Ripple and XRP are not innovative, PoW is still kingpin, claims Tone Vays
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Published
1 week ago
on
February 12, 2019
By
Chayanika Deka
There is no denying that the exorbitant computation power required for the execution of mining operations in POW powered digital coins has contributed to the world’s carbon footprint.
Tone Vays, the host of Crypto Scam & Unconfiscatable, slammed Ripple, branding PoW as innovative, tweeted:
“#Ripple is NOT newer, the useless company has been around since like 2002
It’s NOT better, there is absolutely nothing they do that ACH, Swift, PayPal, Venmo, Square & even R3 Can’t (AND w/out the Scammy $XRP token)
@Ripple is NOT Innovative, PoW (aka #Bitcoin) is innovative!”
Ripple has its own patented technology: the Ripple protocol consensus algorithm (RPCA). The US-based currency exchange and remittance network are undoubtedly environmentally sustainable as compared to the ETH and BTC network.
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Tony Vays slammed Ripple’s XRP in his tweet:
“A true #Shitcoin(ers) will tell you that u need #Ripple in between that $GBP vs $EUR conversion to
A: Pay another spread to convert to $XRP, move $XRP, pay another spread to convert to Fiat.
AND/OR
B: Pay an $XRP fee to record in a database they claim is decentralized but isn’t.”
In fact, the processing time for GBP to IDR is around 3-4 days with a transaction fee of nearly $40. Interestingly, a cross border transaction via xRapid or xCurrent would be executed in a few minutes at a very low price. The traditional platforms charge over 60% more than the fee charged by the Ripple products for cross-border payment.
The Ripple enthusiasts lambasted Vays telling him to do his research and not distort facts. Its digital asset – XRP, also has other plus points under its hood. A low transaction fee, real-time execution of transactions, and less energy consumption than even the traditional Visa transactions are some of the positive elements of the cryptocurrency.
Ethereum, which is currently based on the POW protocol, will soon upgrade to the PoS model post its Casper implementation. Switching to the PoS from the traditional PoW can be attributed to environmental, efficiency and scalability factors.
Talking about the wastefulness of the Bitcoin network, a Twitter user named Hodor posted:
“I’ve lost track of how many Bitcoin supporters want to ignore its unnecessary reliance on environmentally-destructive proof-of-work mining. It’s up to us to make sure the world knows it has a choice – a very important one!”
Cory Johnson, the former chief market strategist at Ripple, tweeted an image in November last year which showed that XRP consumes 0.01 TWh while Ethereum and Bitcoin consume 19.62 TWh and 68.81 TWh, respectively.
The silver lining, however, to this data is that the carbon footprint contributed by the blockchain tech has reduced considerably. In the last three months, BTC and ETH have been able to cut the consumption level. According to the latest report by a Twitter user- Digconomist, the gold crypto coin utilizes around 49.06 TWh and the silver coin around $7.91.
Qasam Wahid, a Twitter user, criticized Vays and replied:
“In which ways are altcoins less efficient? Just because you hope/believe so it doesn’t make it true. Btc is slow, losing value quickly, and not energy efficient at all. I mean you have to be willfully blind to not see the facts staring you in the face.”
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