The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

XRP Can Replace Cross-Border Behemoth Swift, Says Ripple Founder Chris Larsen

by Daily Hodl Staff
May 14, 2020
in Ripple and XRP
[the_ad id="93550"]

Ripple founder Chris Larsen says the San Francisco startup is positioning XRP to replace Swift, the legacy international payments network used by more than 11,000 banks and financial institutions.

In a new interview on the Block Stars podcast, Larsen says he doubts banks will ever trust Bitcoin’s proof-of-work system for validating transactions. He points to the risk of a 51% attack, in which a miner or mining pool gains more than 50% of the network hash rate in order to rewrite the ledger and double spend prior transactions, as a reason banks may find Bitcoin too risky for settlements.

“The miners can rewrite history. So that’s why I think you probably won’t see proof-of-work models be the guts of the global financial system to take the place of Swift and correspondent banking, for example.

Whereas I think XRP Ledger, I think is already proving to be, can be that replacement to that existing inefficient system.”

According to Crypto51, which tracks the theoretical cost of 51% attacks on blockchain networks, it would currently cost $334,703 an hour to gather enough computing power to take over the Bitcoin ledger.

XRP cannot be mined, and relies on an entirely different protocol to achieve consensus. Instead, Ripple controls a list of recommended validators that are trusted to process transactions. Ripple says it one day plans to remove its control over the list, which has fueled accusations that the XRP Ledger is centralized.

Larsen says Ripple decided to pivot to an enterprise-focused company early on, and Swift remains its primary target.

“I think we started out [as] kind of a consumer-based company. We quickly saw, though, that to really have maximum impact, being an enterprise company that worked with the existing financial players and new challengers to the financial system was going to be much more successful. Because these were organizations that already had hundreds of millions of customers and had this fundamental problem.

In many ways, maybe 80% of what they were doing was just fine, did not have to change. But there was this one key component of cross-border payments which was fundamentally broken because they were dependent on a system built in the 70s – Swift and this asynchronous Swift correspondent banking system, which is just a nightmare.”

[the_ad id="95413"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Blockchain Pioneer Acquires International Fashion House Blk DNM
    June 7, 2023
  • WOW EARN Launches Its Crypto Wallet on iOS and Google Play
    June 7, 2023
  • BinaryX and AiGC Labs Developing First AI-Powered Virtual Reality Game on the Metaverse
    June 7, 2023
  • The Importance of Crypto Payments in 2023
    June 7, 2023
  • Proof of Talk 2023 – Two Days To Restore Trust in Web 3.0 and Design the Future of the Industry
    June 7, 2023
  • OKX Partners With Komainu, Enabling 24/7 Secure Trading of Segregated Assets Under Custody for Institutions
    June 6, 2023
  • Mooky.io – $750,000 Raised Within a Matter of Days
    June 5, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,427.08
$26,427.08
2.13%
Ethereum
$1,840.66
$1,840.66
1.92%
Cardano
$0.322845
$0.322845
7.01%
XRP
$0.521131
$0.521131
1.44%
Dogecoin
$0.067754
$0.067754
2.63%

Spotlight

  • Bitcoin Parabolic Rally Still in Play As BTC Flashes Bullish Signal, According to Crypto Analyst
    May 31, 2023
  • Two Crypto Sectors Will Reward Those Who Pay Attention, Says DeFi Veteran Arthur Cheong
    May 31, 2023
  • Solana Has Potential To Be the ‘Apple’ of Crypto, According to SOL Co-Founder Raj Gokal
    May 31, 2023
  • There’s Nothing More Bullish for Bitcoin and Gold Than This Pivotal Moment: Investment Strategist Luke Gromen
    May 31, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl