Nano Founder explodes the XRP cryptocurrency saying that Ripple is too centralized and slow for banking use

Ripple has been making waves in the last two years. Since arriving on the scene three years ago, the Ripple company has suffered a lawsuit, huge gains, massive losses and major acquisitions. Even the cryptic winter of 2018 is apparently occupied by the company, with the leaders of the organization coming forward almost every month with the promise of a new potential partnership or agreement using Ripple's ledger technology. .

At its core, the Ripple concept is an excellent idea. Ripple will use his cryptocurrency, XRP make cross-network transactions among global banks faster, cheaper and more efficient. In this way, the value of the CRP would theoretically increase and investors would continue to contribute to the project. Generating a self-sufficient ecosystem is not new to companies in the cryptographic space, but the involvement of the banks certainly is.

As a result of their bold integration of traditional financial institutions in their current framework of decentralization, Ripple has received some reaction from the most ideologically charged components of the cryptocurrency community. Those who believe that investment in cryptocurrency is an investment in a bank-free future have many reasons not to love Ripple since the beginning.

But apparently, the company's ambitious goal of integrating banks with their network may not even be feasible after all. This week Colin LeMahieu, founder and leader of Nano and his massive cryptocurrency, underlined his belief that banks will never adopt the crypto XRP as a currency in their infrastructure. For the most part, he argued that the currency is – almost ironically – too centralized and not fast enough to be interested in banks.

XRP and centralization

Although Ripple is ready to try and separate the currency from the company Ripple, Labs distributing it, it is worth noting that most of the XRP tokens still belong to the Ripple company, 59%, to be precise. And the distribution of these coins will not be a quick process. It is estimated that it would take about fifty-nine years for all coins to be distributed to regular users by the slow-release deposit account.

For this reason, the creator of Nano claims that XRP is simply too ambitious in their plan to integrate their token into banks around the world. Banks are unlikely to believe that a centralized token is mostly a singular private company and would hardly accept the token if it fails to truly increase the production and efficiency of the transaction.

Slow XRP

LeMahieu also criticized the XRP setup based on the fact that it is much slower than his company's currency, Nano. According to tests conducted in October, Nano is almost three seconds faster per transaction than XRP. Although this may not seem significant, three seconds for the trillions of transactions conducted by the banks amount to a very, very significant overall.

So how it is, the words of this founder should be taken with at least a grain of salt. Even if his fundamental criticisms could be valid, he remains a convinced opponent of the company that works to weaken with his observations.