The cryptocurrency market has been quite difficult to follow in the past few weeks, with a large amount of news coming out that has made the market more volatile than usual. As one of the top coins in the cryptocurrency industry, Ripple has helped to define what the crypto market has looked like in the past year. A new report has come out that could effectively disvalue a large amount of the propositions that Ripple was founded on.
The report states that “Ripple does not appear to share any interesting characteristics with crypto tokens like bitcoin or ethereum, at least from a technical perspective.” The report also states that “while Ripple was initially conceived as a means to enabling a peer-to-peer trust network where individuals could directly lend funds to each other, its network architecture will most probably remain “unstable and the trust networks are unlikely to be regarded as reliable.”
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The report goes on to state that the trustworthiness of the network is unreliable, and has the possibility of leaking all of the users information due to the fact that the network is generally unsafe. “The image depicts some complexity in the process and the BitMEX Research team is unable to understand the detailed inner workings of the system or how it has any of the convergent properties necessary for consensus systems,” the document reads. The company that conducted the study has stated that the company behind Ripple is “essentially in complete control of moving the ledger forward, so one could say that the system is centralized.” The hopes are high that this report is not nearly as true as it seems to be because this could be a bad sign for the coin that so many have put their trust in in the past.
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