In a recent tweet, Matt Hamilton, former director of developer relations at Ripple, drew attention to the fact that the Ethereum blockchain has not been able to solve the problem of high fees on the network for a long time.
Hamilton commented on the video of the team speaking at the ETHGlobal Waterloo hackathon, in which they talked about finding a solution to the persistent problem of transaction fees on the Ethereum blockchain.
“That’s what makes me a little upset. It’s 2023 and I’m watching a hackathon demo of a team that “solved” the problem of making crypto payments with low transaction fees.” writes he’s on twitter.
He noted that XRPL solved this particular problem back in 2011, long before the creation of Ethereum. However, the development team is currently trying to fix the same problem again.
Hamilton clarified that his comments are not disrespectful of the team’s efforts. He expressed satisfaction with their commitment to developing new solutions.
Why there are more projects in Ethereum than in XRP Ledger
Notably, XRPL boasts some of the lowest transaction fees in the industry. The network charges on average $0.0002 per transaction. These fees are aimed at reducing the risks of spam transactions.
However, despite the low transaction costs and high transaction speeds that XRPL boasts compared to Ethereum, the latter has a larger developer and builder base.
Hamilton said he often hears questions about the limited number of projects developed on XRPL. He suggested that this shortfall might be due to the lack of problems to be addressed in the XRPL, which is evidence of its effectiveness.
Though of course it’s something else. Ethereum remains the #1 platform for smart contracts, while XRPL is currently unable to provide such functionality. If the developers make the blockchain competitive in this direction, then XRPL will have a real chance to overtake the Ethereum blockchain. There is real progress in this direction, and soon they can change the rules of the game.
One member of the XRP community suggested that legal issues and the market price of XRP may be contributing to the lack of developers using XRPL.
Agreeing with this view, Hamilton acknowledged the impact of legal issues and the market value of XRP on the motivation of developers to interact with XRPL (although this is a secondary fact).