Ripple CEO praises Ethereum’s “forward-thinking” creators and criticises Bitcoin’s energy use.

Spread the love

Ripple CEO Brad Garlinghouse’s involvement in the SEC’s case against the San Francisco-based blockchain company and himself has placed him in the spotlight in recent months. The same question was explored in a recent interview, with Garlinghouse also speculating about what the future holds for cryptocurrencies such as Bitcoin and Ethereum.

The timing of the aforementioned litigation, according to Garlinghouse, does not make sense, particularly given that XRP, the crypto-asset at the core of the dispute, has been trading on the market for 8 years. In reality, the Ripple executive also remarked on the irony of former SEC Chair Jay Clayton agreeing to go after the blockchain firm the day before the end of his term, adding that this was a controversial decision.

“The United States is the only nation on the planet that considers XRP as a security,” he continued, emphasising the importance of crypto-regulatory transparency in the country.

With a new government on the horizon, Garlinghouse hopes that some of the old XRP debates will be resurrected.

“I’m hopeful that as a new administration comes into the SEC, there is an opportunity to revisit some of those conversations.”

Bitcoin, the world’s largest cryptocurrency, has often found itself under attack from those who claim that it is very resource-intensive. Philanthropist Bill Gates is one of them, with the computer pioneer recently commenting,

“I’m not a fan of Bitcoin specifically because of all the energy it uses.”

Ripple’s CEO was quick to acknowledge the environmental side-effects of Bitcoin mining. He said,

“As Bitcoin’s price goes up, the energy consumption, the carbon footprint of PoW mining that happens to validate transactions, continues to scale aggressively. 1 Bitcoin transaction is equivalent to 75G of gasoline being burnt.”

In fact, Ripple CTO David Schwartz too expressed his concerns regarding the PoW mechanism of Bitcoin in another interview, with the exec stating,

“The design of the Proof-of-Work (PoW) consensus mechanism at the heart of the Bitcoin blockchain is such that true decentralization and disintermediation was never a possibility.”

Having said that, it’s worth remembering that Garlinghouse has posted on Ethereum. He thanked Ethereum developers for their “forward-thinking” approach to the transition to a more power-efficient technology.

RECOMMENDED READ:  Here are some of the reasons why Bitcoin may undergo a "less serious" bear market and "different" periods.

Finally, he drew a comparison between the Ripple mechanism and the Bitcoin mechanism.

“We at Ripple use the XRPL because it’s extremely fast and about 100,000 times more energy-efficient than Bitcoin. It works really well for payments. This is one of the reasons for the success of gaining customers even during the face of SEC lawsuit, because it works, solves a real problem and cost efficiencies are very real.”


 224 Interactions,  4 today

How long can YFI’s current price run last?

The cryptocurrency industry has seen a lot of progress in the last week, with Bitcoin and Ethereum reaching new all-time Read more

Bank of Korea’s Governor is the first to criticize the “limitations” of crypto-assets.

In South Korea, there has recently been a large increase in crypto-investments. Unlike in the United States, regulatory authorities in Read more

Top Coinbase’s crypto-risk considerations, revealed

Coinbase has been the main news in the cryptocurrency industry over the last few days, with its public debut via Read more

Why this pattern could be important in keeping Bitcoin price over $60,000.

Bitcoin's price has risen by almost 9% in the last fortnight, with the cryptocurrency currently priced at $61k at press Read more

Why you need to keep an eye on these altcoins: ATOM, BNB, and THOR

Although eight of the top ten altcoins by market capitalisation are on the rise, there are many altcoins with smaller Read more

Token Registry for on-chain identifiers iintroduced by Cardano.

For quite some time, the Cardano Foundation has been working towards a more open network. To support this vision, it Read more

The Nigerian Securities and Exchange Commission (SEC) claims that the central bank’s crypto ban has caused business disruption.

The Nigerian Securities and Exchange Commission says it is collaborating with the central bank to develop a regulatory system for Read more

Bitcoin is down as Turkey’s central bank cracked down on cryptocurrency transfers.

Bitcoin has had a decent few months, with the world's biggest blockchain reaching its all-time high on the charts fewer Read more

Lover of “dogs and memes”, Elon Musk accused of pouring “jet fuel” on GameStop and Bitcoin at a critical moment

How much jet fuel is needed to send GameStop, Bitcoin, and Dogecoin to the moon? Depending on where you stand Read more

The Massachusetts Securities and Exchange Commission is attempting to suspend Robinhood’s broker-dealer licence.

According to state authorities, Robinhood has threatened novice buyers. The Securities and Exchange Commission of Massachusetts is attempting to suspend Read more

Leave a Reply

Contact Us