David Schwartz, Chief Technical Officer and Asheesh Birla, Senior VP of Product at Ripple, held an ‘Ask me Anything’ (AMA) session on July the 14th. The questions provided came from Twitter were users could ask questions about everything what they wanted.
It is important to mention that Mr. Schwartz replaced Stefan Tomas in his position as CTO at Ripple. And Birla decided to start asking about the things he does and the responsibilities in his new role.
One of the first things mentioned by Schwartz was about what he is worried about working at the company:
“I actually worried about that [being bored working at the company] myself a little bit but it’s been the reverse. I’ve been able to scale what I’ve been able to do by working with really talented people and giving them guidance on how I think should things should be done.”
At the same time, he was asked about his priorities as CTO and what to improve at the company. Schwartz said that it is necessary to get volume on RippleNet and increase the number of participants using the network.
RippleNet is one of the many different products used by the company. It is a global network of banks and payment providers that use Ripple products related to cross-border payments and transactions.
He said that it is very important for the company to get more volume on RippleNet and get transaction flow where the company wants it to be.
“I think having that transaction flow as candidates to be bridged with it with XRP is tremendously important to the company. xRapid actually doing the bridging of payments with XRP, getting those things scaled, getting more partnerships, getting those live transaction volumes that are significant is incredibly important.”
David Schwartz has been working in different companies in the crypto space for over 8 years. Before the world wide web was invented, Mr. Schwartz worked on distributed computing networks and similar systems.
He said that there are many transformational things in the crypto space, including micropayments and distributed apps. He relate those to machine-to-machine payments and ecosystem of distributed apps that sell services to each other.
During the conversation both of them mention the ‘decentralization’ concept and how it applies to virtual currencies and blockchain technology.
“Things that are based on trust don’t really scale,” stated Schwartz. “You can’t build a thousand relationships based on trust very easily. If you have a system that doesn’t require trust, you can interoperate with everybody just by like firing up your own instance. That’s a tremendous difference in the amount of effort and time and money that it takes.”
After it, Birla started to talk about xRapid’s product, which is one of the most important services offered by the company. The xRapid solution sources on-demand liquidity using the XRP token, which works as a bridge currency for cross-border transactions. According to Mr. Birla, the results have been really positive.
He has also talked about the work done with existing payments service providers, including Western Union.
“I think the thing with Western union is that they’re such a massive company that’s been around for longer than most payment companies out there,” Birla explained. “For Western union to take advantage of xRapid they would have to move all their volume over to something like xRapid because they already have fixed costs and optimized liquidity flows. Right now we’ve re-oriented our target customer on upstarts payment providers that’s our sweet spot.”
It is also important to mention that there are several traditional financial companies and banks that are losing their market with new financial startups working with blockchain and virtual currencies.
David Schwartz commented on this topic:
“We’re trying to position XRP as a sort of intermediary asset that can provide liquidity to position XRP as a sort of intermediary asset that can provide liquidity between other assets. I think if those efforts are successful that’s gonna be a reason to use that asset if it’s more liquide and if it’s cheaper to transfer.”
He has also given his opinion about zero-knowledge proofs, which may be very positive for the environment. Moreover, he explained that distributed apps are one of those things that could be the next big thing.