Connect with us

Altcoins

Ripple CTO: Banning Bitcoin or branding Ethereum security could be ‘disastrous’ for Ripple

Published

on

Image: Pixabay


David Schwartz, Ripple’s chief technology officer, has stated that banning Bitcoin or proof-of-work algorithm or branding Ethereum security could be “disastrous” for Ripple.

He said so while responding to a theory by Castle Island Ventures’ Nic Carter, where he alleged that Ripple is “lobbying” to strategize the above-mentioned agendas.

In the past, Ripple CEO Brad Garlinghouse and former CEO Chris Larsen have both advocated that Bitcoin should move away from PoW due to its environmental impact.

Even while Garlinghouse has agreed that Bitcoin is an “exceptional store of value,” he has argued that,

“One Bitcoin transaction is the equivalent of 75 gallons of gasoline being burned.”

Further explaining that as the price of Bitcoin goes up, so does the energy consumption and the carbon footprint of proof of work continues to scale. On the contrary, Ripple boasts of its sustainability measures and aims to achieve Carbon Neutrality by 2030.

Having said that, both Ripple and Ethereum communities are also constantly pitched against each other.

The so-called animosity started when Ripple filed a Freedom of Information Act request with the SEC, over unfair treatment. It was alleged that the regulator had given a go-ahead to Ethereum, while XRP got held back. Which also gave somewhat a first-mover advantage to Ethereum in the broad crypto space.

The recent judgment in the Ripple vs SEC lawsuit also entails Ethereum and a decision around former director William Hinman’s 2018-speech. In which, he was of the view that Ethereum is not a security as it was sufficiently decentralized.

Now, Ripple has used it as part of its legal strategy to fight the SEC. In the past, the crypto lawyer representing XRP holders, John Deaton, had stated,

“Whether we like it or not, ironically, XRP and ETH are on the same side in the SEC case.”

Which can essentially mean that the CTO is looking at Ripple as a part of thriving crypto-verse. With both Ethereum and Bitcoin.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space's applications for investment vehicles and portfolios

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.