On 5th September, during the TechCrunch conference, Brad Garlinghouse, the CEO of Ripple Labs Inc., spoke about the Bitcoin and the most common misconception the cryptocurrency space has about XRP, that is, Ripple can freeze transactions and roll them back.
The conference was hosted by Mike Butcher, Editor at TechCrunch. Mike started the discussion by speaking about Bitcoin [BTC], the creator, Satoshi Nakamoto and the community’s reaction to XRP during the initial stage of its launch.
Mike said that Bitcoin [BTC] which was created by Satoshi Nakamoto, whose identity still remains unknown, “imagined a completely decentralized world within the Bitcoin blockchain”. However, Bitcoin requires constant mining in order to bring the new coin into circulation.
The Editor of TechCrunch continued to say that this idea is completely contradictory to that of Ripple’s. The FinTech company presented a real-time gross settlement system, currency exchange, and a remittance network, known today as the XRP ledger. He further added that after the company had decided to pre-mine its currency, XRP, it faced a lot of backlash in the community.
“Okay. So its already mined and then instituted handler of centralized nodes to create a highly scalable network … However, here’s what happened, all hell broke loose because crypto libertarians who believe in decentralization effectively, you know they thought it was ridiculous…”
He further added:
“…apparently libertarians to this day, rail against Ripple and XRP and anyone who deal with them, including Arrington XRP. So Brad, some of these libertarians, some of them, actually, literally, called you the devil… Lucifer.”
The CEO of Ripple stated that he is, in fact, not the devil. This was followed by Micheal Arrington, Partner of Arrington XRP Capital, asking Brad to prove his statement.
Brad said that the people in the cryptocurrency space believe things in a “way that you would kind of describe as religious zealots”. He stated that Ripple chose the contrarian view early in their evolution. He said:
“ if you want to really revolutionize the way payments work, if you really want to revolutionize the way transactions work in this regard, it’s not gonna happen by everybody giving up their existing infrastructure and just switching to something new as much as I am actually a bowl on Bitcoin. The Bitcoin blockchain is not going to be one ledger to rule them all.”
Brad Garlinghouse further stated that Ripple invented a series of technologies which is built on the XRP ledger. These inventions will allow institutions, banks, and governments in some cases to take advantage of these technologies and accelerate the nature of transactions.
With this, he concluded the topic by stating that some people consider Ripple as the devil because they were partnering with the “man” [banks and institutions].
“If you want to enable an internet of value, got to connect the repositories of value and the repositories of value are the banks.”
This was followed by Mike questioning on why the banks did not opt for a more decentralized network. To which, Brand clearly stated that XRP is fully decentralized and that Ripple, the company cannot control the XRP ledger. However, the company does control around 7% of all the public nodes which, according to him, is comparatively lesser than the control the Chinese miners have of the Bitcoin blockchain. He said:
“… miners control 50% of the blockchain, by any measure, the Bitcoin blockchain is more centralized than the XRP ledger.”
Brad also spoke about the common misconception people in the cryptocurrency community have about Ripple, which is that the company can block transactions and roll them back. He said that all the claims against the company are not true.
“Absolutely not. This is one of the FUD, kind of misinformation thing people say. Like Ripple can block a transaction? Not true.”
Moreover, this is not the first time a representative of Ripple has spoken about this misconception. Previously, David Schwartz has spoken about this topic multiple times on various occasions.
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