The crypto community has been known to castigate Ripple, a blockchain development company, for using the blockchain technology to team up with banks. As is also known, cryptos and banks don’t exactly see eye-to-eye, given that cryptos basically seek to throw traditional banks out of business.
The Crypto Community Hates Ripple
Ripple is the originator and creator of the XRP crypto token, a cryptocurrency that’s now making huge waves in the crypto market. Having battled its way up into the top 10 most popular and largest cryptos by market cap, XRP is now one of the most talked-about cryptocurrencies currently in the market. However, its earlier affiliation to Ripple has led some critics to argue that the digital currency isn’t entirely decentralized like other tokens.
As a matter of fact, XRP was mined and put into the market by Ripple, meaning that there’s currently no XRP mining. As such, some in the crypto community opine that XRP is still under Ripple’s control, making it a bit less of a truly decentralized digital currency. However, the company itself has come out to clarify that Ripple and XRP are entirely different entities and that Ripple’s retains no control over XRP.
Dilip Rao Thinks XRP Is The A-Team
However, Ripple, being the creator of XRP and having it as the focus of its blockchain-based business model in developing payment solutions, continues to support the cryptocurrency as a major player in the crypto market. One such instance is when Dilip Rao spoke at the Global Islamic Economic Summit hosted in Dubai. Dilip is the Global Head for Infrastructure Innovation at Ripple.
In his speech, Dilip said that blockchain-based DLT (Distributed Ledger Technology) is the solution to many problems facing the world today. He touched on Ripple’s co-operation with banks in providing fast and reliable financial payment solutions while respecting compliance rules. He went on to speak of the importance of co-operation among various financial networks (especially crypto ledger networks). In fact, Ripple has pioneered that development with its InterLedger Protocol.
Dilip then praised the XRP Ledger as the fastest crypto network in the world. Currently, the XRP network can process up to 1,500 transactions per second. That’s very fast as compared to the Bitcoin network that can only handle about 7 transactions per second. He emphasized the role of XRP in providing banks with the transactional secrecy and privacy they need while offering them the best possible way to solve the liquidity problem.