On the same path on how humans when facing an issue attempt to solve it while learning more, the crypto-verse made its introduction to overcome many problems we hurdle on a daily basis with. So, in a way most coins are presented before us with the idea to make the world a better place. The issues that the digital currencies deal with most are coming from the existing financial industry architecture and network.
Obviously more and more ideas made their debut in the ecosystem claiming they will do better than the other or previous ones. Of course, with time better technologies and versions of existing platforms made their appearance. With great importance is the subject of money/currency transferring between individuals within or cross-border range.
In the case of blockchains specialized in providing solutions to banks and payment providers to process cross-border transactions, 2 are the blockchains that currently dominate the sphere: Stellar XLM and the San Francisco based firm Ripple’s XRP.
Stellar Lumens XLM and XRP
The competition between the two started from the birth of Stellar XLM as Jed McCaleb initiated the non-profit Stellar Development Foundation after forming the parent company Ripple in 2013 which followed with him leaving his active position. This all as Mr. McCaleb sought to step-up the transactionary side of the verse.
One very key-mark when the battle between the two rose to new heights was when the leading crypto-exchange Coinbase announced that it is experimenting around with 5 digital assets: Cardano ADA, Basic Attention Token BAT, Stellar Lumens XLM, Zcash ZEC and 0x ZRX.
This hoisted a debate between the two-first row competitor’s communities as for a long time XRP enthusiast do ask the team from Coinbase to add their favorite token on the platform.
However, at the same time Weiss Ratings spoke very well (and that often) about XRP’s speed and how it could act as a perfect base currency for exchanges like Binance. That characteristic is by far one of the most important when it comes to transfers in global-range.
In the other hand, Stellar Lumens steps the cross-border transaction game up by partnering with TransferTo to boost international money transfer. This way, send&receive in over 70 countries will be completed very speedy and efficient.
The first round [Coinbase’s case] went for Stellar Lumens as many conclude by knowing that the exchange denied signs of testing XRP for listing it in the platform.
R. Two– In an interview for the Blockchain Podcast #66 of Finance Magnates Anthony Barker, Chief Technology Officer [CTO] of Paris-based international money transfer firm Tempo, commented on the benefits of using blockchains for the financial industry and the reasons why this company’s team chose Stellar over Ripple.
“Stellar was sort of a natural fit for us … My gut reaction was that [Ripple] is not so good for community building … [It’s] much more like a Visa/Mastercard… I have a strong belief that open systems win in the long run.”
“We worked with Jed McCaleb and his developers, and we added compliance, so it’s integrated into Stellar as a standard 2nd-layer protocol … so we know how to send first name, last name, and date of birth across.
They added that really quickly simply because they’re really focused on this global remittance use case,”
This, by no doubts, is the opinion of one individual/group/firm and so one. However, we know that events like that can impact and inspire many to look more into one choice than the other.
Despite many choosing other options instead of Ripple’s XRP because of the words spread that it is too centralized, less of the nodes are run from the San Francisco based firm Ripple than the other 52%. On top of that Mr. Schwartz – CTO of Ripple, many times labeled even as the could-be Satoshi Nakamoto, commented how their chose protocol cannot be controlled by miners which can happen to Bitcoin or Ethereum becoming more centralized than believed.
By knowing the vast need of improvement in money transferring and how struggling and frustrating it is these days to complete it in a larger distance, there is a big future for both project ahead. Each year the crypto-verse is becoming more intriguing and attractive to enthusiast about.