Ripple CTO Defending XRP; It says its NOT a security


Ripple's Chief Technology Officer (CTO), David Schwartz, recently attended a live session organized by The Next Web (TNW) and answered many questions from Internet users.

In the live session, he was asked questions ranging from important technical questions to questions about how to fold socks ( seriously )

A user who goes by the name of Dr. T has asked the Ripple CTO:

"Will it ever be technically feasible? to derive cash from multiple pools (like two or more exchanges) and recombine them into a single atomic payment that settles in a destination exchange
I'm thinking of something similar to the incremental filling of orders on XRP Ledger decentralized exchange that consumes offers from multiple sources.In the case of RippleNet, it would mean building synthetic orders that have offers from the XRP / Fiat pair by more exchanges
I understand that this may not be possible with ILP but maybe some other solution? "

To this, he replied:

" Congratulations on asking the most technical question today! I think it's actually possible to do it with ILP, all I do not know if anyone will ever bother to build the infrastructure necessary to do so. The philosophy of most of those working on ILP is that it makes more sense to "scroll through" payments in multiple directions, see which direction gives you the best rate and increase the payments you are following in that direction. This is cheap, fast, efficient and simple to implement, however, it does not guarantee that you will be able to make the entire payment. The hope is that we can design systems that solve that problem at higher levels and keep money flow levels as simple as possible – a sort of opposite of Lightning's approach. "

Another user named Fred Del Rosario asked: [19659004]" David, your thoughts on XRP are labeled as a security, should we soon expect a decision from the SEC? "

Schwartz replied to this saying:

"In the end, it will be up to the SEC to decide. We believe that XRP should not be classified as security. XRP does not provide property shares in Ripple or any other entity, XRP exists independently of Ripple. If Ripple leaves tomorrow, XRP will continue to exist and will have the same usefulness it does today. Neither Ripple nor any single entity can exercise a unilateral control over the Led XRP register. "

A user approaching the name Gerard asked:

" Where will Ripple and XRP stand in 5 years? "

Schwartz's answer to that was:

" I am always reluctant to try to predict the future and in particular to commit myself to specific deadlines. My hope for that period of time is that the exchange of value becomes as easy as sending an e-mail. You should not worry about which goods or systems the people you're paying, or who are paying you, prefer to use. Everything should work. This requires a lot of pieces and I expect the ILP to be the enabling element that allows them to work together.
I think we will see open global pools of liquidity that anyone can contribute to and draw from. Maybe not in five years, but around this time we would need to have ubiquitous micropayments that allow machines to pay for other machines transparently, as happens today with other types of information requests. I expect it to turn into ways that we can not predict today and look forward to seeing what the Internet's equivalent value of things like Twitter and Uber is. "

  Read also: Ripple (XRP) Swaps cross-chain with other assets to be soon a reality on the atomic portfolio 

Silenos, a TNW user, asked Schwartz:

" Plan to further decentralize the XRP ledger even after Ripple now performs less than 50% of the validators in Ripples suggested UNL? If so, will you take other steps besides simply removing Ripples validators? "

Schwartz responded to this by saying:

" XRP Ledger is inherently decentralized because its last government is the code that people choose to execute. Whoever manages a node in a decentralized network is the ultimate arbiter of the behavior of his own node, subject only to the limitation that can only interact with the nodes with compatible rules.
We are certainly planning to continue improving the aspects associated with decentralization. While PoW seemed to be a technological impasse and the networks that use it are stagnating or abandoning it, there are many other advances on Byzantine agreement algorithms. Ripple recently proposed adding the code to detect the censorship of the XRP Ledger software to ensure that the complaint does not actually occur. We have also published a document on a new agreement algorithm, Cobalt, which can reduce confirmation latency and also provide a proven guarantee of correct behavior in a broader set of conditions than the current algorithm "

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