Ripple chief technology officer, David Schwartz, has likened XRP blockchain value proposition in the payment landscape to the utility of tech behemoth Google in the search engine business.
This remark came during an exclusive interview with CoinDesk. Ripple CTO elaborated on the evolving crypto ecosystem, emphasizing the niche where the XRP Ledger aims to excel — cross-currency payments.
Specifically, the interviewer inquired about the growing trend toward a multi-chain crypto ecosystem, where each chain possesses distinct use cases.
Considering these varied niches and specialties, the CoinDesk journalist asked whether the concept behind the XRPL implies that it aims to emerge as the predominant choice for payments.
XRP Winner for Cross-currency Payments
In his response, the Ripple CTO asserted that he firmly believes the XRP Ledger, with its native asset XRP, is set to excel in cross-currency payment solutions and liquidity provision.
According to him, XRPL’s design and optimizations specifically cater to these use cases. Drawing a parallel, he suggested that a failure in the niche areas would be akin to Google failing in its primary search function.
In his words:
“I strongly believe that the XRP Ledger is the best option for cross-currency payments and liquidity provision. It was developed specifically for this purpose and everything has been optimized for this particular use case. Therefore, if it fails to deliver in this area, it would be like Google failing in search.”
Emphatically, the Ripple CTO’s confidence in XRP stems from its tailored design for facilitating efficient cross-border transactions.
He sees it as an ideal solution for the challenges associated with cross-currency payments, envisioning it as the go-to platform for seamless transactions across different currencies.
XRPL Could Serve Smart Contract Purposes
Meanwhile, Schwartz acknowledged XRPL’s potential to serve as a hub for an ecosystem that goes beyond its primary focus.
He highlighted the possibility of other chains evolving around it, catering to various use cases. It includes smart contracts, carbon markets, real-world asset tokenization, stablecoins, and tokenized securities.
“I’ll take succeeding at a different use case over failing any day,” Schwartz remarked.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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