The former CTO of Ripple, Stefan Thomas, recently released an interview in which he explains the reasons why he left Ripple.
In a podcast with Epicenter, Thomas talked a long time about why he left Ripple. He also explained his current project, the Coil micropayment platform.
Thomas, Coil's founder, was joined by Coil's CTO, Ben Sharafian. Sharafian is also a former employee of Ripple.
What kind of unique insight does the couple have at work in Ripple? Why did the two choose to leave the payment processing company? What is the status of their current project?
One of the reasons why Ripple was left was the fact that the company focused on companies, not necessarily on consumers.
"I think they are [Ripple] very focused on the use cases related to the XRP of the digital resource and to the business use cases. So make payments more efficient for banks, payment service providers, their customers, companies and so on. "
After leaving Ripple, Thomas chose to develop on Inter Ledger. He later published XRP Ledger before founding the coil.
During the podcast, Thomas talked about his work experience with Ripple, including the focal points of the international payment technology company.
Many of Thomas's responses focused on such a sore point: Ripple focuses on banks and corporate clients while Thomas wanted to focus on consumers.
As reported by AMB Crypto,
"[Thomas] That said, in the end, his research team and Ripple realized that banks are inclined to meet the interests of their customers. In the meantime, most of the banking sector has larger companies as their most significant group of consumers [sic], this class is practically not the most suitable for the use cases offered by Inter Ledger. "
That's why Thomas chose to develop the Inter Ledger.
"So if you think of Ledger, we've talked about what Inter Ledger is best at first, if you think of it as something that empowers you as a new class of use cases – the way the internet has enabled a new class of use cases of communication – it is unlikely that large companies will necessarily be the first to adopt it. "
Should consumers or companies be the focus of attention?
Stefan Thomas's decision to leave Ripple was stimulated by his desire to focus on consumers, not large companies and large banks.
This leads to the question: which sector should you focus on as an encrypted company? Should you focus first on large companies and large financial institutions? Or should you start at the grassroots level, targeting consumers and growing until banks and companies can no longer ignore you?
You can download the latest episode of the Epicenter podcast focused on cryptography here: epicenter.tv/