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Ripple CEO Brad Garlinghouse says XRP Ledger creators saw Bitcoin [BTC] scalability problems

Anirudh VK

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Ripple CEO Brad Garlinghouse says XRP Ledger creators saw Bitcoin [BTC] scalability problems
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Brad Garlinghouse, the CEO of Ripple recently appeared on the Stanford Legal podcast to speak about Ripple, XRP and the blockchain.

Garlinghouse began the session by speaking about the difference between Ripple and XRP, clearly mentioning that XRP was an open-source, decentralized technology. He also mentioned that some of the creators of the Ledger worked on Bitcoin [BTC] before they did on XRP. He stated:

“They saw some of the scalability problems the Bitcoin is likely to have, from a energy consumption cost. They wanted to build a better digital asset to solve some of these problems.”

He also clarified on his use of the term digital assets, stating that it was a “pragmatic human distinction”. He gave his reasons for doing as he thought that the average population is not going to buy “coffee at Starbucks with Bitcoin or XRP any time soon”. He stated:

“I think we have got to ask ourselves what problem is that solving. I think in some ways the fiat currency, the US Dollar in this case, works pretty well. We need to make sure it’s better than that before we talk about it as a currency.”

When asked about the places where these digital assets could be used to transfer value, Garlinghouse spoke about Ripple and their offerings to solve cross-border payments problems. He stated:

“Ripple is using digital assets to solve a cross-border payments problem. If you’re sending money across oceans across networks it ends up being really slow and really expensive.”

He provided the example of the fastest way of transferring money is physically delivering cash, with alternatives such as wire transfers being costly and time-consuming. He even brought up a recent conversation he had with an employee of the World Bank, who stated that the average remittance cost in countries apart from those in the G20 was 600 basis points, or around 6%.

On Ripple’s technologies, he explained Ripple Net and its ability to conduct cross-border payments in “effectively real-time” at inexpensive rates. Moreover, Garlinghouse spoke about the current state of settlements cross-border, where he spoke about the various “hops” the money goes through during a bank transfer. He stated:

“We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Ripple

goLance seeks Ripple’s help to integrate faster, efficient payment solutions

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Ripple integrates with payment gateways for GoLance to facilitate easier and faster payment methods
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Michael Brooks, Co-founder and CEO of goLance, recently shared the news that goLance was taking Ripple’s help to integrate its payment gateways and facilitate easier and faster cross-border payments for users across the world.

Brooks broke the news during the 2019 American Business Awards ceremony, going on to thank Ripple after winning 3 Stevie awards.

Paralect, an IT services company also partnered with goLance, congratulated goLance on the same and stated,

“We’re beyond happy to congratulate our partners and friends at goLance on their 2019 Stevie Awards. Our team has worked with goLance since 2014 and continues to refine the product that is attracting more and more freelance talent around the world… Most recently, we’ve developed a solution to add the Ripple Network to the long list of goLance payment integrations. This will allow fast and secure cross-border payment solutions via digital asset.”

goLance is a platform/marketplace where one can hire freelancers on an hourly basis or on fixed bid projects. Paralect helps small and medium-sized industries/companies launch products that drive innovation.

Ripple has the most skin in the game, especially when it comes to the cross-border payments sector. Ripple has a plethora of partners already making use of Ripple’s proprietary blockchain payment solutions, as well as digital asset-based solutions that are helping companies around the world send payments in a better, faster, and a more secure way.

Ripple’s xRapid solution is completely based on the digital asset XRP, which provides liquidity to facilitate cross-border payments. Other solutions such as xCurrent and xVia make use of blockchain technology to deliver faster payments.

A Reddit user, @Furitlicious, commented,

“1 of many to come. Can’t wait for them to throw out the “Runs on Ripple” slogan”

Another Reddit user, @Daleeburg, commented,

“Is there anything stopping any business from hooking into xRapid for cross border payments without a bank?”





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