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The co-creator of the 3 rd most precious and well-traded cryptocurrency, David Schwartz, is known as a magician "Gandalfesque" of Ripple (XRP) .
As Ripple's chief technology officer, Schwartz wants to modernize and facilitate global money transfers, making them fast and secure.
In this ambitious challenge, Schwartz will interrupt SWIFT, which is the number one in the international middleman banking world. Although the company handles 25 million bank transfer messages every day and contributes to $ 6.74 trillion dollars, the SWIFT network can not be defined as efficient enough.
In the blockchain technologies, when Ethereum and Bitcoin can exchange millions in seconds, most international bank transfers still take no less than 3 days and require additional costs. It seems a little strange and outdated, do not you agree?
Well, Ripple, powered by the technological genius of David Schwartz, is on a mission to bring international money transfers into a happy (and much faster) future. Ripple introduced and attracted hundreds of large global financial institutions to test its new tool, designed to change the entire traditional money transfer procedure.
David Schwartz quotes, "We want to create a payment network like SWIFT, but one in which the settlement, the actual movement of money, the actual plumbing below the surface, It would be an open and decentralized network. The final game is just money that moves invisibly, with the same ease of information . "
Who is David Schwartz?
Short facts about the boy behind the crypt:
- A high school prototype nerd, David has always preferred chess in sports.
- In the 1990s he graduated in electrical engineering from the University of Houston.
- In the same years he received his first patent for a network of distributed computers he designed (20 years before Bitcoin's blockchain was invented).
- In 2001, David started working in WebMaster, where he designed a cloud-
- Schwartz developed his knowledge of cryptography and consulted for the NSA (National Security Agency).
- David runs a widely read blog with the nickname JoelKatz (the same as his Twitter account @JoelKatz with 100,000 followers
- In 2011 Schwartz, looking for something new, joined the Bitcoin community, together with the founder of the Mt Gox bitcoin exchange Jed McCaleb, shared the idea of creating the NewCoin – a financial infrastructure that would consume less energy and reduce transaction times.
- Ripple was born in 2012
- 2015 Ripple made the RippleNet Committee, consisting of 4 major banks that invested in Ripple payment technology.
- With the excitement bubbling around the cryptocurrencies in 2016-2017, by January 2018 XRP could exchange Ripple to $ 3.65 instead of $ 0.006 a year ago Ironically, David Schwartz is not officially listed as a co-founder of Ripple, despite being his chief architect
Today, Ripple launched 3 products , including xCurrent, xVia and the last – xRapid. The product helps international banks overcome their long-standing problem, as they have to maintain multiple accounts in local currencies around the world to make money transfers. xRapid replaces local currencies with XRP, which helps reduce transaction costs and free up capital. Ripple aims to make XRP the number one decentralized reserve currency, used by international banks.
The competition made SWIFT nervous and caused immediate action. They launched a Global Payment Innovation Initiative (GPI) as a non-blockchain alternative to make payments in real time.
Only time will tell, who will win this competition or, perhaps, will find a way to live successfully, gaining their share of the market. Let's wait a while and see if David Schwartz, Ripple's soul, will achieve his ambitious goal.
Important: If you trade CFDs on cryptocurrencies, including Ripple, please note that many retail investors lose money when trading. You should consider if you can afford to take the risk.
Image courtesy of Pexels
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