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The bear market for this year has seen most of the cryptocurrency bleeds more than 80% as it plummet from those high elevations nearly a year ago. Some went better than others and Ripple's XRP token was one of them. Cryptogenic technology, however, still needs major improvements, at least according to the technology manager of the fintech company.
Technology before adoption
Ripple was one of the most active blockchain companies during the downturn while continuing to sign banking and financial partners with RippleNet and offering XRP-based services. The token itself could drop 90% from its peak to over $ 3.50 but managed to usurp Ethereum and is now the second largest cryptocurrency on the planet.
Many have said that greater adoption will be the catalyst to reverse the trend and send crypto markets on the road to recovery. The Ripple CTO, David Schwartz, however, believes that technology must improve before this can happen.
The 2017 bullfight has seen the encryption prices rise to thousands of percent in a short span of time which has led to their reserve of value far exceeding their potential use. This has catalyzed the inevitable sell-off as the adoption of a new method of money movement has never really taken place.
According to Forbes, some fear that current cryptocurrency problems such as centralized exchanges, security and hacking problems and lack of regulation can prevent people from using them for their intended purpose.
"I do not want adoption to go beyond technology." It took a long time for the Internet to become the place for anyone to use it and it was not necessary to understand the technology in detail to make it work, "he said. Schwartz. in a recent podcast.
Difficulties in the use of encryption such as the creation of portfolios and navigation in often clunky exchanges could hinder the adoption of which the industry so badly needs. On the flip side, cryptographic offers from institutional heavyweights like Bakkt and Fidelity could be the access ramp for greater adoption.
True global adoption will really take off only when volatility is eased. Using a digital token to buy a coffee in which the price can change more per cent at the time it is poured is not practical in any way.
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