Ripple CTO David Schwartz Recognized by Forbes
David Schwartz, the 48-year-old CTO from Ripple Inc who is making ripples in the crypto industry, has now been recognized by Forbes and has been interviewed by them.
He is the co-creator of XRP, the third largest cryptocurrency in the market in terms of market capitalization, and is a reputed man in the crypto industry for the wealth of knowledge he possesses about the blockchain technology.
Schwartz, the article says, is here to disrupt the Society for Worldwide Interbank Financial Telecommunication (SWIFT), and to connect all the banks in the world in such a way that transactions involving trillions of dollars can be made in no time.
About Ripple, Schwartz said:
“We want to create a payment network like SWIFT. But one where the settlement, the actual movement of money, the actual plumbing underneath the surface, would be a decentralized, open network. The endgame is just money moving invisibly, as easily as information.”
Schwartz has been troubled by the centralized control of money for a very long time. While he doesn’t claim to be a libertarian, back in early 2011, he bought a few bitcoins and agreed with many ideals of the crypto-anarchist movement. He spoke more about his troubles with the centralized control of money:
“If no bank will do business with me, I don’t get a hearing in a court of law, I don’t get to read the law, I don’t get to confront my accusers. They’re enforcing the law in a way that doesn’t have any of the normal protections that law enforcement is supposed to have. And that really, philosophically, bothers me. This idea of disintermediating these shadow regulators that are not democratically accountable and are not elected but act as policemen kind of resonated with me. That got me into the bitcoin community.”
The article then moves on to talk about how Schwartz met the founder of Mt Gox, Jed McCaleb, at a coffee shop in which McCaleb told him about an idea about a digital currency which he called NewCoin. Schwartz comments on it by saying:
“My objective initially was just to see if it was true. And then, probably a month and a half later, we reached the point where I proved to him that yes, this would work, it would be possible, but we didn’t know what it would be good for. It was like inventing a new material. Is it really light? Is it really strong? Is it manufacturable? Is it durable? Does it rust? And then, once you have all those properties, is there some use case for that?”
He had already started working on the code which would eventually form the basis of XRP. Later, Arthur Britto came along with Schwartz to finish the technical architecture of the cryptocurrency. Chris Larsen joined Ripple in 2012 as its first CEO and quickly started reaching out to hundreds of global banks for testing the early versions of the technology Ripple had to offer. McCaleb later started his rival venture, Stellar (XLM).
Ripple, as of now, is being compared to SWIFT, saying that it is as centrally controlled as SWIFT is. People are even questioning the nature of XRP. However, Schwartz has been working hard towards making people understand Ripple and XRP better.
He has talked about XRP in-depth in a post titled “The Inherently Decentralized Nature of XRP Ledger” wherein he explains how decentralized the cryptocurrency is. He explains the underlying design of XRP and explains why it is as decentralized as it gets.