Ripple's XRP has faced a scathing critique from those who claim that it’s too centralized. However, the company’s CTO, David Schwartz, claims that Ripple is currently gunning for more decentralization in order to put an end to these claims.
More decentralized than Bitcoin
During this year’s first episode of The Ripple Drop, they sat down with Schwartz, who’s considered to be one of the original architects of the XRP ledger. Speaking of the biggest changes he witnessed during the last year, he claims that it was an increase in decentralization. He adds that XRP is actually becoming more decentralized than Bitcoin and Ethereum. The two OG currencies have multiple downsides because of their Proof-of-Work (PoW) algorithm (a much higher latency is, of course, is one of them). Bitcoin doomsayers claim that Bitcoin is not scalable enough to remain the number one coin on the market.
RippleNet
Prajit Nanu, CEO of InstaReM, says that many financial institutions are focused on making cross-border payments as fast as domestic payments. RippleNet ensures interoperability between multiple markets, which subsequently allows banks to process payments much faster. For instance, the National Bank of Kuwait (NBK) recently rolled out its NBK Direct Remit service, which allows performing almost instantaneous bank transfers to Jordan.
Ripple’s team manager Jim Chauncey-Kelly reveals that they are currently looking for integration engineers to implement their products globally.
Vladislav Sopov