Ripple's Chief Technology Officer, David Schwartz, reveals the true goals of the cryptocurrency XRP and its place in a new payment ecosystem. This article discusses the key points from his insights.
Goals of XRP and Its Significance
According to Schwartz, the aim of XRP is to create a payment network similar to SWIFT, but with decentralized mechanisms for more efficient and faster transactions. He stated, "We want to create a payment network like SWIFT. But one where the settlement, the actual movement of money, would be a decentralized, open network... The endgame is just money moving invisibly, as easily as information."
Personal Experience and Schwartz's Motivation
Schwartz explained that his entry into the cryptocurrency world was driven by personal issues with financial institutions. He shared his experience when he was denied banking services, which deprived him of access to legal recourse. "If no bank will do business with me, I don’t get a hearing in a court of law... That got me into the Bitcoin community," he noted.
New Technologies and Benefits of XRP Ledger
Schwartz also emphasized that the XRP Ledger was built from scratch, allowing it to achieve high speed and efficiency. "Updating a legacy system tends to lead to tremendous costs," he said. He added that stablecoins operating on the XRP Ledger will be used on a decentralized platform, providing high liquidity.
David Schwartz presented a clear and justified purpose for XRP as a driving force of a new decentralized payment system. His views reflect a desire to create a more transparent and accessible financial environment.
