Ripple co-founder: Cryptocurrency needs a decentralized network to be successful

[JuniAiko]

https://www.cnbc.com/2018/03/23/ripple-co-founder-says-a-decentralized-network-is-key-.html

• Cryptocurrency and the underlying blockchain technology need a decentralized network in order to be successful in the long term, says Ripple co-founder Jed McCaleb.
• "The real vision is that you have a network, much like the internet, that anyone can participate in," says McCaleb, who also co-founded Stellar.
• Stellar's currency, unlike Ripple's, is an "internet-level protocol" that is not controlled by one centralized network, he says.

The rise of the alt-coin according to the Stellar co-founder   The rise of the alt-coin according to the Stellar co-founder  
10 Hours Ago | 04:03
Cryptocurrency and the underlying blockchain technology need a decentralized network in order to be successful long term, said Ripple co-founder Jed McCaleb.

Use of a centralized financial payment network will result in "a system that is no better than SWIFT or PayPal," McCaleb said.

"The real vision is that you have a network, much like the internet, that anyone can participate in," McCaleb said Friday on CNBC's "Fast Money." "There's not one central entity that can decide that it's going to start charging. This is the way this thing can actually grow and reach ubiquity."

"That's the key thing to make these things successful," he said.

McCaleb co-founded Ripple, whose ripple currency is the third-largest digital coin by market cap, but split off from the Ripple team to form Stellar in 2014 because of different beliefs in how the system should be run.

"It's very hard to run nodes outside of ... Ripple Labs," McCaleb said of ripple coins. "[The Ripple team is] running the majority of the nodes, which should be concerning for people."

The developer, who also created the Mt. Gox bitcoin exchange and then sold it in 2011, said the only other successful decentralized network he's seen is the internet.

"What we're trying to build at Stellar is an internet-level protocol," said McCaleb, Stellar's chief technology officer. "That's important that that be done by a nonprofit entity. If you imagine an internet created by a for-profit company, it would just be a very different world."

Another key to Stellar's success, McCaleb said, is to not limit the investor base to a few participants.

"One of the things we're doing at Stellar is distributing the underlying coin very widely," he said.

Stellar's XLM coins, known as lumens, were among the 10 largest cryptocurrencies by market capitalization earlier this year. But the currency has declined approximately 34 percent so far this year.

The coin's transaction settlement times are 5 seconds or less, a fraction of bitcoin's time, McCaleb said.

Earlier this week, McCaleb told CNBC that cryptocurrency and the underlying blockchain technology will change the way banking takes place in the future by creating a public ledger that everyone can see — but that cannot be changed at random.

Within the next 10 years, McCaleb predicted most assets, even non-crypto assets, will become digitized.

[Eternu]

People are not satisfied with current system and are turning to other methods, so its no wonder why more and more people chose decentralized system over centralized. I guess that people are sick of big companies manipulations, and want something that can't be as easy to manipulate. Big companies see that, and because of that they want to make new system which will bring them benefits and profit of course. Big companies will always look for a way to make profit, even from blockchain. Never trust what leading people says, they will say only part truth. They will always have their personal gain in the first place.

[Spazzer]

Links between centralized and decentralized are potentially to be one of the most game-changing. Ripple (XRP) for example designed to facilitate cross-party exchange. Most people hate the idea of XRP because it's goes against the core values of blockchain, but I strongly believe you need to start somewhere. This makes it a far more efficient transaction method than traditional centralized banking and it’s why Ripple has served as the basis of a large number of experiments with banks and various other financial institutions in the cryptocurrency sector.

As for Jed McCaleb comment; 'cryptocurrency and the underlying blockchain technology need a decentralized network in order to be successful in the long term' I agree to the extend there needs to be a decentralized network, but Ripple is not that.

[cryptohunter]

Agreed but more than that

needs decentralised trustless initial distribution that is even more important

only fair launch long term POW can provide this.

[KingScorpio]

https://www.cnbc.com/2018/03/23/ripple-co-founder-says-a-decentralized-network-is-key-.html

• Cryptocurrency and the underlying blockchain technology need a decentralized network in order to be successful in the long term, says Ripple co-founder Jed McCaleb.
• "The real vision is that you have a network, much like the internet, that anyone can participate in," says McCaleb, who also co-founded Stellar.
• Stellar's currency, unlike Ripple's, is an "internet-level protocol" that is not controlled by one centralized network, he says.

The rise of the alt-coin according to the Stellar co-founder   The rise of the alt-coin according to the Stellar co-founder  
10 Hours Ago | 04:03
Cryptocurrency and the underlying blockchain technology need a decentralized network in order to be successful long term, said Ripple co-founder Jed McCaleb.

Use of a centralized financial payment network will result in "a system that is no better than SWIFT or PayPal," McCaleb said.

"The real vision is that you have a network, much like the internet, that anyone can participate in," McCaleb said Friday on CNBC's "Fast Money." "There's not one central entity that can decide that it's going to start charging. This is the way this thing can actually grow and reach ubiquity."

"That's the key thing to make these things successful," he said.

McCaleb co-founded Ripple, whose ripple currency is the third-largest digital coin by market cap, but split off from the Ripple team to form Stellar in 2014 because of different beliefs in how the system should be run.

"It's very hard to run nodes outside of ... Ripple Labs," McCaleb said of ripple coins. "[The Ripple team is] running the majority of the nodes, which should be concerning for people."

The developer, who also created the Mt. Gox bitcoin exchange and then sold it in 2011, said the only other successful decentralized network he's seen is the internet.

"What we're trying to build at Stellar is an internet-level protocol," said McCaleb, Stellar's chief technology officer. "That's important that that be done by a nonprofit entity. If you imagine an internet created by a for-profit company, it would just be a very different world."

Another key to Stellar's success, McCaleb said, is to not limit the investor base to a few participants.

"One of the things we're doing at Stellar is distributing the underlying coin very widely," he said.

Stellar's XLM coins, known as lumens, were among the 10 largest cryptocurrencies by market capitalization earlier this year. But the currency has declined approximately 34 percent so far this year.

The coin's transaction settlement times are 5 seconds or less, a fraction of bitcoin's time, McCaleb said.

Earlier this week, McCaleb told CNBC that cryptocurrency and the underlying blockchain technology will change the way banking takes place in the future by creating a public ledger that everyone can see — but that cannot be changed at random.

Within the next 10 years, McCaleb predicted most assets, even non-crypto assets, will become digitized.

i am afraid that ripple isnt necessarily helping decentralisation with their "bitlicense" at all they might even limit cryptocurrencies for very few rich people that can pay for their licenses. that they want to make obligatory.

[LFC_Bitcoin]

This very well could be the year of the alts.  I think the alt of the year will be Marinecoin, MTC.  IoT is upon us and machine to machine transactions are critical to its success.  MTC has geared their artificial intelligence driven platform towards the needs of IoT.  They have zero fees at the most and transaction speeds fast enough to cater to IoT applications riding on their platform.  The blockchain is time tested and the entire network runs on the power of a few old pc’s.  No expensive and eco unfriendly massive power requirements.  Check out their ICO at their website.  Beta testers currently are receiving 20,000 MTC for completing AI assigned promotion tasks on a daily basis.  Check it out here to find more info.  marineco.in/ico

Ha fuck off

[awawo]

My question now is is ripple truly decentralized, and if yes then what is the founder doing being noticed and able to temper with it technology and controlled by him. On like bitcoin which founder is unknown and since it like that no one has ever come out to say there have ever being any change in it operations. To me the only decentralized crypto is bitcoin since every other tokens is centralized.

[KingScorpio]

My question now is is ripple truly decentralized, and if yes then what is the founder doing being noticed and able to temper with it technology and controlled by him. On like bitcoin which founder is unknown and since it like that no one has ever come out to say there have ever being any change in it operations. To me the only decentralized crypto is bitcoin since every other tokens is centralized.

ripple is not decentral

its a pyramid system with support by the american us dollar printing press, they printed millions and billions to build and establish that system ans screwed the entire american population with this for the enrichment of the very few owners of ripple. if this system will collapse believe me i will never doubt in gods finally justice anymore

additionally they use their printing us dollar now also to

establish a licensing system to demonise others, bribe lawyers judicary, legislation, "regulators", maybe they will also resort to funding terroism to destroy other successful cryptocurrencies.

someone should write a big article about this issue.

regards

[Xester]

A centralized cryptocurrency is manipulable. Some may even change the total supply of the coins and other changes. That is why a decentralized cryptocurrency is much more plausible but it is still have an advantage and that is during problematic moments and before a solution was made there must be a consensus that everyone must agree with otherwise their will be no action.

[darkangel11]

It looks like a joke to me that a founder of the most centralized cryptocurrency (not counting the petro) is asking for more decentralization.

Cryptocurrency and the underlying blockchain technology need a decentralized network in order to be successful in the long term,

Looks like you've learned that people expect privacy and decentralization. That's why XRP that you've been pushing for years is still being nothing more than a speculative asset that people pump and dump on regular basis.

Stellar's currency, unlike Ripple's, is an "internet-level protocol" that is not controlled by one centralized network,

Time to attack BTC from another angle? We are centralized but working with banks didn't work so now it's we are even more decentralized than you!