Discussing with ConsenSys head Joseph Lubin and head of Hyperledger blockchain consortium Brian Belendorf, Garlinghouse said the following:
“This is a marathon, not a short race. Therefore, judging the success of any platform by daily and hourly rates is a fool’s errand. I think all the main platforms are working on interesting user cases. I think we are still in the early stages of development of this market, so I do not consider Ethereum as a competitor. ”
At the same time, he noted that according to the popular service CoinMarketCap, ETH and XRP often compete for the second line of the rating. Garlinghouse added the following to this account:
“I don’t think that Ethereum somehow competes with what is happening in the XRP ecosystem. Are there any coincidences? Surely yes, but, I think, you will see all this after some time. ”
Also, according to him, Ripple is gaining more and more support, but its ecosystem needs more transparency. Touching on the topic of decentralization, Garlinghouse noted that the word itself implies many “nuances”.
He added that earlier bitcoin and broadcast were considered decentralized until the hashrate was concentrated among the major market players. According to him, the digital currency XRP, in fact, is much more decentralized than the coins, whose networks are supported by miners.
“If you accept Bitcoin in its current form, you are faced with limitations in the form of scalability problems and shortcomings of the Proof-of-Work algorithm. There are a lot of people trying to improve it all. Perhaps attempts will succeed, and maybe not. I’m not ready to say that Bitcoin tends to zero. I still have some bitcoins as they can serve as a means of saving value, ” added the head of Ripple.