One substantial discussion in the crypto world is the validity of the centralization of Ripple. However, CTO David Schwartz is jumping in to make sure the entire industry knows where he and Ripple stand on this matter. On Episode 9, “The Ripple Drop,” Schwartz does just that.
This is the first episode of the show this year, as David Schwartz discussed decentralization as one of the biggest changes that he has seen this year, suggesting that it is reaching a further level of decentralization than Bitcoin and Ethereum.
The proof-of-work algorithm, in Schwartz’s opinion, is one of their biggest downsides, and even critics in the industry have harped on the lack of scalability with Bitcoin.
Schwartz said, “The network now is operationally decentralized in a way that those other cryptocurrencies just aren’t… The biggest difference between Bitcoin, Ethereum and the XRP Ledger is the PoW vs Consensus. Bitcoin and Ethereum use PoW which hasn’t delivered on their promise of decentralization the way consensus has.”
As an opportunity to promote what Ripple actually can do, Schwartz shifted the attention to the lengthy process that it takes for any of these PoW-based coins to process a transfer, taking up to 10 minutes to just settle the transaction, which is time that could be better spent on other investments. Ripple’s process takes a mere four seconds to settle.
CEO Prajit Nanu of InstaReM, commented that there are multiple companies focuses on cross-border payments, and speed is of the utmost importance. The use of RippleNet in their platform makes it easy to perform these types of transactions, adding,
“The focus has now been on how fast a payment can be sent. Ripple Net allows us to that. Ripple Net allows us to build partnerships and relationships and with multiple markets and enable those relationships to process payments faster.”
The Ripple technology for fast cross-border payments has even been made available to traditional financial institutions. A perfect example is the National Bank of Kuwait (NBK), which recently launched the NBK Direct Remit service to make transfers to Jordan almost instant.
To help implement the opportunities that Ripple has created through their projects, team manager Jim Chauncey-Kelly has indicated that the company is looking for integration engineers for a seamless process.