Australian computer scientist Craig Wright, who is best known as the self-proclaimed candidate for Satoshi Nakamoto, recently questioned the legacy of San Francisco-based enterprise blockchain company Ripple.
According to Wright, Ripple's cross-border payments system is significantly slower than SWIFT, a popular global network that banks use to communicate with each other.
âBut what have you offered them in return? Youâve created a system thatâs slower than Swift, less secure, and has no real utility,â Wright said.
Wright believes Ripple has failed to make a significant contribution to the future of commerce and technology. âWhere is your legacy,â Wright asked.
This comes after Wright criticized XRP, the controversial token associated with Ripple, as âa speculative construct.â The self-proclaimed Satoshi has claimed that the worldâs seventh-largest cryptocurrency has no real substance. âFrom this perspective, XRP is not a genuine innovation, but a speculative vehicle that appeals to those who are attracted by the prospect of short-term, unearned profits rather than intrinsic value,â he said.
Ripple Could Make 'A Lot of Money' With Meme Coin
Ripple continues to face criticism from some naysayers due to the fact that XRP sales are the companyâs primary source of revenue.
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David Schwartz, chief technology officer at Ripple, said there is no way to know what the company would have achieved if it had chosen a different strategy. âThere were certainly instances where I think, looking back, the revenue from XRP led us to make suboptimal choices. No one knows what an alternative history would have been,â he said.
Notably, Ripple's CTO also said that Ripple may stay away from initial coin offerings (ICOs) and meme coins because it doesn't really need the money. However, Schwartz believes that getting involved in those spaces could be very profitable for the company.#WeAreAllSatoshiNakamot