The Ripple CTO [XRP] think about the modernization of the global payment space

The Ripple CTO [XRP] think about the modernization of the global payment space

David Schwartz, Ripple The CTO compares what the evolution of the car has in common with the blockchain. It begins by showing that his patent for a computer distributed over several levels was granted in 1991.

At the time, he worked on graphical rendering, problems that required enormous amounts of CPU power and wanted to distribute tasks that required intensive processing on a computer network. In this way, his intention was to have several computers that would perform simple tasks that would contribute to a single result. He admits that the creation of this system was not an easy task.

Intensive processing activities were no more complicated after the publication of The white card of Satoshi. The document outlined a peer-to-peer electronic payment system. It gave people the ability to transact on a distributed network without the need for an external party. (ie banks)

Seeing the concept of his innovation re-emerge after nearly 20 years, he was thrilled to see that it was finally the right time for his idea to succeed.

This white paper offered the possibility for the exchange of values ​​to become accessible to all. It is able to protect customers in the event of a financial crisis, allowing them to continue to exchange money without high interest rates. The use of cryptocurrency also prevents high transaction fees, especially in countries that are still developing. This exchange of digital resources provides access to the lower end and to non-market global people and also offers a variety of business opportunities for suppliers.

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Comparing a car with Ripple and other cryptocurrencies

Transparency and consensus are what make the Satoshi decentralization network such a revolutionary concept. Take for example when you pay your friend using Venmo, you have no view of the transaction process. Satoshi wanted users to be able to tell where their money was at each stage of the process.

Schwartz compared this to that of the Ford Model T. Cars were seen as a luxury that could only be offered by a few people before 1908, when Model T. was created. Model T was an accessible means of transportation for the common man. It quickly became appreciated for its low cost and easy maintenance, therefore easily accessible to most people. Others have started to start the same by creating different types of cars at affordable prices.

Just like the Model T revolutionized the automotive industry, Bitcoin was a catalyst for blockchain technology. Schwartz keeps saying that,

"There will continue to be several use cases for cryptocurrencies, including smart contracts and valuable payment archives."

More than a hundred years after the creation of the Model T, the industry still presents new innovations, blockchain he also has them for payments. Costs have been drastically reduced and payments based on this technology will evolve into a new era.

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