Ripple CTO Takes an Inclusive Approach to Cryptocurrency Competition
Ripple is definitely blazing its own trail in the battle for cryptocurrency dominance. The company has a huge funding, it also has a deep pool of tech veterans, plus it offers a wide range of financial services products that will probably change the face of blockchain technology.
For Ripple CTO it's healthy competition for better solutions
Ripple is becoming the great advantage of international banking among other financial institutions. No wonder its cryptocurrency, XRP, is increasingly dominating the market and may just beat the rest of the competition.
You would think Ripple Chief Technology Officer David Schwartz would take the opportunity to gloat or at the very least take advantage and use information as a marketing ploy to further push the competition. Surprisingly he took the opposite approach.
During a recent TNW answers session, Schwartz was asked a lot of questions regarding what he thought were the limitations of XRP technology to which he gave an unexpected response. He readily admitted that although XRP does solve many of the cryptocurrency limitations, it’s not the ultimate and exclusive solution. He believes that not one but several digital assets will stand out and they will do so because of their specific suitability for certain needs.
He further states that while people get a lot of features from XRP, such as its decentralized ecosystem and flexible payments capability, it does not have programmable behavior like Ethereum. This is why he believes that XRP may lead in the market but will coexist with other cryptocurrencies that can also contribute something useful to the market.
That being said, he’s very eager to see an environment where cryptocurrencies work side-by-side. Even though there is competition, he probably hopes for a healthy one where we can all work on finding the solutions to cryptocurrency problems. With Schwartz at the technological helm of Ripple’s growing dominance in the cryptocurrency market, this could just become a reality.