Ripples push into the banking world was marked by several developments and advances in the form of products such as xVia, xRapid and xCurrent. In a recent interview, officials from the San Francisco-based cryptocurrency company unveiled a clear vision of what they want to achieve: integrating cryptocurrency like ripple into the traditional banking sector.
Speaking to Cointelegraph, David Schwartz, Chief Technology Officer at Ripple, explained the ripple Ledger and its features. The technology visionary said that the main feature of the ripple ledger is its complete decentralization, without it controlling an individual or an organization. Schwartz added that each participant in the network applies every rule and that the system is managed by all participants, democratizing the network.
Schwartz was open enough to admit that the concept of “proof of work” (PoW) somehow hit a dead, but that did not hinder the developments in ripple ledger. He stated:
“The result is an increasing centralization of the resulting systems, and there is a lot of work to do to improve the decentralization and robustness of distributed protocol-based systems.”
The CTO further said that the contributors had paved the way for new developments, a phenomenon that I had hoped would continue for a long time.
The interview also included Cory Johnson, Chief Marketing Strategist at Ripple, who has been at the forefront of many events and announcements about ripple. Johnson gave his two cents on the “ripple philosophy,” a methodological approach to the integration of ripple and its consumer products. He stated:
“We develop software for banks to lower their operating costs, or you can imagine all the activities we allow, and you can think of all those people who work hard to send money to their families, but only to What do you think about transferring money from one country to another, and we think it has given us a head start?”
This development reflected Corey Johnson’s statement that the problem was not to move from New York to London, but rather from the Thai baht to the South African Rand.
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