The last Ripple technology officer, David “Joelkatz” Schwartz, common His view that the block chain affects not only cryptocurrencies, but can also solve many other problems. He explained that FinTech’s vision has always been beyond digital coins, Dating back In 2004, this early work, according to him, became the basis for the company’s approach to connecting institutions and building trust network in 2004.
The Ripple vision began with a network of trust and a company’s acceptance
Ripple CTO indicated Fugger’s work as real starting point for ripple technology. Fugger builds his trust system around the idea that people and institutions It can create credible networks of trust without always needing cash or coins in the middle. According to CTO, this early concept eventually became the basis of Ripple technology and Interledger Protocol (ILP).
According to him, the interperder protocol that connects differently Payment systems In many cases, it can work better in many cases than cryptocurrencies. “In the case of cases in which it is better than cryptocurrency, there is no world where people use cryptocurrencies instead of such solutions.” He added that it did not worry him because Cryptocurrencies Today there is only a tiny part of what they could finally do.
When the need concerns trust and cooperation between recognized players, Distributed books Like ILP, it can provide smoother and more practical results. In his opinion, this does not harm cryptocurrencies, but he shows that Blockchain can fulfill many roles at the same time.
He explained that dispersed books Offering solutions, Even in the case of problems that are not best solved by cryptography, it will make Blockchains more useful to everyone. Instead of trying to take a place of cryptocurrencies, the goal is to emphasize many blockchain applications Adoption forward.
Ripple Cto explains where cryptocurrencies still have an advantage
Ripple Cto also explained that cryptocurrencies remain necessary in some situations. “Digital assets Without contractors without jurisdiction, which are resistant to censorship and, yes, also unstable should be used only in the case of use in which these things are really advantages, “he said. He pointed out that these functions are not helpful in every case, but have significant importance where they are required.
Variability and decentralized nature of digital assets are not weaknesses in these contexts specific situations Where the most critical are independence and openness. For example, when users need resources that cannot be blocked or controlled, cryptocurrencies provide a clear solution.
In his opinion, the best result is not to treat blockchain and cryptocurrencies as rivals, but as amplifier In a larger ecosystem. Distributed books can provide better solutions, while leaving space for digital resources to develop in areas where they are most effective. In this way it will be what will remain Blockchain Significant and functional well in the future.
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