The newly appointed chief technology officer of Ripple Labs Inc. – David Schwartz, is elaborating on his vision for the future of XRP (XRP) and digital currency at large. In a recent interview with Forbes, the CTO talks about the plans of Ripple Inc. to disrupt the conventional worldwide payment network – SWIFT – which settles cross-border transactions in 3 days or more, with varied fees that are hard to determine.
David Schwartz’s Comment
Schwartz said they want to develop a payment system like SWIFT. But the system they want to create is one where the movement of money, settlement, and the actual plumbing beneath the surface, would be an open, decentralized network. The end result is just moving fund invisibly.
The CTO also expanded on why he was drawn to Bitcoin (BTC) and digital currencies in the first place, and why he thinks crypto is the power to build an equitable and fair playing ground for everyone in the global economy.
Once he started designing the initial code for the XRP ledger in 2011, the chief technology officer of Ripple said it took about 6 weeks before he knew if the promise of digital currency could be achieved and if XRP (XRP) had what it takes to become a sustainable ecosystem.
He said his initial objective was just to see if it was true, and then, after about six weeks, it got to a point where they were all convinced that it would work. He said that the process was like inventing a new material. Is it really strong? Is it light? Is it durable? Is it manufacturable? Once it has all these properties, the next phase is “is there use-case for it?”
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP is changing hands at $0.2876 after losing about 13 percent of its value over the past twenty-four hours. The current market cap of the digital currency is $11.40 billion and its trading volume over the past twenty-four hours is $425.74 million.