blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Altcoin News: Ripple CTO Badmouthing Stellar IBM Partnership

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

Justin Sun Says TRON Will Offer an AI-Focused Decentralized Payment Agenda for AI Systems

by Umair Younas
February 4, 2023 - 1:02 pm
0
openai

Sun noted in the tweets that the Tron platform will offer an agenda for decentralized payments to facilitate the AI systems OpenAI and ChatGPT.

Read more

Bybit Achieves Fivefold Growth Despite Bear Market: CEO Ben Zhou Reflects on the Power of ‘Quiet Growth’

by Mushu Butt
February 3, 2023 - 11:13 am
0
Bybit

Crypto exchange Bybit achieves fivefold growth despite the bear market, solidifying Bybit's leadership position in the crypto derivatives sphere.

Read more

Binance Joins Hong Kong Police Department to Confront Cybercrime

by Umair Younas
February 3, 2023 - 9:53 am
0
Binance

The biggest blockchain infrastructure, “Binance” has recently participated in and provided support for a Virtual Asset Investigation Course (VAIC).

Read more

Shibonk Ends the Week with Multichain Adoption

by Kester Odero
February 3, 2023 - 9:03 am
0
shibonkcoin

The Shibonk team recently announced the transition of the asset into a Multi Chain asset. The token is set to feature in three new exchanges.

Read more

FTX Warned Customers as Scammers Impersonating FTX are Tricking Users with Fake Asset Recovery Offers

by Shayan Chowdhury
February 3, 2023 - 8:04 am
0
FTX

Recently, bankrupt crypto exchange firm FTX warned its investors of an ongoing scam as fraudsters promised users to return their assets.

Read more
Next Post

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

PARTNERS LIST

PRESS RELEASE

Game Space Powers Web3 Gaming With the Launch of Player One Tournament, Aligns Partnership with Splinterlands, Gods Unchained and Big Time

by Max Clark
February 3, 2023 - 12:00 pm
0

For Player One Tournament, Game Space will continue to cooperate with more public chains, various gaming guilds, Web3 Infra, Web3...

Metacade presale investment rockets past $5 million as GameFi investors hurry to buy remaining MCADE tokens

by chainwire
February 2, 2023 - 3:38 pm
0

London, United Kingdom, 2nd February, 2023, ChainwireThe Metacade presale is selling out fast with stage 3 coming to a close...

Snowfall Protocol

Joe Biden Reveals Game-Changing Crypto “Roadmap” after $2 Trillion Bitcoin (BTC) and Ethereum (ETH) Crash! Snowfall Protocol (SNW) Still the Top Pick for 2023

by Josh Fernandez
February 2, 2023 - 9:23 am
0

A perennial problem that has dogged the crypto world – and one that Snowfall Protocol (SNW) aims to address –...

Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps

by chainwire
February 1, 2023 - 5:44 pm
0

Seattle, Washington, 1st February, 2023, ChainwirePeer today announced the hiring of a specialist team of engineers from Zenly to develop...

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

@2023 - Blockchainreporter.net. All Right Reserved.