Co-founder of Stellar, Jed McCaleb, said at the Crypto Finance Conference held in California last night, that 'he doesn’t believe that Ripple is a competitor to Stellar and that they don’t even pose a threat to the company'. There are of course plenty of similarities between Stellar and Ripple, but luckily as well a few key differences.
According to CryptoDaily, McCaleb, who is as well a co-founder of Ripple back in the days, spoke at one of the world’s most exclusive investor conferences on cryptocurrencies and blockchain investments in Half Moon Bay, California last night, where he shared his visions for Stellar and some of his views on Ripple.
While discussing Ripple and Visa, McCaleb admitted that the technology had some overlap in capability with Stellar, but pointed out that 'the world of payments is super large, so I don’t consider ourselves competitors with either of those. There is space for many different players.'
Stellar is often seen as a leading challenger to become a global leader in blockchain-based borderless payments. A recent statement by eToro said:
“Fees are so incredible low and the total supply of coins is so incredible high, the velocity of the token is virtually insignificant, meaning there is very little economic case for the tokens to rise in value in the near future.”
On paper, both Ripple and Stellar look very similar, but are actually far from identical. One of the big differences is based on their respective philosophy: Ripple is focused on improving the efficiency of international transactions between banks, financial institutions and other corporates, while Stellar has its focus on providing access to low-cost financial services for those in the developing world.
Both Ripple and Stellar have their own strengths and weaknesses, and If you’re considering purchasing one, it doesn’t necessarily have to mean you shouldn’t also consider buying the other.
XRP is currently trading at $0.26, down 6.80% in the last 24 hours, while Stellar trades at $0.18, down 4.26% in the last 24 hours, according to coinmarketcap.com.