The chief strategist at Ripple Labs has claimed that XRP is used more than BTC and that Bitcoin’s underlying technology is weak.
XRP Compared to Other Cryptos
Cory Johnson, chief market strategist at Ripple Labs recently compared the firm’s XRP token to other leading cryptocurrencies like Bitcoin (BTC) and Stellar (XLM).
The video footage in which Johnson expressed his views on multiple points including claims of XRP being centralized and the ripple blockchain’s state of adoption, was posted on Twitter earlier on Friday by a user with id @DiepSanh.
The details of the post were reported by sludgefeed.com.
Johnson Attacks Bitcoin Hardliners
Refuting the claims of Bitcoin maximalists that pre-mined XRP is centralized and defeats the purpose of the blockchain technology, Johnson highlighted the influence and control that Chinese miners hold over the bitcoin network.
He went on to claim that Bitcoin was built on “poor technology” and suffered from scalability issues. In contrast, XRP is capable of handling 1500 transactions per second, according to the ripple executive.
According to Johnson, XRP was designed to scale up for use in financial systems.
Johnson, it is reported also took on Stellar and mentioned that there were not many enterprises that were using the rival blockchain for development.
Earlier in October, Johnson had likened the firm’s relationship with XRP to Chevron’s relation with oil.
Ripple Market Performance
Irrespective of Johnson’s views, the market performance of XRP in the last couple of months has indeed been impressive when compared to other major cryptocurrencies.
Earlier in October, the value of XRP grew by almost 50% on multiple positive developments including the launch of the xRapid solution and the addition of new financial institutions to the RippleNet network including US-based PNC bank.
Given the fact the surge happened at a time when the rest of the market has been bearish does indicate that investors’ confidence on XRP is increasing.
XRP also has held its value well compared to other leading digital assets over the last 10 days since the Bitcoin Cash war dragged the entire crypto market down.
XRP also displaced Ethereum from the second slot permanently earlier in the week after having taken the second place briefly a few times during the year.
While the opinion expressed by Johnson tilts towards the extreme, one point that is notable is about the influence a few rich and powerful people hold on the industry including the bitcoin network. This has become evident by how the price of bitcoin plunged drastically due to the Bitcoin Cash hard fork related clash.
Do you agree with the views of Johnson? Let us know in the comments below.
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Author: Kuldeep Kaul