Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Submit Press Release
  • Disclaimer
  • News
  • Ripple (XRP)

Ripple CTO David Schwartz Debates Major Use Cases Embedded In XRP

Solomon Odunayo January 12, 2021 3 min read
David Schwartz Explains Why XRP Didn’t Adopt Bitcoin’s PoW Consensus Algorithm

David Schwartz, the Ripple CTO debated with Luke Martin, the founder of Venture Coinist, over the use cases of the fourth-largest cryptocurrency by market cap, XRP.

XRP Could Serve As a Digital Bridge Currency for Stablecoins

In a series of tweets, Martin questions the use of XRP as fuel for payments, claiming that stablecoins such as Tether (USDT) pegged against traditional assets have the required liquidity to move money. His main point is that the purpose served by those stablecoins makes XRP unnecessary.


trade now

“I asked David Schwartz what XRP is useful for because it did not make sense to me and his response didn’t make sense to me either.

Read Also: David Schwartz Says XRP Community Could Force Ripple To Burn Its Over 50 Billion XRP

If it’s for payments, stablecoins are better. Even if you think it’s better for payments, there’s no incentive to hold (not store of value or income-generating).”

In response, Ripple CTO says he’s not sure of the wide adoption of any stablecoin based on a global scale.

To exchange one stablecoin for another, Schwartz believes that a digital bridge currency, like XRP, will be needed in such a scenario.

David Schwartz noted:

“If the whole world settled on one stablecoin, I’d agree with you. But stablecoins are always going to be tied to jurisdictions and counter-parties too. So it is unlikely one winner will emerge.

Today, one of the roles of the dollar is acting as an intermediary or bridge between currencies. For that role, its tie to the US jurisdiction is both an advantage and a disadvantage. Better US than a worse jurisdiction, but a pure digital asset is better still.”

Read Also: Flare to Integrate Litecoin (LTC) Following SEC’s Lawsuit against Ripple

Bitcoin (BTC) As an Ideal Basement Layer

According to Martin in the thread of tweets, Bitcoin (BTC) has already proven to be an ideal settlement layer, despite its slow transaction speed compared to the digital token XRP:

“We already have a perfect case study for the world you describe! We have thousands of obscure tokenized assets here in crypto. What is the best bridge currency in the crypto universe? Bitcoin (most liquid, survived reg attacks better than any other bridge, decentralized).

I imagine some are thinking – yeah but it’s too slow and throughput is not high enough…. Transactions on exchange (or liquidity pools) don’t have to settle on-chain. All that matters is the liquidity pool/matching engine and using the asset with characteristics you describe.”

Read Also: David Schwartz Describes How Banks Can Issue Stablecoins on XRPL as OCC Allows Banks to Support Stablecoins

Regulatory Uncertainty of XRP

Martin also referenced the current regulatory questions in relation to XRP, believing that alone places the digital currency below Bitcoin and stablecoins.

But Schwartz’s vision is focused on what is possible once XRP reaches deep liquidity on a global scale;

“My personal vision for XRP, since 2013 or so, was this idea of deep, open, public pools of liquidity that anyone, anywhere could contribute to and draw off of – a global market for assets that someone happens to already have exactly where someone else happens to need them to be.”


Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

Trade Now

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Continue Reading

Previous: United Kingdom Provides Regulatory Clarity for Digital Asset, Says XRP Is Not A Security
Next: Bitcoin: I Know As the Operator of Gemini That There Is a Huge Institutional Demand –Tyler to Peter Schiff

Related Stories

India 2023 Budget Retains Strict Crypto Tax Rules
2 min read
  • Blockchain
  • Crypto Taxation
  • Crypto Trading
  • Cryptocurrency
  • India
  • News
  • Regulation

India 2023 Budget Retains Strict Crypto Tax Rules

February 2, 2023
Where Did Terra Developers Go After Network Collapsed?
2 min read
  • Blockchain
  • Cryptocurrency
  • News
  • Terra (LUNA)
  • Web3

Where Did Terra Developers Go After Network Collapsed?

February 2, 2023
Core Scientific Strikes $70M Loan Deal With B. Riley
3 min read
  • Bitcoin (BTC)
  • Crypto Mining
  • Crypto Trading
  • Cryptocurrency
  • News

Core Scientific Strikes $70M Loan Deal With B. Riley

February 1, 2023

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$23,819.00
3.14%
ethereum
Ethereum (ETH)
$1,674.61
5.80%
tether
Tether (USDT)
$1.00
0.08%
binancecoin
BNB (BNB)
$330.50
7.03%
usd-coin
USD Coin (USDC)
$1.00
0.07%
ripple
XRP (XRP)
$0.416073
2.87%
binance-usd
Binance USD (BUSD)
$1.00
0.03%
cardano
Cardano (ADA)
$0.406269
6.09%
dogecoin
Dogecoin (DOGE)
$0.094228
2.41%
polkadot
Polkadot (DOT)
$6.63
7.41%

Recent Posts

  • India 2023 Budget Retains Strict Crypto Tax Rules
  • Where Did Terra Developers Go After Network Collapsed?
  • Core Scientific Strikes $70M Loan Deal With B. Riley
  • BTC Miner Greenidge Reduces $72M Debt With NYDIG To $17M
  • South Korean Law Enforcement Investigates $8M Crypto Scam Targeting Investors
  • Floki Won’t Actually Burn $115M Worth of Tokens: Here’s Why
  • HSBC Reveals Crypto Industry Move with Job Openings
  • Binance Shuts Down Several Accounts Amid Bitzlato Investigation
  • ETH Added An Average Of Over 130,000 Addresses Daily In 2023
  • UK’s Charity Commission Probes Charity Organization Linked To FTX
  • Dogecoin Community Berates Mcdonald’s Over Reluctance To Announce DOGE Adoption
  • Philippines SEC Seeks More Power Over The Crypto Sector 
  • Web3-based Security Provider Hypernative Nets $9M in Seed Funding
  • SEC Kickstart Investigation Of Investment Advisers Over Digital Asset Custody
  • US Senator Cruz Wants Capitol Vending Machines To Accept BTC 

Categories

You may have missed

India 2023 Budget Retains Strict Crypto Tax Rules
2 min read
  • Blockchain
  • Crypto Taxation
  • Crypto Trading
  • Cryptocurrency
  • India
  • News
  • Regulation

India 2023 Budget Retains Strict Crypto Tax Rules

February 2, 2023
Where Did Terra Developers Go After Network Collapsed?
2 min read
  • Blockchain
  • Cryptocurrency
  • News
  • Terra (LUNA)
  • Web3

Where Did Terra Developers Go After Network Collapsed?

February 2, 2023
Core Scientific Strikes $70M Loan Deal With B. Riley
3 min read
  • Bitcoin (BTC)
  • Crypto Mining
  • Crypto Trading
  • Cryptocurrency
  • News

Core Scientific Strikes $70M Loan Deal With B. Riley

February 1, 2023
BTC Miner Greenidge Reduces $72M Debt With NYDIG To $17M
2 min read
  • Bitcoin (BTC)
  • Blockchain
  • Crypto Mining
  • Crypto Trading
  • Cryptocurrency
  • News

BTC Miner Greenidge Reduces $72M Debt With NYDIG To $17M

February 1, 2023
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%