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Nano Founder Blasts XRP, Calls the Altcoin Slow and Centralized

sludgefeed.com 22 December 2018 15:00, UTC
Reading time: ~2 m

Colin LeMahieu, the creator of Nano (NANO), believes Ripple’s XRP is too slow, centralized and risky for financial institutions to adopt.

“Many FX firms I’ve talked with have considered and dismissed them based on the fact that one company holds over 50% of the market cap,” LeMahieu told Crypto Briefing on Friday. “A single company holding this much of a position on a currency isn’t something they would accept from a risk perspective.”

LeMahieu insists that Nano, which utilizes a block lattice architecture, is a faster cryptocurrency than XRP and, as a result, has a higher utility in financial transactions. In a recent test, Nano transactions to Binance were completed in roughly three seconds, as compared to the 10 seconds with XRP.

Nano also recently ran a network test that had its network sustaining around 75 transactions per second (TPS) over a thirty minute period, with a peak as high as 756 TPS.

In contrast, Ripple claims that XRP consistently handles 1,500 transactions per second and reportedly can scale to handle the same throughput as Visa. However, based on the interview, it seems that LaMahieu sees transaction speed as the ultimate trump card.

“There’s little reason to market this as it’s a natural competitive advantage, anyone able to execute faster trades will win every time,” LeMahieu asserts.

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