Ripple and XRP, the dynamic duo is trying to take over the global payment system which has been outdated for more than four decades.
Ever since the start, Ripple has aimed to revolutionize the financial sector, make it easier to process cross-border payments or even the remittance industry.
With the crypto-frenzy of 2017 coming to an end, the price of XRP had reached lows causing a lot of investors to panic and cash out of their investments despite Ripple’s plans remaining the same.
Speaking with CNBC, Brad Garlinghouse acknowledged how this was true but also confirmed how the XRP community is still hyped about the platform and the features that they plan to bring to the cryptocurrency space. Brad stated:
“People got really excited about the potential of a new platform and the hype got ahead of the reality. That unequivocally has happened in this space… There’s religious fervor around all of them — some people seem to think these are the crusades and this is a holy war is being fought.”
Moreover, with the recent addition of 13 partners, Ripple even announced that their partnerships with financial institutions and banks had exceeded more than 200.
Garlinghouse confirmed that a few of the banks that they partnered with are on board for leveraging XRP to source liquidity on-demand for processing payments, which implies that xRapid is officially being used by some banks.
Some partners decided to use Ripple’s other solutions and APIs to get near-instant settlements so as to comply with regulations. Ripple, now operates in more than 40 countries with successful partnerships.
A Twitter user, @alexcobb tweeted:
“Today the XRP community received some very good news. We now have 5 more institutions that will be leveraging XRP for cross border payments, and even brad is saying that they are seeing “more customers flip the switch and leverage XRP”
Subscribe to AMBCrypto’s Newsletter
Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move
Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.
Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community. He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”
Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”
Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.
Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”
The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.
Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”
His full reply stated,
This sounds horrible to me:
– entirely new blockchain (new coin)
– implicit admission that $ZEC was never scalable, and that opt-in privacy doesn’t work
– roadmap has “a lot of similarities with ETH”
– “sharding” panacea
– subsidy for ZEC foundation https://t.co/R5vLXtKOCP
— Tuur Demeester (@TuurDemeester) June 23, 2019
Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,
“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”
Subscribe to AMBCrypto’s Newsletter