Cardano defends Ripple’s XRP Technology
Charles Hoskinson, a co-founder of Cardano, emphasized XRP’s technological prowess, durability, and robust community in response to a prominent crypto critic.
Prominent economist, gold supporter, and outspoken Bitcoin critic, Peter Schiff, questioned the rationale behind XRP’s inclusion in the reserve.
He wrote, “XRP is a great technology, a global standard, has one of the strongest communities, and has survived for ten years through many harsh cycles.”
Schiff supported the Bitcoin strategic concept. “I understand why there should be a Bitcoin reserve,” Even though I disagree with it, I understand. We have a reserve of gold. Bitcoin is superior to analog gold because it is digital gold. Thus, let’s also establish a Bitcoin reserve. “.
Schiff, however, voiced doubts over Ripple’s inclusion, “But what’s the rationale for an XRP reserve? Why the hell would we need that?
While XRP’s utility-based role is still less well understood by those in traditional finance, many outside the cryptocurrency industry consider Bitcoin as the leading digital asset with store-of-value characteristics more akin to gold.
The president made the right choice. many in the cryptocurrency industry were taken aback by Hopkinson’s response given previous conflicts between the Cardano and XRP communities. However, his comments supported the claim that XRP has proven resilient over time and has played a significant role in the ecosystem of digital assets.
The community’s reaction was equally noteworthy. Hoskinson’s defense of the asset surprised David Schwartz, Ripple’s Chief Technology Officer and one of the main designers of the XRP Ledger.
Am I dreaming?!” Schwartz wrote in a post on X in response to Hoskinson’s tweet, highlighting the surprising nature of Hoskinson’s backing in light of previous disputes between Cardano and XRP figures.
Hoskinson’s defense and Schiff’s criticism highlight the continuing debates in the cryptocurrency and financial industries. The argument over which cryptocurrencies are strategically significant will continue as digital assets acquire institutional and governmental recognition.
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