XRP is a cryptocurrency created by Ripple for their development of financial products to tackle the problem of capital requirements for liquidity. However, in an interview, the Chief Market Strategist Cory Johnson said that XRP can survive without Ripple.
Cory Johnson, a former TV show host turned Ripple Executive referred XRP as Bitcoin 2.0 saying that XRP is much like Bitcoin, but it’s faster, it is more scalable than bitcoin and has lower transaction fees. Also, in a recent tweet, Cory took on the issue of increased carbon emissions due to Bitcoin mining’s massive electricity consumption.
Meanwhile, XRP does not require mining which makes it better than bitcoin. If substituted, it’ll drastically bring down the mining operations of bitcoin which lower energy consumption.
Ripple is gaining traction
With its meteoric rise in 2017, Ripple’s XRP briefly surpassed Ethereum to become the second largest cryptocurrency by market capitalization after Bitcoin. Though the price now is lower than what it used to be before, it remains as one of the very few cryptocurrencies that have a real-world value behind it. It’s faster and energy efficient, as it does not require mining.
Ripple has been adding clients for its products for some time now. They’ll be using XRP as the base currency, but along with this, issues with regulatory policies have prevailed. In this fast-changing crypto world, Corey isn’t happy with the authorities that are dealing in a sluggish manner. He wants the authority to be more active and enforce more legitimate and secure crypto environment.
He also cited that money laundering, scams and other illegal activities are prevalent in the crypto industry.
However, Cory mentions that he has put in procedures to ensure adherence to regulatory policies. Protocols like customer verification and safeguards that can prevent laundering and other criminal activities will be included within the network.