Ripple’s new chief technology officer David Schwartz has revealed his vision for the future of XRP.
In a recent interview with Forbes, the newly appointed Schwartz talks about Ripple’s ideas to disrupt the traditional global payment network SWIFT, which settles international transactions in a period of up to three days with fees that are often confusing to users,
He also talks about his initial attraction to cryptocurrency and Bitcoin and why he believes in everything they stand for- a fair and equitable field for everyone in the global economy:
“We want to create a payment network like SWIFT. But one where the settlement, the actual movement of money, the actual plumbing underneath the surface, would be a decentralized, open network. The endgame is just money moving invisibly, as easily as information.
“If no bank will do business with me, I don’t get a hearing in a court of law, I don’t get to read the law, I don’t get to confront my accusers. They’re enforcing the law in a way that doesn’t have any of the normal protections that law enforcement is supposed to have. And that really, philosophically, bothers me.
This idea of disintermediating these shadow regulators that are not democratically accountable and are not elected but act as policemen kind of resonated with me. That got me into the bitcoin community.
“My objective initially was just to see if it was true. And then, probably a month and a half later, we reached the point where I proved to him that yes, this would work, it would be possible, but we didn’t know what it would be good for. It was like inventing a new material. Is it really light? Is it really strong? Is it manufacturable? Is it durable? Does it rust? And then, once you have all those properties, is there some use case for that?”
Schwartz began writing the original code for the XRP ledger back in 2011 and took about 1.5 months before he realized the real power and value of cryptocurrency if XRP had the potential to become a real payment ecosystem.
Analytical. Paranoid. OCD. Interested in the world of crypto and how it affects our current world and future. New to investing, not so new to know how crypto works and influence the world of fiat currency. Blockchain is my second wife.
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