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 What is a cryptocurrency? Even Satoshi Nakamoto himself may not be able to tell clearly. But it has enough standards to measure against. Decentralization is the soul of cryptocurrency. Although it is unclear when the term cryptocurrency was coined, most people in the cryptocurrency community agree that Bitcoin is the world's first cryptocurrency. What followed was the mushrooming of a large number of so-called “cryptocurrencies”. Despite this, there are now many specious pseudo-encryption technologies that are openly deceptive. A large number of wallet companies, speculators and currency speculators have all stood up and said: The coins we issue are definitely genuine cryptocurrencies! So, can Ripple (XRP), the digital currency currently ranked third in market capitalization, be called a real “cryptocurrency”? What are the controversies surrounding it? The future of Ripple is not that good  Cutting leeks without conscience is indeed a quick and accurate investment trap, but it also adds pressure to companies that are determined to develop pure cryptocurrencies. For those cryptocurrencies with international reach, this means you have to face more scrutiny. Ripple (XRP) is currently the world’s third-largest cryptocurrency and primarily powers San Francisco-based startup Ripple’s corporate and banking products. Earlier this year, XRP had a wild ride, rising from $0.30 to nearly $4. Although the price fell soon after, currency users around the world are now more enthusiastic about Ripple than ever before, and Ripple itself is working overtime to expand community building and network layout around the world. Like all cryptocurrencies, it’s destined to have mixed reviews. Ripple and Bitcoin are not exactly the same. In fact, you can think of these two currencies in terms of a “fruit-vegetable” relationship. This is the consensus of many across the industry. “I don’t agree with everyone calling Ripple (XRP) a cryptocurrency. In fact, it is not a currency. ”Ripple CEO Brad Garlinghouse said at the Yahoo Finance conference in February. Instead, Ripple appears to prefer the term “digital asset.” This is not necessarily a concept that Ripple is stealing to gain financing and eyeballs. In fact, terms like “cryptocurrency” and “digital currency” are used indiscriminately throughout the industry. So, while Ripple (XRP) may not meet the definition of a cryptocurrency, a cryptographic perspective and the controversy surrounding XRP can help Chinese currency buyers understand its key features. Ripple = Centralization?  In the minds of crypto enthusiasts, “decentralization” is like the virginity complex of straight men. Believers in cryptocurrency and blockchain technology may have seen right through Ripple’s trick. One of the main criticisms of Ripple (XRP) is that it is not truly “decentralized.” Decentralization is a top priority for crypto geeks. In other words, this is the essential attribute that distinguishes cryptocurrencies from older online currency systems where a central authority can block or control transactions. “Proponents of "cryptocurrencies based on decentralized technology" often point to the Internet as an example of a decentralized system: information flows freely and openly (with few restrictions), and no institution can manipulate it. However, the belief in the Internet is like a piece of paper, and it is unknown how many Internet oligarchs have been born. Many realists naturally regard "centralization" as a compromise, believing that although it is often inefficient, it is consistent with complex real-life environments. Ripple developers also admit that Ripple (XRP) is not as “decentralized” as blockchain evangelists hope. Ripple = Bitcoin?  In fact, the biggest controversy surrounding Ripple is not whether Ripple is "decentralized", but whether it has greater advantages than Bitcoin. 1. Arguments against XRP: Ripple (XRP) adds nothing new in terms of cryptography. One thing that Ripple followers often tout is that Ripple is better at validating transactions and compiling so-called single node lists (UNLs) than Bitcoin, Ethereum and other cryptocurrencies, so anyone can do so. This greatly lowers the threshold for developers. In fact, a major cryptocurrency exchange stated in a research report on Ripple released last month that Ripple (XRP) is “uncharacteristic.” Although Ripple has introduced a series of physical users to verify transactions on the network, including Microsoft and MIT, which now run XRP nodes, critics believe that the algorithm is similar, but Ripple pulls people from other nodes to Ripple's nodes. 2. Arguments in favor of XRP: XRP is faster, more scalable, and consumes less energy. Ripple developers believe the opposite, and XRP is superior to traditional cryptocurrencies for several reasons: faster and more scalable. Additionally, it has lower energy consumption compared to Bitcoin’s POW (proof-of-work mechanism). Cory Johnson, chief marketing officer of Ripple, even believes that Ripple (XRP) "is an insider coin" and will stand out among cryptocurrencies in the future. Ripple developers have countered time and again by saying they plan to further decentralize Ripple (XRP) over time, a stated goal in the company’s white paper. Ripple Chief Technology Officer Stefan Thomas even believes that Ripple (XRP) will be “more decentralized” than Bitcoin in the future as they add more validators and perfect the technology. He and other Ripple developers further explained that with the current development of Ripple, they have fully fulfilled their past promises. When Ripple (XRP) was not open source some time ago, naysayers believed it would never be open source. But when Ripple open-sources its "full node," it means it can get more scrutiny from outside developers. And users have been able to operate the system as early as 2013. It has recently performed well in achieving its decentralization goals, including adding 55 validators to the network last year. Ripple’s developers believe that the public has reason to believe that it will achieve its ambitious vision. XRP = Ripple ?  Ripple’s relationship with XRP has also been ambiguous. A recent Bloomberg report stated that because Ripple (XRP) is not clearly defined, it may end up being deemed a “security” by the U.S. Securities and Exchange Commission (SEC). This claim seems to stem from Ripple putting XRP on the exchange list. The report reads: “Although the currency (referring to XRP) does not represent an ownership stake in Ripple, there is concern that this close association may lead regulators to consider XRP’s security to be questionable. ” The issue sparked heated discussions on social media. 1. Argument for Ripple: XRP can only be considered secure if an ICO is required. In fact, after the birth of the XRP ledger system (called Ripple Consensus Ledger at the time), Ripple coins were distributed to users who were in the Bitcoin forum at the time, which was not completely different from the nature of the so-called "airdrop" today. The sarcasm of the critics is not just a complaint, it hints at another phenomenon. When Ripple executives start talking about Ripple (XRP) on social media, XRP tends to rise. When issuing tokens became a trend, Ripple executives were clearly in good hands. For example, in a recent Fox News interview, CEO Brad Garlinghouse once again claimed that XRP is a pioneer in “new asset means” to solve “global payment problems.” At the same time, if Ripple is indeed considering Ripple (XRP) as a vital part of its product lineup, the public-facing company apparently has not given much information to disclose. At least as a U.S. company, it should disclose information strictly in accordance with securities laws in response to the regulatory recommendations of the U.S. Securities and Exchange Commission. Unfortunately, it didn't. 2. Ripple’s point of view: Security issues are not a top priority now. First of all, Ripple's other businesses will not directly affect the value of Ripple (XRP) itself, but Ripple will undoubtedly benefit from the large transaction demand of large banking institutions that cooperate with Ripple. It is precisely because of Ripple's strong business network and rich partners. Supporters believe that XRP will always have a market prospect that is in short supply: it enables platforms to launch financial products faster and cheaper. In addition, it is not that the entire Ripple company maintains a unified view on Ripple (XRP). Many Ripple developers and researchers insist that Ripple (XRP) is the most consistent with the spirit of the Internet, although Ripple executives are often evasive or even avoid talking about this issue in external publicity. Is it necessary for banks to use XRP?  Ripple has always touted itself as a partner to banks and other large financial service providers, but according to reliable statistics, these financial partners have no real incentive to use Ripple (XRP). But at least this year a large number of companies have started using Ripple’s three other products: xCurrent, xRapid, and xVia. Even some financial institutions and payment providers have begun trialling xRapid, Ripple’s only product that relies on XRP transaction payments. Therefore, it is not ruled out that Ripple exaggerates the user scale of Ripple in external publicity. 1. Arguments against Ripple: Ripple (XRP) will never become a priority purchasing option for large companies. Even some of Ripple's own old customers have said they believe Ripple (XRP) is too volatile and that currency risks need to be considered. Apparently, Ripple (XRP) is the result of Ripple’s original attempt to mix RipplePay and xRapid together. RipplePay was conceived slightly before cryptocurrency. It allowed the community to have more control over the currency and send money through a network that users trusted, which was innovative at the time. But later, it became clear that Bitcoin was superior as a new digital currency without central control. This idea also died. Ripple later mixed the two ideas together, giving birth to Ripple (XRP). But in fact, if Ripple currency changes the soup without changing the medicine, it will not have much effect. Instead, it creates an overly complex system that doesn’t deliver what it’s supposed to do: cheaper, faster payments. Therefore, the only "rational reason" for investors to be optimistic about Ripple (XRP) should be: Ripple can make money in the cryptocurrency boom. You know, foundations led by and associated with the company Ripple own at least 60 billion of the 100 billion Ripple coins (XRP). 2. Ripple’s argument: Our product operations have built a strong global cooperation network. Ripple supporters often describe Ripple’s robust product operations as a Trojan horse. Once Ripple's products are successfully rolled out to banks around the world, they will use Ripple (XRP) in a complete financial system. Such an achievement seems to be about to be achieved, and Ripple has begun to encourage companies using xCurrent to migrate to xRapid to increase Ripple (XRP) liquidity. David Schwartz, Ripple’s chief cryptographer, said in a chat thread that as startups expand the scale of the cooperation “matrix” they operate, the utility of Ripple will greatly increase.
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