Brad Garlinghouse, CEO of Ripple, recently appeared on the Stanford Legal podcast to talk about Ripple, XRP and blockchain.
Garlinghouse began the session by talking about the difference between Ripple and XRP, clearly mentioning that XRP was an open source and decentralized technology. He also mentioned that some of the creators of Ledger worked on Bitcoin [BTC] before XRP. He said:
"They have seen some of the scalability problems that the Bitcoin will probably have, starting from a cost of energy consumption. They wanted to build a better digital resource to solve some of these problems."
He also clarified the his use of the term digital goods, stating that it was a "pragmatic human distinction". He gave his reasons for doing as he thought the average population will not buy "coffee at Starbucks with Bitcoin or XRP at any time". He said:
"I think we have to ask ourselves what the problem is, I think that in some ways the fiat currency, the US dollar in this case, works pretty well, we need to make sure it's better than that, before talking about it as a Currency. "
Asked about the places where these digital assets could be used to transfer value, Garlinghouse talked about Ripple and their offers to solve cross-border payment problems. He said:
"Ripple uses digital resources to solve a problem of cross-border payments.If you are sending money across the oceans through networks it ends up being very slow and very expensive."
He provided the example of fastest way to transfer money physically by delivering money, with alternatives such as cable transfers that are expensive and time-consuming. He also made a recent conversation with a World Bank employee who said that the average cost of remittances to countries other than the G20 was 600 basis points, or about 6%.
On Ripple technologies, explained Ripple Net and its ability to make cross-border payments in "effectively in real time" at economic rates. In addition, Garlinghouse spoke of the current state of cross-border settlements, where he talked about the various "hops" that money passes through a bank transfer. He stated:
"We had one of the largest banks in Australia, the CEO told me that 40% of all their consumer cable transfers translate into a customer service call. for the bank it's not just the fact that they have to absorb the cost of a phone call for customer service, but also to provide news that they can not wait a couple of days probably will be there. " Follow us on Telegram | Twitter | Facebook