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Schiener: IOTA better alternative for payment system than Ripple

  • IOTA founder Dominik Schiener describes that IOTA will be a good alternative to Ripple once chrysalis phase 1 has been completely rolled out.
  • Ripple offers payment solutions that enable cross-border transactions to be carried out in real time.

Many cryptocurrencies such as Bitcoin aim to serve as a new alternative payment solution to the traditional Fiat wire transfer system. Ripple is also already working with well-known payment service companies such as MoneyGram or Santander Bank to enable transactions to be processed quickly and cost-effectively. IOTA founder Dominik Schiener explains that IOTA can be a good alternative to Ripple once Chrysalis Phase 1 has been rolled out.

IOTA good alternative to Ripple

In a public discussion about the current developments around IOTA, Schiener states that IOTA can be a good alternative to Ripple to provide a fast and inexpensive payment system that can process transactions across national borders at low cost:

XRP holders finally understand that with Chrysalis part 1 (coming in 2 – 3 weeks on the mainnet) that IOTA a better alternative to Ripple?

Transactions in the Ripple network are processed in near real-time at very low transaction costs (0.00001 XRP). However, once Chrysalis has been fully rolled out, IOTA’s transaction throughput increases to more than 10,000 TPS and can therefore withstand higher loads. In initial tests of IOTA Pollen version 0.2.2, a throughput of 10,000 transactions per second was achieved.

All transactions in the network can run in parallel, but each new transaction must confirm two previous transactions. The more transactions are processed in the network, the faster the transactions can be confirmed. IOTA uses the distributed ledger technology of the Tangle and not like many other projects the blockchain technology.

Transactions in the IOTA network are processed free of charge, so that IOTA can be equally relevant for companies and users, especially in the field of micro payments with small transfer amounts. Ripple also recently announced that the company’s focus is now on micropayments and thus directly supports small and medium-sized companies.

IOTA 1.5 is the intermediate stage of the mainnet before the actual release of the coordinator. Both the Bee Team and the Hornet Team are working hard to implement Chrysalis Phase 1. The tweet from Schiener further reveals that Chrysalis Part 1 could be rolled out as early as mid-August. A direct public confirmation is still pending.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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