The creator of the Nano cryptocurrency, Colin LeMahieu, told Crypto Briefing in a recent interview 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.
Of course, people can say and make up any stats that they like, however there were tests conducted on this theory and the results were 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.
The tweet for the test is shown below
— Nano (@nano) October 16, 2018
In addition to just the “slower speed”, Colin added: “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.’
Colin points out that Nano’s main selling point is still its speed, which is 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.’
I guess one of the biggest questions that will come to play is whether “speed” itself is a strong enough reason for banks and companies to implement Nano’s technology.