Ripple’s David Schwartz breaks down how ILP and Coil will change the face of payments

2019-6-9 03:30

David Schwartz, the CTO of Ripple explained the need for a complete restructuring of payments and how blockchain and purpose-built technology will help enforce it during ‘We are Developers’ conference in Berlin on June 8.

The way information flows in the present world is without friction and seamlessly, however, the same cannot be said for the payments; this is due to the lack of necessary developments in that sector and due to the presence of massive friction in the flow of payments, in the form of third party members, etc.

Bitcoin was brought to life for the sole purpose of improving payments and escaping the clutches of centralization, however, it has been a fairly obstacle-filled road for the king coin. Other cryptocurrencies like Bitcoin Cash or XRP are closer to achieving Bitcoin’s goal.

David Schwartz explained how Ripple is trying to solve the payments problem by improving cross-border payments via their blockchain-based products. Schwartz added that blockchains or cryptocurrencies have not solved payment problems but instead created “a newer sexier version of the same problems”, which was that the blockchains not communicating with each other.

Comparing the development of the Internet in the nascent stages and how most of it revolved around the I.L.P., Schwartz said that the same has to happen with blockchains and that no matter how many blockchains, they should be able to communicate with each other. Interledger Protocol helps blockchains do exactly that, said Schwartz.

“I don’t know what people are going to use micropayments for… you can make a $1000 payment with a large number of micropayments and there are tremendous advantages to doing things that way…So kind of the same things that we do with routing, multipath, and VPN, and you can do all of those things with money and ILP.”

In addition, Schwartz said that if his guess about micropayments was right, then there would be a massive revolution around how the money operates with software, which would open up multiple opportunities and multi-billion dollar industry around it.

The post Ripple’s David Schwartz breaks down how ILP and Coil will change the face of payments appeared first on AMBCrypto.

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Источник: ambcrypto.com

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The latest episode of Block Stars is the conclusion of current Ripple CTO David Schwartz’s two-part conversation with former Ripple CTO, Stefan Thomas. Stefan is now the founder and CEO of Coil, a Web Monetization service that streams payments to publishers and creators based on the amount of time Coil members around the world spend … Continued The post Why Unifying Payments Infrastructure Will Boost Financial Inclusion appeared first on Ripple.

2020-9-1 21:00


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2019-9-11 17:07


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2018-6-17 12:50


Фото:

Ripple Hosts World’s Central Banks to Explore Next Generation of Payments

Image: Shutterstock Ripple recently gathered over two dozen central banks from around the world to explore how new technologies enable the next generation of payments. The Central Bank Summit on Blockchain, hosted at Carnegie Hall in New York City, gathered central banks’ senior leadership, payment strategy leads and oversight staff for a focused discussion on … Continued The post Ripple Hosts World’s Central Banks to Explore Next Generation of Payments appeared first on Ripple.

2018-6-17 12:50


Ripper: Banks can not apply to Blockchain for future cross-border loans in the future

Ripple chief cryptographer David Schwartz claims that banks are unlikely to deploy blockchain to process international payments, citing low scalability and privacy problems, Reuters reports June 13. In an interview with Reuters, Schwartz argued that despite the fact that banks acknowledge blockchain technology’s potential in reducing transaction times and costs, the technology is still not

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