Adam James · March 13, 2018 · 7:30 am
Ripple CEO Brad Garlinghouse recently claimed that cryptocurrencies are solving real-world banking and remittance problems — with future generations set to build and improve on the foundation laid by blockchain technology. In doing so, he also stated that Bitcoin “is the Napster of digital assets.”
Though the Ripple CEO says that comparisons between his cryptocurrency and Bitcoin are ultimately compliments, he also took the chance to compare the dominant cryptocurrency to peer-to-peer file-sharing internet service Napster — which was revolutionary for its time but failed to maintain any sort of lasting relevance.
Speaking to Bloomberg Asia ahead of his participation in the Millennium 2020 conference in Singapore, Garlinghouse stated:
Some may look back at Bitcoin and say that it is the Napster of digital assets. What I mean by that is that Napster was the first to digitize music and demonstrate that you can do a lot of cool things with that. But ultimately they were circumventing trademark laws, they were circumventing royalty payments and then government stepped in and Napster wasn’t successful. But Spotify, iTunes, and Pandora were successful.
I think what you will find is that maybe the next generation of digital assets will end up solving some of the problems that Bitcoin set out to solve.
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