Ripple has received some negative news and attention this month, especially concerning its token. This is on stark contrast to Stellar, which has not had any issues as of late. Although there may a lot of reasons for Stellar’s positive performance, the most credit may be due to Jed McCaleb. Stellar is Caleb’s third project concerning blockchain and it comes after he switched from being Ripple’s technology chief and the mind behind Mt. Gox. Perhaps McCaleb’s past projects have enabled him to learn from his mistakes and to apply successful efforts to Stellar.
Further, McCaleb’s work at Stellar and the positive outcomes it has brought about may be fueled by McCaleb’s unpleasant departure from Ripple due to an unknown dispute. As McCaleb stated, “When I left Ripple, I agreed to (and Ripple’s lawyer sent an email confirming) sale limitations applied to XRP held by me or in the name of my children” but “then Ripple – in direct contradiction of its prior confirmation – claimed sales by other people violated my agreement and caused Bitstamp to freeze $1 MM that belonged to Stellar.”
Ripple’s replacement as its Chief Technology Officer David Schwartz responded by asserting its own version of the story, stating “Jed had a long string of bad ideas that Ripple’s Board of directors refused to implement” so “Jed started stellar based on those ideas.” Schwartz further continued “Jed tried to dumb his XRP quickly and Ripple acted to atop him through a series of lawsuits. Thanks to Ripple’s refusal, Jed’s CRP will probably be worth more than $1 billion. He will probably be the only person to become a self-made billionaire despite his best efforts.”
Schwartz’s statement undermines Ripple’s claim that it is a decentralized ledger, especially in light of its freeze of tokens owned by a departing founder.
Of course, there is no doubt that there are certain advantages that may promote XRP’s adoption. For instance, XRP’s volume is more than double of Lumens token. However, it is also important to note that Stellar is leading in spending. Further, Stellar’s protocol is becoming a faster and cheaper alternative to Ethereum.
The next question is which is the better option – Ripple or Stellar? At this point, XRP may have an advantage concerning its use. The token doubles Lumens token volume, and Stellar leads in spending.
Ruther, Ripple paid out a volume of $55 million recently, which is much less than the $173 million traded on exchanges. Similarly, Stellar processed double of ripple’s volume, totaling $91 million token. Although there is no indication as to why Stellar is trading at such a high volume, some surmise that it could be due to higher trading velocity. Further, the XRP’s token has a higher price tag and Lumen’s token is used more frequently. Further, Stellar does have a small niche that has been accepted by many tech-savvy users and initial coin offerings.
In sum, there is no indication as to who will end up on top. If anything, those who are quickest to move tend to have a greater advantage.
Ripple has received some negative news and attention this month, especially concerning its token. This is on stark contrast to Stellar , which has not […]
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