Ripple CTO David Schwartz Discusses XRP and Blockchain’s Distributed Ledger Benefits
The crypto market has been in a bear run for a few weeks now. This has forced many people to comment on the issue as well as assure them to HODL. In a recent talk, David Schwartz, the Chief Technology Officer at Ripple discussed the formation of Ripple and XRP.
Mr. Schwartz And Ripple
He spoke about what led him onto the crypto path. He said that his initial focus had been to solve issues facing the internet such as crowd storage and security. In his opinion, there needed to be a way to store data in the cloud and ensure it was secure as well.
He added that Ripple and XRP entered the market with public encryption reaching the masses. With this, people realized that money was the only commodity that could still not be transferred safely and fast.
He also spoke about RipplePay and Hash Cash. This technology laid the foundation for the creation of BTC and Ripple. The post-Satoshi era meant the elimination of trusted third parties makes it more secure and easier to move data around. It is a system where all enforce the rules.
Mr. Schwartz Does Not Want Rushed Adoption
The Ripple CTO also discussed adoption of the blockchain technology. He stated that crypto and blockchain was still some time away from mass adoption. He does not believe that adoption should go ahead of the development of the tech.
He also spoke about how ancient the current tech in finance was. For instance, he said that while a bank might have a cool looking site, if you dig a bit deeper, you find yourself in the 70s. Thus, he does not believe that Ripple can be built on top of this ancient technology. It needs to evolve.
Ripple Technology Contribution
He talked about how Ripple was improving finance tech. For instance, they had recently launched the RippleNet, which was a network for bank and institutions of finance to exchange value. It uses various modern principles. Besides that, all parameters of the payment are seen in advance. Thus, all parties know what to expect.
The CTO admitted that the tech was still a long way from consumer adoption. However, it would be a necessity sometime in the future. He was adamant that he does not want to see the adoption get ahead of the tech. For instance, he mentioned the internet, which took many years to reach the mass adoption levels. The tech is still complex but ordinary users do not need to understand how it works.
The Unique Benefits Of Ripple
The Ripple CTO also claims that Ripple was going to change the game. He said that Ripple and XRP were created under the premise of giving power back to the people. He added that tipple aimed to make it easier to conduct cross-border payments. He said that XRP was key to doing this. A major benefit of XRP is that it can be moved from one place to another with ease. This is unlike fiat, which has to go through various gateways.