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Ripple’s use-case questioned by the American economist Paul Krugman

Priyamvada Singh

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Ripple's use-case questioned by the American economist Paul Krugman
Source: Pixabay

Recently, a well-known American economist, a professor in the field, and an Op-ed columnist for The New York Times has ‘accidentally’ pulled a thread on Bitcoin Cash while trolling Ripple’s token XRP for its use-case.

Krugman said:

Paul Krugman's tweet | Source: Twitter

Paul Krugman’s tweet | Source: Twitter

XRP holds the 3rd position in the crypto-coin rankings according to its market capitalization, making it one of the biggest cryptocurrencies in the world. However, of late, Ripple has been in the news for giving away its tokens to promote a widespread ‘trading’ of XRP. This has invited external criticism as some believe that XRP is only used for speculative trading.

Krugman’s words came as a response to Nathaniel Popper’s recent article ‘Here’s Some Cryptocurrency. Now Please Use It.’ The article reported Ripple’s giveaways to potential utilizers of the token, like Snoop Dogg, who reportedly held a concert for XRP fans recently.

Moreover, Ripple, this year, had launched Xpring – a project to assist and fund startups that focus on XRP. Last year, October 2017 also saw the launch of Ripple Accelerator Program through which the company planned to create a reward system for organizations using three Ripple products. Fruitful to the efforts, several remittance services have already begun to use Ripple’s technology for cross-border transactions.

Bram Cohen, who is the creator of BitTorrent, also commented on Krugman’s tweet, saying:



“Ripple isn’t actually a cryptocurrency, it’s a centralized token accounting system, of the sort which any idiot could have set up 20 years ago.”

To this, Riccardo Spagni aka fluffy pony, the core member of Monero replied:

“Some rando, who’s accomplished precisely nothing of import, arguing with the creator of BitTorrent over whether or not Ripple is decentralised. This is truly amazing”

Crypto Joe, a Ripple follower also expressed:

“A Nobel laureate with 4.6m followers quoting an article claiming $XRP is a #Bitcoin imitator. Painful. BTC and XRP are alike like a Ford Model T and a Tesla Model S. Ask @yoshitaka_kitao if XRP won’t be used. How many years before the internet had 1mil users? Vision.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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    CryptoHippy

    July 7, 2018 at 4:37 PM

    Ahh good old Pooper he never fails to try and drip his toxic slime over XRP, I’ll give him this, he never stops trying, but he always fails miserably, his FUD is always so transparent no matter how he tries to hide it.

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XRP

Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability

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Source: Pixabay

Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.

Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.

It also stated:

“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”

The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.



This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the  XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.

A Twitter user @XRPCentre tweeted:

“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”





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