Date: 7 months ago   Category: Economy

The technical director of Ripple Labs doesn't believe in existence of single digital currency


There are no doubts that Ripple Labs is distinguished from the other companies in the cryptoforeign exchange market. This organization has more money, than at many others, the huge team of skilled programmers and also widely sold line of products created for integration of a blockchain financial branch. there Is no

any doubts is that Ripple Labs is distinguished from the other companies in the cryptoforeign exchange market. This organization has more money, than at many others, the huge team of skilled programmers and also widely sold line of products created for integration of a blockchain financial branch. David Schwartz, the executive technical director of Ripple perfectly knows

about opportunities and shortcomings of XRP. Earlier this week within TNW Answers session, Schwartz has answered several questions concerning XRP Ledger. the Technical director has given to

quite frank answer - Schwartz doesn't believe in existence of one digital currency which is able to do everything on light:

"We expect that in this race there will be no winner, but there will be instead several digital assets used in concrete cases. For example, at the moment Ethereum possesses function of "programmable money" which XRP Ledger don't have. Addition of this opportunity in XRP Ledger will be connected with huge costs which will reduce efficiency of payment service provider. It is impossible to have everything and at once. Developing such difficult and powerful payment functions as the decentralized exchanger and an opportunity to reduce costs of carrying out transactions, we can't introduce programmable opportunities". Schwartz has several times emphasized with

the fact that he owns several bitcoins. He wants that cryptocurrency projects worked together, but didn't battle for domination in the market.

"Technology of the distributed registers is a break, and I on the account also have a few bitcoins. At the moment all of us in one boat, and I don't think that one cryptocurrency project can become successful, having sunk another".

Should noting that right after such warm words Schwartz has begun to criticize bitcoin, calling his consensus algorithm Proof-of-Work "the technological deadlock". He has also said that when developing XRP Ledger the improved options of design of bitcoin were used.

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