blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Buy Crypto
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Buy Crypto
No Result
View All Result
  • bitcoinBitcoin(BTC)$19,306.540.23%
  • ethereumEthereum(ETH)$1,073.860.47%
  • binancecoinBNB(BNB)$219.340.37%
  • rippleXRP(XRP)$0.3233082.16%
  • cardanoCardano(ADA)$0.4567190.07%
  • SolanaSolana(SOL)$33.710.49%
  • dogecoinDogecoin(DOGE)$0.0684002.35%
  • AvalancheAvalanche(AVAX)$16.701.89%

Altcoin News: Ripple CTO Badmouthing Stellar IBM Partnership

Ogwu Emmanuel by Ogwu Emmanuel
April 3, 2019 - 9:00 pm
in adoption news, altcoins news
0
Stellar

Stellar

0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
  • Ripple’s chief technology officer (CTO) has said that the Stellar-IBM alliance entirely misses the point of blockchain technology.
  • Schwartz also claimed that XRP is not susceptible 51% attacks like PoS and PoW based cryptoassets  
  • Schwartz says XRP is entirely decentralised, contrary to the opinions of some critics

In a lengthy question and answer session held on Quora, a popular question-and-answer website on Tuesday, Ripple CTO David Schwartz used the opportunity to shed light on numerous topics pertaining Ripple fintech firm, XRP and the entire distributed ledger technology ecosystem. However, he also went on a tangent trash talking the recent Stellar-IBM partnership.

Blockchain in finance & supply chain

The Quora Q & A session conducted on April 2, 2019, saw several users of the platform ask Ripple CTO David Schwartz many questions including the most significant use cases for blockchain technology and XRP, XRP centralisation controversy, dApps development and even the Stellar’s partnership deal with IBM.

Unlike Cathy Bessant, the technology officer of the Bank of America (BOA), who recently said she has yet to see any significant use case for blockchain technology, Schwartz has stated that DLT has a huge role to play in the financial sector, supply chain and others:

“The most obvious and ready use cases involve payments and stores of value. Close to payments are use cases such as securities settlement, trade finance, lending, and so on. These use cases typically involve a payment plus something else that can also benefit from DLT. This is why Ripple focused on payments very early. Asides payments, the use cases can get more speculative. I’ve talked about using private blockchains with zero knowledge proofs to solve problems such as tracking the provenance of luxury goods and vaccines.”

When asked to explain the level of control Ripple has over XRP, since some observers in the cryptospace firmly believe that the former has absolute power over the altcoin since it holds the largest share of XRP.

“The XRP Ledger is open source technology with a robust community of developers, so if Ripple were to vanish, XRP and XRP Ledger would remain. By design, XRP is an independent digital asset and transactions are validated in a completely decentralised manner through the consensus process – which means the stakeholders of the system collectively power the transactions, not any individual or entity,” he claimed. Ripple does still hold 60% of the total supply, however.

Proprietary consensus protocol

While established digital assets like bitcoin (BTC), ether (ETH) and several others use either the proof-of-work (PoW), proof-of-stake (PoS) or even the DPoS consensus algorithms to secure their networks against 51% attacks or double spending, XRP uses its proprietary XRP Ledger Consensus Protocol and Schwartz has said that this protocol is the best:

“Digital assets that are susceptible to 51% attacks are based on proof-of-work (PoW) and proof-of-stake (PoS) systems, because essentially anyone can accumulate 51% of power over the system through enough mining resources or staking power. The XRP, on the other hand, is not vulnerable to these attacks as it uses a Distributed Agreement System – in which validation power is acquired through more democratic means. To reach such a high concentration of power, you would have to convince other stakeholders in the network that you should hold that power.”

Earlier in February 2019, reports surfaced that IBM and Stellar (XLM) had joined forces to make it possible for banks to use the Stellar blockchain for cross-border payments. Schwartz condemned the move, arguing that:

“It misses the point of blockchain completely. The root problem is that global payments infrastructure is centralised – IBM, SWIFT, and the rest of the old guard attempt innovation with DLT, but do not solve the centralisation issue. IBM has positioned itself as the central operator of the Stellar network, meaning it approves all validators and therefore controls the transactions.”

Tags: AdoptionaltcoinsIBMPartnershipsRippleStellar
ShareTweet
Ogwu Emmanuel

Ogwu Emmanuel

Ogwu is a Nigeria-based blockchain analyst focussing on the regulatory implications of governments in the cryptocurrency industry. He writes regularly for several cryptocurrency-focussed news sites.

Recommended For You

Coca-Cola Partners with Rich Mnisi to Launch NFT Series

by Umair Younas
July 3, 2022 - 1:33 pm
0
Coca-Cola NFT

Coca-Cola beverage company has announced its collaboration with the popular Rich Mnisi to mint Pride non-fungible-tokens (NFTs)

Read more

Crypto Broker Voyager Digital Suspends All Activities On Its Platform

by Eric Maina
July 1, 2022 - 10:38 pm
0
Voyager Digital Crypto Broker

Voyager Digital announces it has suspended all customer operations after 3AC defaulted on a scheduled loan repayment

Read more

Binance Appoints TikTok Star Khaby Lame as Brand Ambassador

by Umair Younas
June 30, 2022 - 2:42 pm
0
Binance Vietnam

Binance has partnered with Tiktok star Khaby Lame to make him its brand Ambasador week after it made Ronaldo an ambassador too

Read more

First EU Rules to Monitor & Trace Transfers of Crypto-Assets

by Mushu Butt
June 30, 2022 - 1:43 pm
0
EU Crypto

New EU regulations would monitor and track crypto transfers in order to combat money laundering and terrorist financing.

Read more

Binance and Cambodia’s Securities Regulator Sign MoU

by Eric Maina
June 30, 2022 - 12:34 pm
0
Binance Cambodia

Binance, a leading global crypto exchange, singed an MoU with Cambodia's securities regulator, SERC, to help it develop crypto regulation

Read more
Next Post
Blockchain News: Aviva and SBG Invest $6.5 Million in UK Mortgage Startup Acre

Blockchain News: Aviva and SBG Invest $6.5 Million in UK Mortgage Startup Acre

PARTNERS LIST

PRESS RELEASE

Fintech-Ideas brings blockchain functionality to its range of platforms

by chainwire
July 3, 2022 - 10:30 am
0

Berlin, Germany, 3rd July, 2022, ChainwireEnterprise software developer Fintech-Ideas has integrated a suite of blockchain tools to its SaaS offerings....

Himo World Announces Open Beta of PvP Strategy Game

by chainwire
July 1, 2022 - 5:36 pm
0

Melbourne, Australia, 1st July, 2022, ChainwireHimo World, an NFT-based strategy game developed by Kaofox Corp, has announced its open beta...

Swappi (PPI) Announces First Exchange Listing on BitMart

by chainwire
July 1, 2022 - 10:01 am
0

New York, NY, 1st July, 2022, ChainwirePPI, the native token of Swappi, is now available for trading on global crypto...

Bitwells Exchange Launches 777 BTC Giveaway for Derivatives Traders

by chainwire
June 30, 2022 - 3:27 pm
0

Victoria, Seychelles, 30th June, 2022, Chainwire Bitwells, the leading crypto derivatives exchange, has launched a 100% deposit match for new...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2022 - Blockchainreporter.net. All Right Reserved.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT