcoin2.0’ and that Bitcoin is to slow to process payments. At the same time, he said that Ripple is able to process between 1500 to 2000 transactions per second compared to Visa.
On the matter, he commented:
“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.”
There are several institutions working with Ripple and that might be ready to use XRP for cross-border payments or settlements. This is why Johnson says that there are some clients that prefer some sort of privacy and protections in some cases.
Bitcoin has been experiencing different scalability issues due to the increased number of transactions processed by the network. This is why developers are are currently working on a scaling solution known as Lightning Network (LN).
XRP is currently the second largest virtual currency in the market. It has a market capitalization of $17.66 billion dollars and each XRP coin can be purchased for $0.437 dollars. Ethereum remains as the third largest crypto almost with $4 billion dollars less of market capitalization than XRP.