Ripple Explains Why XRP More Sustainable Than Other Cryptocurrencies

Ripple Explains Why XRP More Sustainable Than Other Cryptocurrencies

Cross-border payment firm Ripple has explained why the XRP cryptocurrency is more sustainable than Bitcoin (BTC) and Ethereum (ETH).

In an article published on its website, Ripple stressed the sustainability of BTC and ETH in comparison with XRP.

According to a study conducted by Stanford and the University of Stockholm, it showed that both BTC and ETH are the most eco-unfriendly currencies as regards annual electricity consumption.

“In fact, the same amount of electricity it would take to execute 220 million Bitcoin transactions a year (its hypothetical maximum per annum) could also power 149 million light bulbs,” Ripple stated.

The company also indicated that XRP is a good example of a cryptocurrency not consuming massive energy, “easily claiming the title of one of the most sustainable forms of currency available.”

Is XRP mined like BTC and ETH?

It is also mentioning that XRP is not a mined like BTC or ETH as every unit of the currency has already been created.

“Because Bitcoin is mined, that means new Bitcoins are constantly being created by huge data processing centers. As noted, this demands large, unsustainable amounts of electricity—the cost of producing one coin could power almost four U.S. homes for a day,” Ripple stated.

Ripple files lawsuit against YouTube

Ripple has taken a legal action against YouTube on 21 April, seeking damages from the online video-sharing platform for its failure to stop XRP scammers, Cointelegraph website reported.

In a blog post, the company said it filed a lawsuit against YouTube to “prompt an industry wide-behavior change and set the expectation of accountability.”

Ripple and its CEO Brad Garlinghouse said scammers managed to defraud victims of “millions of XRP valued at hundreds of thousands of dollars”. 

The company added that the online streaming platform earns from such scams although it has the ability to stop them. The filing states:

“YouTube profits from the Scam by knowingly selling paid ads on behalf of the fraudsters who are impersonating Ripple and Mr. Garlinghouse. These ads — so-called ‘video discovery ads’ — are designed by YouTube to appear at the top of its search result page alongside organic search results.”

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.