Ripple has be known to be working with big banks for years now and they have been a somewhat happy couple and somehow getting an office inside Uncle Sam’s house (the White House) to provide blockchain clarity to the government. Ripple is well known for the terms, “Cross Border Payment”, and “Interoperability”.
However there is a sexy and intriguing competition that Ripple knows all too well named, Stellar. The more dynamic, younger sister, Stellar is doing what some didn’t think was possible. She is getting the banks attention in a serious way. In an article from bitcoin.com, Thailand largest and oldest bank flirted with Stellar and then decide to breakup with Ripple. The enticing Stellar Network provides an offering of functionalities that’s hard to refuse.
In a quote from news.bitcoin.com, the article breaks the bad news for Ripple in a bold way:
“In an apparent snub to Ripple, Thailand’s oldest bank, Siam Commercial Bank (SCB) is set to open a new cross border remittances corridor in partnership with Lightnet, a fintech company that uses the Stellar blockchain. SCB says the partnership opens the door for more efficient cross border funds transfer from South Korea to Thailand”
News like this doesn’t sit to well with those in the XRP Army as Ripple has been known to be in long term relationships with banks. I even had one person comment on my video stating that Stellar is a fork of Ripple, meaning, Jed McCaleb used a portion of Ripple’s codebase to design and start up Stellar’s codebase. The exact comment was “Stellar is a fork of Ripple... SMH with limited capabilities compared to Ripple. 58 nodes compared to Ripple at 998.” I wasn’t sure where this person was going with the amount of nodes, so there was no response from me right away. This is where the sibling fighting started with a response from a Stellar backer that screamed back in return, “It’s not a fork of Ripple, it’s what’s going to end Ripple. I bet you 50,000 XLM”. The fighting continued with a few more blows. The fight ended with the person who started it, agreeing that yes Stellar XLM is not to be taken lightly. View the reference YouTube link at the bottom of this page to see the video and the full war of words within comments section. It’s hard to miss.
It’s been a sticky relationship with the Stellar XLM Navy and the Ripple XRP Army. With the co-creator Jed McCaleb at the center of both, there are viable use cases for both. However, banks do see the benefit in the Stellar Network and there may be more and more banks potentially leaving Ripple for Stellar or utilizing both if it fits their use case.
Should Ripple be worried about banks leaving them for their younger sister Stellar?
Comment back and share your opinion.
Appreciate you taking time out of your day to read.