Since the emergence of Bitcoin (BTC), it has been associated with one problem which is yet to be resolved – scalability. Bitcoin (BTC) has a serious scalability issue, and it has been a trending topic in the industry over the years. There was also a debate from August 2017 about the protocol and scalability becoming relevant again. The scalability issue of Bitcoin (BTC) is what even gave rise to Bitcoin Cash (BCH) in August last year.
Bitcoin Cash (BCH) emerged from Bitcoin (BTC) in order to solve the scalability issue of the digital currency. At the moment, the closest solution to the scalability issue on the Bitcoin (BTC) blockchain is the Lightning Network. However, it’s not fully ready, it will be fully ready for use in the next years – 2020.
The Lightning Network will create an interesting situation for Bitcoin (BTC) as it would now be able to function over the 90 percent capacity with thousands of unconfirmed transactions.
Cory Johnson Sees XRP (XRP) as Bitcoin 2.0
Recently, Cory Johnson talked about some issues that plague Bitcoin (BTC). Cory Johnson is Ripple’s Chief Market Strategist. He also went on to refer to XRP (XRP) as the next version of Bitcoin (BTC) – Bitcoin 2.0.
Johnson further talked about how some people in the crypto space, such as Paul Krugman, have been a critic of blockchain technology. Adding that they have criticized the lack of development for everything that is related to digital currency.
Johnson said “What they will do is that they will point to blockchain and say the technology does not work for anything. It takes twenty minutes to carry out a transaction on the blockchain of Bitcoin (BTC). They have shifted the entire functionality of blockchain to Bitcoin (BTC). They are saying that blockchain doesn’t work because Bitcoin (BTC) does not work well.
According to a report by AMBCrypto, Cory Johnson compared this scenario to a strange analogy. He said what blockchain skeptics are saying is just like saying horses are lousy for fast transportation without putting other forms of transportation into consideration.
In addition to that, Johnson said that Ripple Inc. saw XRP (XRP) as the next version of Bitcoin (BTC). This is because XRP has a different notion of what consensus really is. Johnson also pointed out that it processes about 2,000 TPS (transactions per second). He also compared XRP to Visa instead of Bitcoin (BTC).
The Strategist said: “The creators of XRP (XRP) read the whitepaper of Bitcoin (BTC) which is written by Satoshi and said the idea is brilliant. They said this might be reasonable at scale, but what would be the issues. There might be issues about needing absolute transparency in every transaction.
Johnson stated that this can be a great solution to financial institutions out there such as firms and banks that want to carry out anonymous transactions. He said they want a degree of privacy, but they want protections offered by an open network, and XRP (XRP) provides that.
XRP (XRP) Price Today – XRP / USD
XRP is currently changing hands at $0.4115 after a decrease of about 5 percent over the past 24 hours. The digital currency currently boasts of a market cap of $16.59 billion with a trading volume of $676.60 million over the past twenty-four hours.