- Ripple’s Chief Cryptographer, David Schwartz defends XRP from attacks from Bitcoin users.
- XRP could be affected by the growth of new permissioned networks and blockchains.
David Schwartz, the Chief Technology Officer (CTO) of Ripple, has defended XRP from negative comments that it receives from the community. In a recent article released by Yahoo, the author quoted the Bitcoin supporter Max Keiser saying that XRP should be worried about the upcoming launch of Facebook’s GlobalCoin.
There are several Bitcoin (BTC) enthusiasts that believe that XRP is the digital currency used by banks and that it does not follow the ethos of the crypto space. Max Keiser wrote on Twitter that Facebook’s stablecoin is going to harm other digital currencies such as XRP, among other altcoins.
Is Ripple A Permissioned System?
About it, Schwartz said that he likes to see opinions about XRP that do not show any evidence of understanding how XRP works. He said that this is just how Bitcoin “minimalist thinking” works.
Schwartz has also talked with other individuals on the popular social media network, including the Twitter user Noryn Syra. The crypto enthusiast wanted Schwartz to admit that Ripple was a permissioned system such as the one that other companies have.
Ripple is currently working in order to provide services to different financial companies, including banks. The goal is to offer them cheaper and fast cross-border payments in a compliant way. At the moment, they have signed partnerships with a large number of companies from all over the world.
There are some companies like Facebook that have a large user base and that are working with blockchain technology. Indeed, Facebook wants to launch a digital currency called GlobalCoin that is expected to help users make cheap cross-border payments and other payments. If that initiative expands, Ripple could be damaged.
Currently, XRP is the third largest virtual currency after Ethereum (ETH) and Bitcoin (BTC). At the time of writing, XRP has a price of $0.42 and a market capitalization of $17.72 billion.
Latest Ripple News and XRP Market Updates
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.
[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer