Ripple is actively demonstrating its ability to successfully advance in the world of financial technology. Since the beginning of the year, Ripple has been demonstrating the quality of its technology and the ability to achieve even greater results. Ripple projects are significant enough and are used all over the world. Various events contribute to the promotion. So, Bitso exchange shows success in the growth of transfers with the blockchain, and David Schwartz said that he did not look like Satoshi Nakamoto.
Ripple Actively Shows: Bitso’s Success
Bitso’s Ripple-oriented Mexican crypto exchange shows the growth of money transfers using the blockchain. While some skeptics are wondering if digital assets are important at all, Bitso says it handles 2.5% of transactions from the US to Mexico. Bitso is a key player relying on liquidity on demand from Ripple.
Ripple invested in Bitso back in October, noting that the exchange processes MoneyGram flows to Mexico, which accounted for 10% of the transaction volume of the money transfer giant from the United States to Mexico. Emilio Rivero Coelho, senior strategy analyst at Bitso, emphasized that blockchain has a significant impact on the average cost of remittances.
Transactions with Ripple technology are faster and more efficient, and commissions are extremely low. Coelho also noted that over the past months on the stock exchange there has been an increase in the volume of money transfers from the USA to Mexico, and very significant. Thanks to Ripple, the process is greatly facilitated, and it is better than the traditional system.
David Schwartz is not Satoshi Nakamoto
Ripple technical director David Schwartz noted that he was not like Satoshi Nakamoto, the developer of the Bitcoin protocol. This statement was made by the representative of Ripple in an interview with the Director General of Ava Labs and the professor of Cornell University Emin Gyun Sirera. Emin Gyun Sireru stated that the Proof-of-Work (PoW) consensus algorithm for Bitcoin was the only reliable way to build consistent protocols before his firm launched the Avalanche protocol. A Ripple employee said that this is not so, emphasizing that XRP also has a reliable protocol that has been operating since 2012, that is, time-tested.
Emin Gyun Sireru replied that he believes that the Ripple network was ensured only by centralized management and a huge number of nodes, and this design is supposedly not reliable. Then Ripple technical director David Schwartz said that Satoshi Nakamoto was wrong in solving the problem is not entirely true. Thanks to the Ripple XRP protocol, by providing the best node validator, Bitcoin problems were easier to solve. In this regard, as the representative of Ripple emphasized, he does not look like Satoshi Nakamoto, since the problem solved by the Ripple method offers more security for customers.