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At the end of the year, it seems that a dose of FUD (fear, uncertainty and doubt) is spreading through the mainstream media. Although many of the major digital currencies have regained strength in the second half of 2018, recent comments by Ripple's technology chief, David Schwartz, could derail the current XRP rush. Although Ripple and XRP are two distinct entities, their fortunes are entangled as the former built its payment processing network using XRP. In this case, a number of press agencies took into account Schwartz's recent comments that the blockchain needs to be improved before the mass adoption becomes a reality.
"I do not want adoption to go beyond technology." It took a long time for the internet to become the right place for anyone to use it and it was not necessary to understand the technology in detail to make it work, "Schwartz said. the Podcast of Internet History.
Developers are not really worried
For Forbes contributor Billy Bambrough, this was enough to feed the title: A Ripple executive made a worrying warning for cryptographic adoption. While there may be some merit to the use of the phrase "alarm worrying", the comment does not seem to be as threatening as it was implied. In fact, the idea that blockchain technology needs to improve before being used commercially has been seen numerous times. According to researchers at Imperial College London, usability and scalability are two of the main areas that developers face before cryptos can replace Fiat. Beyond that, rumors of the reason as the founder of Ethereum (ETH) Vitalik Buterin suggested that we are still testing our way through the early stages of the blockchain and their potential.
Of course, what the deliberately cautious titles are trying to do is to prevent a large-scale boom / bust cycle that we saw between 2017 and 2018. Although coins like Bitcoin (BTC) and XRP were making internal improvements in 2017, the their price increases were fueled more by mass hysteria and by FOMO (fear of losing). When prices are artificially inflated, it is potentially harmful to everyone involved. Therefore, some cautionary note is not a bad thing when it comes to encrypting. However, what seems to be missing the most recent headlines is the fact that XRP price movements have been strong this year. Although the current value of $ 0.30 (December 17) is far from its peak in 2017, it has become a fairly substantial average price in recent months.
Ripple Creating a solid base with XRP
In addition, Ripple announced some important developments in 2018. In addition to forging partnerships with the likes of Santander, the company launched xRapid. The international payment platform has shown potential during initial testing and is now commercially available. Using xRapid, banks are able to make cross-border payments using the XRP token. With this system, payments are made faster and cheaper than traditional banking methods. While it is still early for xRapid, the positive signs are there. In fact, it is likely that Schwartz was pointing. Only once the technology has been perfected can it become a mass-market product.
This, in reality, is the nature of all technology and, therefore, is not a reason to panic as some have suggested. Ripple and XRP have a way to go before they achieve commercial success. However, the foundations have been laid and this means that things can only get better in 2019.
* The information contained in this article should not be considered as investment advice
Featured image source: Pixabay
