Categories: Ripple

Ripple’s CTO thinks Proof-of-Work is a technological dead-end, but he does hold Bitcoin

Click here to view original web page at

There’s no doubt that Ripple Labs tends to stand out from the cryptocurrency crowd. It has more money than most, a large team of programming veterans, and a heavily marketed suite of products aimed at giving the financial services industry a blockchain makeover.

David Schwartz, chief technology officer at Ripple, knows that XRP cannot do everything. In a TNW Answers session earlier this week, Schwartz was quizzed on the limitations of the XRP Ledger.

He gave a rather candid response – Schwartz doesn’t believe there can be just one digital currency that does all the things:

[…] We expect that this will not be a winner take all outcome but instead a number of digital assets can survive for specific use cases. Today, for example, Ethereum provides a “programmable money” function that the XRP Ledger cannot. Adding this capability to the XRP Ledger would have huge costs that reduce XRP’s suitability for payments. You can’t have everything.

[…] While you do get very sophisticated and powerful payment features such as a built in decentralized exchange and the ability to have payments use multiple paths for reduced cost, you can’t get programmable behavior. So I don’t see XRP being the only digital asset any time soon, if ever.

To which effect, Schwartz further highlighted that he even owns some Bitcoin. He wants cryptocurrency projects to work together, rather than fight each other for market dominance.

[Distributed ledger technology] is genuinely a breakthrough and I too hold some [Bitcoin]. If nothing else, the current market mechanics are telling us that we’re all in this together and I don’t think one crypto [sic] project can become successful by pulling others down.

It should probably be noted that despite the hippie attitude, Schwartz then proceeded to throw a bunch of shade on Bitcoin, BTC calling its Proof-of-Work consensus algorithm a “technological dead-end.” He also claimed that Ripple Labs’ XRP Ledger was improving on Bitcoin’s design.

David Schwartz answered lots of other questions – from his favorite snack foods to more technical stuff. Go check out all the responses at the TNW Answers page.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Bitcoin Is Up Against An Extremely Important And Powerful Resistance Zone On The Monthly Chart: The Kijun-Sen (Base Line)

We can identify the price action causes of why price is finding it difficult to move higher by analyzing longer… Read More

5 hours ago

BTC ATM goes missing and no one notices

When you think of thieves stealing an ATM, the mind jumps to the idea of an exciting crime. Maybe there’s… Read More

5 hours ago

Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark… Read More

5 hours ago

Researchers Concur Current Bitcoin Market Cycle is Only Just Beginning

Bitcoin price cycles can be influenced by a number of factors, FOMO and public sentiment is one, and mining profitability… Read More

5 hours ago

Hopes for Bitcoin as China’s Renminbi Drops to 11-Year Low

A recent plunge in the bitcoin price is looking to negate some of its losses as China’s currency weakens to… Read More

5 hours ago

Why Bitcoin Rules in the ‘Insane’ World of Negative Interest Rates

Central banks around the world are on a negative rate binge to further a compelling case for bitcoin.. | Source:… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More