The Banking Commitee of the California Assembly invited the CEO of CoinCenter Jerry Brito and CEO of Ripple Labs Chris Larsen to discuss bitcoin. Larsen said that there is no need for another currency but there is a need for a custodian to control the development of the public ledger.

In his speech Jerry Brito explained digital currency to the Committee and paid special attention to the decentralization of the bitcoin economy. Digital currency is only starting out now, says Brito.

“Bitcoin looks today much like the Internet did in 1995”

After 10 minutes of the presentation, the CEO of CoinCenter left the floor. The next invited speaker was CEO of RippleLabs Chris Larsen.  Bitcoin is about technology and not about currency, said the top manager

“We actually don’t think that the world needs a new currency. We think that the problem is in moving these currencies around”

In the present form, “public ledger technology” can serve primarily the financial sector, said Larsen

“What we see this technology can do today is to address the needs of banks on international and domestic levels. Transfers can be completed in hours, not in days”

CEO of Ripple Labs underlined the difference between the technology his company uses and bitcoin

“Ripple is using different technology based on the same principle”

Larsen suggests  implementing a measure of control over the development of this new technology. “We have to have custodians of Value on the board of our system” says head of Ripple Labs

Ripple Labs is the creator and developer of the Ripple payment protocol and exchange network. The protocol is different from bitcoin, but uses roughly the same principles.

After gathering more than $10 million in three investment rounds, the California-based company tries to spread their protocol not only among the startups, but among financial insitiutions. There are rumors that several institutions demonstrated a certain interest in Ripple Labs.

In the bitcoin community, people have different opinion about Ripple. Reddit users note that during his presentation Chris Larsen consciously ignored the terms “bitcoin” and “blockchain”, calling it “public ledger protocol”.
“Ripple was never one of the cool kids”
Noted user NotaDoctor. Interestingly enough, other users did not support him and instead sympathized with the idea of a “side blockchain” deployed by Ripple.