Ripple’s Cory Johnson: XRP is Bitcoin 2.0 due to increased privacy
Cory Johnson – chief market strategist at Ripple, the company behind top altcoin XRP – has claimed that XRP is the new Bitcoin 2.0, citing the privacy features that the payments-focused crypto provides to financial institutions.
Speaking at Techonomy 2018, Johnson said that Bitcoin is suffering from the lack of scalability, which is seriously detrimental to its operations. The Lightning project was developed to tackle this issue. However, the project is nowhere close to complete functionality and with launch date set for 2020, XRP has an edge over BTC in terms of scalability.
The scalability issue has resulted in several BTC unverified settlements with the Bitcoin blockchain running at almost full capacity. Bitcoin still dominates the market, with its total market value accounting for over half the global market cap.
Johnson also cited the work of economist Paul Krugman while criticizing Bitcoin’s blockchain inadequacies. “What Bitcoin is going to do is make commentaries and critic remarks about how blockchain technology does not function for anything. Crypto critics claim that it takes about 20 minutes for Bitcoin to complete its transactions. Their remarks quickly shift from blockchain does not do anything to Bitcoin does not do anything,” he said.
The Bitcoin blockchain is currently capable of only processing 2-7 transactions per second, according to a Binance Academy entry on the Lightning Network. Meanwhile, according to Ripple’s website, XRP can handle 1,500 transactions per second and “can scale to handle the same throughput as Visa”.
“The people who created XRP looked at the blueprint that Satoshi developed about Bitcoin and retorted to themselves that this is amazing. This could be reasonable at scale, but we can make it better ensuring some of the major issues that need total openness are settled,” Johnson pointed out.
The Ripple executive also said that financial institutions that have to protect sensitive financial information would prefer more privacy and faster transactions and hence, would opt for XRP over Bitcoin.
Johnson concluded by saying that RippleNet, Ripple’s global payments network, has been steadily increasing adoption and XRP will definitely lead the payments phase of the cryptocurrency world.