A comparison between Facebook's digital currency (Libra) and Ripple (XRP), and are they really competing?

in #crypto4 years ago

According to the "Libra" currency guide, it will be a stable currency whose value is based on the various national currencies.

The "Libra" Association consists of a "consortium" that includes a number of well-known technology companies such as "Uber", "Spotify" and others.

They want to create and facilitate access to funds from users all over the world.

Accordingly, cross-border payments will be available in the "Libra" currency, which means competition with existing cryptocurrencies that allow the transfer of funds across borders such as Ripple.

On this topic we will address:

A comparison between Facebook's digital currency (Libra) and Ripple (XRP), and are they really competing?
Ripple is a decentralized network in which the XRP token is formulated.

A large portion of XRP coins is owned by a company called “Ripple Labs”.

Ripple Labs is focused on banks and wants to provide them with solutions to handle cross-border international transactions quickly and at low cost.

Ripple and Libra share the same target group:
The two projects appear to be in competition with each other.

Perhaps, because the "Libra" currency still has a long way to go and faces strong obstacles from governments and authorities.

However, if the Libra coin surpasses these obstacles, you will be in direct confrontation with the Ripple.

Everything that can be achieved with XRP will also be possible with the Libra coin.

But unlike XRP, Libra includes a large number of potential users (more than two billion users) who use Facebook's social media platform.

It is therefore doubtful whether XRP could counter that.

The massive arrival and the impact of the "Libra" association on the total market value, which reached more than one trillion euros, thus weakening the holdings of all the cryptocurrencies combined, and accordingly the Ripple currency appears very small in front of it.

Libra also provides a smart contract that provides users with a high degree of automation.

It is very difficult to compare Libera with the Ripple coin, because Libera is still only theoretical and is not physically present in the market, but XRP coin has been in the market for some time.

Now, both cryptocurrencies are trying to bring small payments into the system through the Blockchain app.

XRP coin may not be supported by any particular currency or company but it has significant support from banks all over the world.

When it comes to Ripple currency, it can almost complete the transaction in a second, which is the same thing also mentioned in the white paper of the Libra coin.

Libra coin in 2020 is so mysterious its fate is because the regulations are so harsh on Facebook.

If Libra doesn't start, XRP is the only one in the mini-payment system.

in the last:
Both projects focus on decentralization.

If Libra manages to overcome the regulatory hurdles of the authorities, which are still very questionable at the moment, XRP is likely to face fierce competition.