David Schwartz of Ripple Envisions an Internet of Value
Jun 14, 2018, 11:40AM
by Mike Dalton
Ripple's chief developer has ideas about an Internet of Value that facilitates worldwide payments and micro-payments. Will it come to pass?
Ripple's Chief Cryptographer, David Schwartz, recently spoke to CNN's Ivana Kottasova at MoneyConf 2018 about his anticipation of an Internet of Value that will facilitate online spending. Previously, the Internet of Value was discussed on Ripple's own blog as a phenomenon that will allegedly
bring down the cost of financial services, speed up money transfer, and deliver access to the furthest reaches of the world. This Internet of Value will effectively democratize finance.
David Schwartz was one of the first people to work on Ripple, the goal of which has always been to serve as a platform for efficient payments. Ripple is a coin that is intended to be readily exchanged for fiat currencies, and to achieve this, the Ripple team has sought partnerships in the banking and finance world. But Ripple's attempts to become tight-knit with companies that use real world currencies have only had mixed success so far.
The truth is that truly practical cryptocurrency payments have long been elusive. Bitcoin has developed notoriously high transaction fees that make small payments and micropayments impossible. Although other altcoins have achieved low-cost transfers, none is ubiquitous as Bitcoin.
The worldwide availability of cryptocurrency is also an issue. Although anonymous spending makes it possible to send cryptocurrency anywhere, it can still be difficult to obtain cryptocurrency in the first place if one's country prohibits it, whether there is an outright ban in places like Zimbabwe, or a banking ban in places like Iran.
But the bottom line is that the practical spending framework that Ripple is trying to bring about is a major step towards widespread cryptocurrency adoption. An Internet of Value is undoubtedly beneficial, both to the world economy as a whole, and to individuals who simply want to spend money.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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