Ripple vs Stellar: Can a Cryptocurrency Be Centralized and Still Succeed?
27 Mars 2018 - 5:57PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
March 27, 2018 -- ADVFN Crypto NewsWire -- According to the
co-founder of both Ripple and Stellar, Jed McCaleb, a
cryptocurrency must be decentralized to succeed in the long
run.
"The real vision is that you have a network, much like the
internet, that anyone can participate in," McCaleb said last week
on CNBC's 'Fast Money,' "There's not one central entity that can
decide that it's going to start charging. This is the way this
thing can actually grow and reach ubiquity. That's the key thing to
make these things successful ... It's very hard to run nodes
outside of Ripple Labs. The Ripple team is running the majority of
the nodes, which should be concerning for people. What we're trying
to build at Stellar is an internet-level protocol. It’s important
that that be done by a nonprofit entity. If you imagine an internet
created by a for-profit company, it would just be a very different
world."
McCaleb has worked on both sides of the fence. He left Ripple in
2015 to form Stellar. At Ripple he worked on a centralized system
similar to PayPal and SWIFT. At Stellar, McCaleb works on an
internet-level protocol system that is not controlled by one
centralized network.
McCaleb believes passionately that cryptocurrency blockchains
must run on a decentralized network in order to grow into an
effective alternative for everything from everyday purchases,
cross-border remittance, fundraising, and stock market
administration. Another key to a cryptocurrency's success, he says,
is that it mimics the internet -- the investor base must be very
large, it must be accessible without restrictions, and the coins
must be spread very widely throughout economic sectors and classes
of people.
Ripple and Stellar are the only two cryptocurrency blockchain
technologies which are targeting banks and remittance platforms by
offering cheap, fast cross-border transactions. Ripple's XRP is the
third-largest cryptocurrency with a market cap of around $20
billion. Stellar's XLM 'Lumens' is in the top 10 largest
cryptocurrencies with a market cap of around $4 billion.
Besides co-founding Ripple and Stellar, Jeb McCaleb also created
the Mt. Gox bitcoin exchange, selling it in 2011.
By: BGN Editorial Staff
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