Ripple Chief Technology Officer David Schwartz Talks XRP
Ripple continues to raise its popularity, and the firm is struggling to boost the whole XRP ecosystem these days.
They have been making lots of headlines even in 2020, which is a terrible year due to various achievements and deals that the firm was able to seal.
Ripple is also working hard to push the mainstream adoption of the digital asset XRP.
Now, it’s been just revealed that Ripple’s CTO David Schwartz is offering new insight on how XRP came into existence.
XRP was created without a specific use case in mind
On the Modern CTO Podcast, Schwartz said that XRP was created before its developers had any idea what its primary use case would be as reported but the Daily Hodl.
“Well, the key difference and the very first animating idea for what eventually became what we now call the XRP ledger was the Proof of Work. The mining in Bitcoin wasn’t the secret sauce…” he said.
He continued and explained that “We had an alternate theory and our theory was that what made Bitcoin so amazing was not the Proof of Work, not mining. What made Bitcoin so amazing was the fact that all the data was public, and all the transaction rules were public. So, you don’t have to ask anybody else if a transaction is valid or if somebody has a particular amount of Bitcoins or anything.”
He highlighted the fact that they “replaced the Proof of Work with what you would call a Distributed Agreement Algorithm which is an algorithm that is faster and doesn’t have the sort of power consumption.”
After XRP was built, Schwartz said that the next step became to figure out how it could be used.
We recommend that you check out the original article that’s posted in the Daily Hodl in order to learn more details about what he had to say.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.