David Schwartz, the Chief Cryptographer at Ripple was a part of the BlockShow 2018 Europe held at Berlin, Germany. Ran Neu-Ner, the famous CNBC anchor, presented the talk show which had four other speakers along with David.
David began the talk show by explaining use case for the XRP token. Ripple sees XRP as a settlement asset for international cross-currency payments. Instead of having to use any correspondent banking system and without any cost involved, the international transfers can be executed within 5-6 seconds.
He also mentioned that XRP ledger provides all the characteristics of the decentralized system in a different way than Bitcoin does, it is not vulnerable to problems like a majority attack and has a higher transaction rate.
Further, Ran raised a question about the future of Bitcoin [BTC].
“Is Bitcoin at the risk of becoming obsolete?”
David thinks that Bitcoin has to find a new use case, considering all the controversy that had occurred earlier regarding Bitcoin and Bitcoin Cash.
“Lightning Network is a game changer because Bitcoins challenges to find a use case and a use case of store of value . Bitcoin has some limitations making it not a very good means of exchange, just because of the transaction volume it can handle while Bitcoin Cash can handle more transactions on chain.”
He also mentioned that it is very hard to predict small level details, just because we do not know how Bitcoin is going to evolve.
David also shared his views on how cryptocurrencies such as XRP is different from today’s digitized assets.
The digital asset transfer makes a transformational difference by transferring the actual value instead of the fiat currencies. Digital asset transfers have made the exchange of money from various parts of the world very simple. According to David, one of the hardest things to achieve in the blockchain industry use cases that are focussed on settling payments.
“ It is easy to adjust numbers around, but the problem is, the problem is now you have left a mess because you haven’t moved the actual value”
The lack of accountability is the main difference between blockchain transactions and fiat currency transactions.
A Twitterati named Crypto Dan says:
“I love listening to @JoelKatz. I dont need the pump on #xrp because I’m a true believe BUT he does get me pumped up everytime I hear him speak…#xrpthestandard”
A cryptocurrency enthusiast says:
“It does seem odd that payments aren’t settled instantly. Kids will be taught in history soon how we used to lumber fiat money around.”
Another Twitterati says:
“Sooooo good! I love to listen to him speak. I could listen to David explain how to pour a glass of milk!”