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David Schwartz, Ripple CTO Holds Talks On Using XRP Ledger for NFTs

David Schwartz, an architect of XRP Ledger (XRPL) and Ripple’s Chief Technology Officer (CTO) discusses about the FinTech firm’s level of interest growth in non-fungible tokens (NFTs).

Furthermore, David Schwartz, Jed McCaleb, and Arthur Britto creates The XRP Ledger in 2012. Also, with $XRP is the native currency of the XRP Ledger.

More so, On 27 February 2020, during an episode of “The Ripple Drop” which is Ripple’s web video series.

Of course, David talks with producer/editor Reinhard Cate about the evolution of the XRP Ledger.

So, David Schwartz explains.

“Well, I started working on what we now call the XRP Ledger at the end of 2011;…”
“so I’ve been at this for eight [or] nine years… but the changes have been drastic.”
“I mean in the early days all we had was the ability to perform a transaction on a…”
“decentralized ledger in just a couple of seconds, and then we started to realize that the…”
“properties of the algorithms that we developed allowed us to do things like a decentralized exchange.”

Then, David Schwartz continues.

“And then we had this idea of allowing people to issue assets and ideas like community credit,”
“and we put all that together into a functional system probably in mid 2012.”

So, David Schwartz concludes.

Then, Cate also goes on to enquire why the robustness of the XRP Ledger is so important.

Furthermore, David Schwartz replies.

“You have to realize that you’re talking about billions of dollars in a system that doesn’t have an administrator…”
“There’s nobody that you can go to if it messes up, and so reliability is the number one…”
“property, and it means that these systems are very slow to develop and evolve.”

Also, David Schwartz continues.

“In the early days, before I was working on the XRP Ledger and I was looking at Bitcoin,..”
“and we sort of had this idea that if there was any new feature, Bitcoin would just adopt it.”

Additionally, David Schwartz says.

“We now know that’s hopelessly
naïve because any change to a system like this imposes cost…”
“on everybody who uses the system. With any other piece of software, a company will release…”
“a new version of the software, say Oracle releases a new version, and they’ll say to…”
“people who have like mission critical deployments ‘don’t upgrade to the new version,..”
“just use the current version, give us a little bit of time, test it whatever’.”

Then, David Schwartz continues.

“You can’t really do that on a public blockchain — if the rules change, people have to run software with the new rules…”
“You want to ask why these systems don’t move more quickly,…”
“why they don’t add features on a regular basis, that’s why.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.