Chris Larsen, Ripple co-founder and second richest man in the crypto world, said the XRP cryptocurrency is created to be a better Bitcoin (BTC).
“I think the thing with Bitcoin was, it was the right technology hitting at the right economic time. That’s really what I think was the breakout moment… Bitcoin had that perfect storm of a fundamentally new technology, decentralized, which was something that [other projects] couldn’t do or didn’t do.”
He also confirmed that the people who are lured to XRP are aware of the enormous amounts of energy consumed by Bitcoin. The earlier adopters of XRP thought that it was designed to be a better Bitcoin (BTC), given the initial target set for XRP’s energy efficiency.
Larsen went on to say:
“Before there was a company the idea was, can you build a better Bitcoin? I think we were all fascinated by Bitcoin… But it had problems and I think the biggest problem that the people that were attracted to the XRP project [thought] was Bitcoin just uses enormous amounts of electricity. That can’t be a sustainable long-term model. I do believe there’s going to be a core group of digital assets that will be successful. I think Bitcoin will be one of them.”
He also highlighted the importance of having the ability to access cost-efficient transactions:
“An internet of value is going to be an open, decentralized system with accessibility to all. If you listen to the Bill and Melinda Gates Foundation, they have calculated those two billion people in the developing world need to be able to send value as little as 50 cents – in a way that’s economical. And in today’s world, that’s just not possible.”
XRP as bridge between DCBCs
In a panel discussion with representatives from KPMG, Starling Bank, Microsoft and HSBC, Marjan Delatinne, head of global banking at Ripple, spoke about the digitization of banking.
Delatinne, who is responsible for communicating with banks at Ripple and making sure banks understand Ripple’s technology and the blockchain in general, explained that some of the largest banks in the world are preparing to own and trade digital assets.
Delatinne explained that the banking system is far too slow and inefficient in processing cross-border payments, with its current infrastructure. Banken are beginning to see the value of the blockchain technology in her experience. As many Ripple customers have already realized, Ripple and its technologies can reduce operating costs on the one hand, and accelerate scaling on the other: