In spite of Bitcoin undergoing at a constant price hike, regulators worldwide are issuing guidelines to usher in stringency into the field of ICO whereas others are going a step further to completely restrict all crypto related activities. Although Bitcoin aficionados are not welcoming such moves on the part of the lawmakers, Ripple’s CEO has voiced complete support in favour of the government body. Brad Garlinghouse, the CEO of XRP token and Blockchain firm Ripple recently stated during an interview with CNBC that the latest improvement in the structure of digital currencies are not doing much in ‘solving real problems.’ He pointed out that, “So I think it’s good that you have regulators intervening and stepping in, in countries around the world.”
Ripple is ranked at number Three in terms of market capitalization and is behind Bitcoin and Ethereum respectively. During publishing, the value of a single token was found to be $0.22 along with a market cap of $8.5 Billion. Ripple’s price got a 30% boost earlier this month powered by the massive growth of the start-up’s enterprise network, RippleNet which recently added its 100th member.
Ripple was criticised in the past for being a centralized network. However, in May Ripple announced a three-point strategy to impart enhanced efficiency, security and decentralisation to its blockchain structure known as Ripple Consensus Ledger (RCL). The three steps include the following:
- Bringing diversity in the blockchain’s validator notes.
- Recruitment of attested validators in the network radar.
- Adding up attested validators to the Unique Nodes Lists (UNLs).
Stefan Thomas, the technology chief of Ripple stated that, “A key benchmark that we aim to achieve is to become more decentralized than Bitcoin”
Created way back in 2012, the main motive behind Ripple’s operation was establishing an enterprise-ready public Blockchain which can foster cross-border payments amongst payment providers and banks. Ripple has been expanding its branches in the banking sector with its latest offering being set up in Asia. Ripple opened an office in Mumbai,India September as India serves as the world’s largest remittance receiver. It has also set up an office in Singapore which is one of Asia’s leading financial hotspots. Ripple claimed a record 70,000 transactions in April having 3.7 seconds average time which matched up to the transaction level of Visa which is the world’s largest payments network.
Also Read: Ripple is Posing a Direct Competition to SWIFT in Global Payments System
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