In a recent interview on Anthony Pompliano’s Off The Chain podcast, Brad Garlinghouse, the CEO of Ripple, provided unprepared answers to questions sourced from crypto Twitter regarding the operations of Ripple and XRP, Ripple’s XRP sales, and the cryptocurrency ecosystem broadly.
Garlinghouse recounts discovering Bitcoin and cryptocurrency while attending the Dialog conference – a two-day “thought retreat“ organized by Peter Thiel and Auren Hoffman, in 2012.
Despite subsequently investing in BTC, an “unconvinced” Garlinghouse stated:
“[L]ong term opportunity of Bitcoin in a world where it is fighting against governments, and fighting against banks, and fighting against the institution, the man.”
Galinghouse adds that he wondered if through “taking a slightly different approach,” could one “reach broader adoption” and “impact more people more quickly” using distributed ledger technology.
Seeking to articulate the operations of Ripple, Garlinghouse stated:
“I explain to people that when my Mom asks me what I do, I say, ‘Mom, we sell software to banks.”
Garlinghouse also asserts that XRP’s developers comprised “early bitcoin engineers” who sought to address the scaling challenges faced by proof-of-work models and “build a better Bitcoin.”
Despite being “long on bitcoin,” Garlinghouse asserts “bitcoin is not going to solve a payments problem,” as a result of the “nature of proof-of-work from a scalability perspective [being] significantly limiting.”
By contrast, Garlinghouse estimates:
“XRP ledger is roughly 1,000 times faster per transaction and 1,000 times cheaper per transactions…
the only example of crypto and blockchain being used at scale, period.”
This article was edited by Samburaj Das for CCN.com. If you see a breach of our Code of Ethics or Rights and Duties of the Editor, or find a factual, spelling, or grammar error, please contact us and we will look at it as soon as possible.