In the world of cryptocurrencies, Ripple represents a unique case. The company, known primarily for its involvement in digital payments, has recently announced its plans to expand into new areas of blockchain technology applications. David Schwartz, Ripple’s Chief Technology Officer, presented the company’s vision, which moves from digital payments to a broader spectrum of possibilities, reflecting the dynamic development of the cryptocurrency industry.
Despite new perspectives, Ripple remains faithful to its original mission – payments. Schwartz expressed surprise that digital assets are not more widely used in the payment sector, despite their improving functionality. He pointed out the imperfections of popular cryptocurrencies, such as Bitcoin and Ethereum, but also noted that even more efficient blockchains have not gained significant popularity in payments. Since 2015, Ripple has been promoting the use of digital assets in transactions, but the expected wide adoption remains out of reach.
On the other hand, Schwartz emphasized that the price of XRP does not affect its utility in payments. In his view, regardless of the price, XRP provides the liquidity necessary for transactions. He also discussed Ripple’s development plans, including the tokenization of real assets and the development of a multi-chain ecosystem. The company is working on introducing an EVM (Ethereum Virtual Machine) compatible chain, which will increase capabilities in terms of smart contracts.
Ripple’s development goes beyond payments. Schwartz mentioned an interest in the Metaverse and NFTs, although he admitted that he is not yet convinced by virtual reality. However, AI (artificial intelligence) seems to be an area with significant potential. Ripple, learning from its experiences with NFTs and CBDCs (central bank digital currencies), learns from its own mistakes and successes, allowing for better planning of future endeavors.
Ripple, starting as a pioneer in digital payments, evolves, adapting to the changing world of cryptocurrencies and blockchain technology. By extending its activities beyond payments, the company shows flexibility and a readiness to explore new horizons. Reflecting this dynamism, Schwartz emphasizes that while payments will remain a key element of Ripple, the company is ready for new challenges and opportunities that the future brings.
