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Although Ripple Labs has managed to consolidate its blockchain as preferred by cross-border banking and money transfer services, not everyone in the ecosystem believes it is the best option to achieve what it offers. Colin LeMahieu, the creator of Nano, fits perfectly into this group, since he said that his blockchain can achieve the same goals of Ripple in a safer, faster and cheaper way.
Nano is 3 times faster than Ripple
In a test conducted in October, Nano proved that he could confirm a transaction in less than 3 seconds. This speed is equal to 1/3 of the time it takes for an operation to take place in the Ripple blockchain and is half of what is needed to be confirmed in the Stellar blockchain.
The latest deposit rate test was released in exchange for @ bitcoinkit1 e $ Nano is still the number one, but did you already know it? https: //t.co/dd7LMkko84
– Nano (@nano) October 16, 2018
Many may think that a difference of 7 seconds is minimal, but for those who have a broader vision of the future, in order to earn a place as a serious alternative to the use of legal currency, the overwhelming number of users and transactions managed around the world makes this the statistic is one of the most important when it comes to thinking about the potential of a cryptocurrency for mass adoption.
Nano is decentralized … And this is better for institutions
Since its creation under the name of Raiblocks (XRB), tokens have been issued entirely without any entity controlling the funds. On the contrary, since its inception, Ripple Labs has controlled most of the tokens.
Currently, Ripple holds almost 60% of the total market capitalization of XRP. This could be potentially dangerous for a bank because excessive control of tokens by third parties could compromise their security and freedom to operate.
LeMahieu explained to Crypto Briefing that centralization is a critical issue for institutions:
"Many FX companies I spoke to have taken into account and rejected them based on the fact that a company holds over 50% of market capitalization." A single company that holds this position on a currency is not something that it would accept a risk perspective.
It is unlikely that this will be accepted by FX firms since it would be a central point of failure and puts a company in monopolistic control of the entire market. Regardless of how they think their government will be, it will be unlikely to be accepted.
Our biggest differentiator for XRP is that we are a real and decentralized currency rather than a company … This translates into a financial sector that will never really accept a private entity that controls the ~ 50 % of currency offer for various purposes.
Against this argument, Ripple elaborated his position on the matter. Speaking with The Street, Cory Johnson, the chief market strategist at Ripple explained that XRP is an asset that does not depend on Ripple and that having nearly 60% of tokens does not give Ripple rights over other XRP holders.
"XRP is a digital asset that works alone and is owned by many people in many places. We happen to own a lot of XRP – we own lots of money, chairs and computers".
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