Ripple’s Chief Technology Officer, David Shwartz opens up and answers the unanswered questions for Ripple fans hosted by The Next Web (TNW).

Ripple has faced an outcry of XRP being a ‘security’ to which Schwartz clarifies XRP should not be classified as one. He specified that XRP is independent of Ripple and so no ownership shares are given.

As for the release of xRapid, according to Schwartz a beta will be out by the end of the year. He also stated that it will save 40% to 70% of transaction costs. It will provide liquiditiy on demand through XRP, with exchanges to fiat such as USD in just minutes. It will be a rapid settlement system.

When asked about the future of Ripple and XRP he replied,

“I’m always hesitant to try to predict the future and particularly committing to specific timelines. My hope for that time frame is that exchanging value becomes as easy as sending an email. You shouldn’t have to care about what assets or systems the people you’re paying, or who are paying you, prefer to use. It should all just work.”

The most important aspect of XRP being decentralized was answered in a technical and practical manner.

“The XRP Ledger is inherently decentralized because its ultimate governance is the code people choose to run. Anyone who runs a node in any decentralized network is the ultimate arbiter of their node’s behavior, subject only to the limitation that they can only interoperate with nodes with compatible rules. We are definitely planning on continuing to improve aspects associated with decentralization.”

David Schwartz has plenty of experience which includes being the Chief Technical Officer at WebMaster Incoporated, where he worked on cloud and encrypted messaging. He is now responsible for the third most popular cryptocurrency which is Ripple.

Related