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The creator of the Nano cryptocurrency, Colin LeMahieu, told Crypto Briefing that XRP is far slower than his company’s currency, Nano. According to him, Nano is nearly seven seconds quicker per transaction than XRP and is the best solution for the settlements market.
LeMahieu said that while those seven seconds might not seem very significant, seven seconds for each of the trillions of transactions conducted by banks amounts to a huge amount of time overall.
Sorry, #Ripple. #XRP is too slow and centralized, according to #Nano founder @colinlemahieu. He says banks will never adopt a currency where one company controls the entire supply. #NanoTheStandard. https://t.co/flSqcpgQ3i
— Crypto Briefing (@crypto_briefing) December 21, 2018
After tests in October, data showed that the Nano transaction was one of the fastest in the cryptocurrency space. A Nano transaction to Binance completed in roughly three seconds, which is seven seconds faster than XRP.
To no one's surprise, LeMahieu believes Nano is the best solution for the settlements market. 'it’s a fast and feeless payments solution', he said.
The most recent exchange deposit speed test by @bitcoinkit1 has been released and $Nano is still number one, but you already knew that right?https://t.co/dd7LMkko84
— Nano (@nano) October 16, 2018
On top of slamming XRP with a claim of 'being too slow', LeMahieu went on to say that XRP is too centralized and that banks are unlikely to accept it as it would give Ripple Labs, XRP’s creator and biggest hodler, a near-monopoly on the entire Forex market.
'It is just too risky for the banks', he said.
'Many FX firms I’ve talked with have considered and dismissed XRP based on the fact that one company holds over 50% of the market cap', LeMahieu said. 'A single company holding this much of a position on a currency isn’t something they would accept from a risk perspective.'
LeMahieu points out that Nano's main selling point is still its speed, three times faster than XRP.
'This makes it an obvious alternative. There’s little reason to market this as it’s a natural competitive advantage, anyone able to execute faster trades will win every time.'
Read more: Use Nano to get beer on tap with this kegerator: 'From bear market to beer market'
Somehow, I think Brad Garlinghouse wouldn't agree with his statement. What do you think? Will Nano win?
Could not be more proud of the @Ripple team! With focus, determination, and an amazing group of partners and customers, we delivered real solutions that are transforming global payments. 2018 has truly been a record year! https://t.co/e7UrP3xDNF
— Brad Garlinghouse (@bgarlinghouse) December 21, 2018