A Forbes article written by Steven Ehrlich, Maria Gracia Santillana Linares, and Nina Bambysheva targeted 20 Blockchains, including Ripple’s XRP Ledger (XRPL), Cardano (ADA), and Bitcoin Cash (BCH). The article describes these blockchains behind many famous altcoin projects, labeling them “zombie chains”. This harsh criticism sparked outrage from industry leaders and enthusiasts alike. Cardano founder Charles Hoskinson, XRP advocate Bill Morgan, and Anodos Finance co-founder Panos Mekras were among the first to advocate for their projects and the broader Web3 space.
Ripple’s XRPL is under fire
XRPL has found itself at the center of controversy. Forbes downplayed the importance of the network, claiming it had failed to disrupt the global money transfer system currently dominated by SWIFT. However, the article neglected to mention the increasing adoption of Ripple’s On-Demand Liquidity (ODL, now RippleNet) product for cross-border payments. Companies like Bitso, a leading crypto exchange, have successfully processed billions of dollars in remittances leveraging XRP and stablecoins.
Moreover, critics highlighted XRPL’s low transaction fees (only $0.0002 per transaction compared to SWIFT’s fees ranging from $10 to $100). This low fee structure, designed to prevent spam transactions, was incorrectly interpreted by Forbes as a sign of inactivity. Lawyer Bill Morgan, who represents Ripple, emphasized the utility of the network despite ongoing regulatory challenges in the US.
The founder of altcoin Cardano also defended the network
Charles Hoskinson, Cardano’s charismatic co-founder, took a lighter approach on Twitter. He tagged Ripple, Tezos and Bitcoin Cash in a show of solidarity against the accusations. “I guess it’s because we have brains,” He humorously tweeted. This playful remark underlined his confidence in Cardano’s potential in the crypto ecosystem.
“Zombie chain” review
The fundamental problem lies in defining “usefulness” in the ever-evolving blockchain environment. While Bitcoin and Ethereum remain the dominant force, other Blockchains are exploring a variety of applications beyond facilitating transactions. Cardano, for example, focuses on creating a secure and scalable platform for developing decentralized applications (dApps).
The Forbes article also raised concerns about the long-term viability of these “zombie chains,” citing technical limitations and governance issues. However, in the dynamic world of crypto, these challenges are constantly being addressed through ongoing development and innovation. The articles remind investors to conduct thorough research before making investment decisions in the volatile crypto market. But it is equally important to acknowledge the ongoing advances and potential in the Web3 space.
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