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Ripple’s Chief Technology Officer (CTO) David Schwartz recently provided insights in a recent Tweet concerning the plans for the XRP Ledger. The CTO revealed a strategic shift that indicates a change in direction and highlights the vision for the ledger’s development.
XRP community member and web3 writer Panos Mekras sparked the conversation by expressing his perspective on XRP’s purpose. Mekras underscored that XRP’s purpose is not limited to banks or financial institutions; instead, was created to contest the prevailing banking monopoly actively.
Mekras Reveals Ripple’s Original Intent
According to Mekras, Ripple’s original intention was not to assist banks and financial institutions, even though they eventually shifted their focus toward the cross-border payments and banking system.
They aimed to disrupt the dominance of the ‘SWIFT cartel’ controlled by larger institutions and level the playing field for smaller banks.
David Schwartz concurred with Mekras’ views and expressed his endorsement during the discussion.
He recognized the thread as an insightful representation of XRP’s genuine purpose, providing valuable insights into Ripple’s underlying motivations.
According to Schwartz, Ripple’s pivot to payments in 2014 was influenced by the vibrant ecosystem of the XRP Ledger’s Decentralized Exchange (DEX).
The substantial daily volume observed on the ledger confirmed the presence of genuine economic activity, serving as a catalyst for Ripple’s strategic shift towards building an enterprise payment system with cryptocurrency support.
Schwartz highlighted that Ripple acknowledged the XRP Ledger’s capacity to enable payments, but their vision went beyond that.
The XRPL aimed to emulate Bitcoin’s capabilities while offering native support for various assets, allowing advanced cross-currency and cross-issuer payments, and facilitating seamless exchanges.
Schwartz said, “My very first pitch for XRPL was deep, fair pools of liquidity between hundreds of assets that anyone in the world can contribute to and draw off of even as they make a payment.”
Panos Expresses Concerns Regarding Misconceptions within the XRP Community
Also, Panos voiced concerns about XRP’s purpose being misunderstood within the XRP community in the tweet, highlighting the need for clarity.
According to Panos, these misconceptions originated from Bitcoin maximalists and were later disseminated by self-proclaimed “XRP influencers” and YouTubers, spreading false narratives.
Mekras underscores the significance of maintaining a realistic perspective, recognizing XRP as an empowering tool for individuals seeking to overcome limitations and high fees imposed by centralized entities. XRP’s primary purpose is to liberate and restore power to individuals from the control of these institutions.
The decentralized nature of the XRPL enables anyone, including individuals, businesses, and banks, to leverage its features based on their specific needs and preferences. Meanwhile, as of the time of writing, XRP is trading at $0.515, representing an increase of 1.60% in the last 24 hours.
Also, its 30-Day trading data show an impressive market performance with an increase of 21.59%, indicating a strong momentum from the XRP Community. Notably, the XRP market and 24-hour trading volume are up today with an increase of 1.17 and 32.66%, respectively.
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